Stanbic IBTC Bank’s Specialised Mortgage Solution is a game-changer for pension contributors looking to become homeowners. Individuals can overcome the traditional challenges of accessing mortgage finance by leveraging retirement savings.
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and
a foremost financial service holding company in Nigeria, champions the
actualisation of home ownership dreams and property wealth creation for
Nigerians in a physical event themed: “Home Loan Breakfast Session” at Wheatbaker
Hotel, Victoria Island, Lagos on Tuesday.
The Bank reaffirmed its commitment to empowering
individuals, families, and business owners with the means to own their dream
homes and properties.
The summit was a pivotal platform for Stanbic IBTC Bank to
engage with potential homeowners and key industry decision makers; where the
Bank’s tailored home loan solutions that suit diverse needs and financial
capacities were brought to the spotlight.
At the event, the Lagos State Commissioner for Housing, Honourable Moruf Akinderu-Fatai who was was represented at the summit by the permanent secretary of the Lagos State Ministry of Housing, Engineer Abdulhafiz Gbolahan Toriola delivered the keynote address, stated that Lagos State has a housing gap of about 2.3 million houses.
He highlighted the increasing demand for housing in Lagos State, as well as the business opportunities available in the housing sector.
According to him, “In Lagos, the demand for housing is ever-increasing, and the importance of facilitating home ownership cannot be overemphasized, considering the 2.3 million housing gap that requires strategic attention from governments across board and stakeholders across the value chain.”
Highlighting some of the efforts of the state government in the housing sector, he noted that there are over 10,000 flats across the 39 state-owned estates.
He added, “In bridging this gap, the state government via direct intervention has delivered 39 estates across the state, amounting to 10,060 flats, with ongoing projects adding approximately 1,938 more flats.”
“Lagos State has launched multiple affordable housing schemes to cater to people with different incomes, we have the low, medium, and high. The Ministry of Housing takes care of the low and medium, while the LSDPC takes care of the high.”
“The program aims to provide housing at subsidized rates and enables more Lagosians to enter the property market. It includes the allocation of 40% rebate for civil servants. There is the open balloting for private workers where people apply online.”
The keynote speech was complemented by engaging panel discussions covering various topics crucial for real estate stakeholders. Experts delved into mortgage financing complexities, offered guidance on navigating the home buying process, and provided insights on property valuation.
Stanbic IBTC Bank offers multiple options to support Nigerians with realising their home ownership dreams. These include easy access, flexible repayment terms of up to 20 years, expert guidance from a team of property specialists, and joint mortgage options with one‘s spouse.
One of the panelists during the summit, Prince Adeniyi Aromolaran, an Executive Director with the Lagos State Development and Property Corporation (LSDPC), identified home ownership as a staff retention strategy.
He noted, “I have proposed this as a staff retention strategy. To hold a staff for five years is now very tough, but if a company were to acquire a property and say, we want to build for our staff at this level.”
“The land belongs to the organization, but we give the apartments to individuals. If you work with us for five years, we tell you from the get-go, an amount is set every year, so that by your fifth year, when you celebrate long service award, we give you a certain amount towards house ownership.”
During the summit, Chief Executive, Stanbic IBTC Bank, Wole Adeniyi emphasized the importance of home ownership as a cornerstone of financial stability and wealth creation. He emphasised the Bank’s commitment to facilitating access to home ownership without undue financial strain.
“As access to affordable housing remains a pressing issue, our Home Loan solution offers hope. With competitive interest rates, flexible equity contribution, and personalised guidance, our Bank aims to bridge the gap and make home ownership attainable for our stakeholders”; Adeniyi said.
Speaking on who is eligible for home ownership and what option mortgage options available from Stanbic IBTC, Aderonke Adesoye, Head Home Loan Stanbic IBTC stated that all Nigerians resident, home and abroad are eligible to own a home in Nigeria.
“One of the mortgage options is Specialised Mortgage for Pension Contributors, this allows you to access 25 percent of your pension balance, which is called retirement savings account for a start, Stanbic IBTC will also be able to buy you your dream home.”
“We also have another one that allows the existing home owner to access what we called Liquid Assets. Liquid assets refer to cash on hand, cash on bank deposit, and assets that can be quickly and easily converted to cash to be able to buy another property.”
“We also have Diaspora Mortgage Solution which is actual targeted at Nigerian in professional job function across the world.”
She added that, "if you have a semi-finished units or project that you will like to complete, Stanbic IBTC is the partner to work."
The event which was moderated by Mojibade Shosanya who also served as the host garnered a diverse audience, including real estate enthusiasts, investors, and industry experts.
Notable speakers and panelists, which includes Minister for Housing and Urban Development, Hon. Architect Ahmed Dangiwa; Permanent Secretary, Lagos State Ministry of Housing, Engineer Abdulhafiz Gbolahan Toriola; MD, Urban Shelters Limited, Hajiyah Saadiya Aliyu; MD, Design Union, Anthony Aihie; Director and Founder, RESE Africa, Mr. Fola Ogunsiakan; Executive Director, Enterprises Services, Lagos State Development and Property Corporation, Prince Adeniyi Aromolaran; Head Home Loan Stanbic IBTC, Aderonke Adesoye; Executive Director Business Development, Stanbic IBTC Insurance Brooker, Temitope Popoola; and Head Benefit Administration Shares Service Stanbic IBTC Pension Manager, Benedict Nweke Nwosu delved into real estate investment intricacies, financing options, and emerging market trends, offering invaluable insights to attendees.
Attendees were enlightened on the various benefits and flexible repayment options the Bank offers, that significantly enhance accessibility and affordability in the quest for home ownership.