By Maduka Nweke, [email protected] 08034207864
As part of strategies to the nation’s housing deficits Managing Director/CEO Legrande Properties Development Company Ltd, Mr. Babajide Durojaiye, has unveiled a Rent-to-Own scheme that will enable Nigerians own an apartment while still on rent.
Rent-to-own homes are those that include a clause in the rental agreement that either gives you the option to buy or an obligation to buy after a certain time period.
According to him, “you make rent payments each month and a portion of those payments can count toward your down payment. Should you decide to buy, the excess money can be applied to the home purchase. Renting to own can be an appealing option for people who are interested in owning property but have thus far been shut out of the traditional homebuying process. The causes of this growing housing shortage also grew from a simple to a more complex problem. In 1991, mortgage inefficiency was the sole cause of the housing shortage in the country, but over the years, while this remained, other factors pulled their weight to create a more complex problem.
“If you don’t have a sizable down payment, for instance, or your credit score is too low to qualify for a mortgage, renting a property with the intention to buy it can give you time to save and work on improving your credit rating,”he said. While discussing the eligibility criteria, Durojaiye said, “applicant must have registered with National Housing Fund for a period of not less than 6 months with consistence NHF remittances. Applicants must be first time beneficiaries of the NHF loan and must have verifiable means of income,” he stressed.
Explaining the workability, he said that the applicant should make a down payment of 20 per cent of the purchase price 70 per cent to be paid by FMBN on behalf of the offtaker.
“A 10 per cent of the purchase price to be paid at completion of the property but before handover. There will be 20 Years repayment to FMBN depending on the purchaser’s current age. Be informed that the unique selling point (USP) of this project entails: Rent-to-Own opportunity for contributors to the National Housing Fund (NHF) Comprises Smart Units (Smart Homes),” he said.
He explained that all estates built by the Company come with infrastructural facilities that include 24 hours electricity (PHCN Power supply & Solar Inverter Systems), 24 hour security (Mobile Police & Civil Security), 24 hours central internet connection, swimming pool, central park and playground, gym and other recreational sports area, central sewage system including sewage treatment plant and water treatment plant, central mall, health center & much more.
He said, “It may interest you to know that Legrande Properties Development Limited is a reliable and trusted organisation with a track record of impeccable service delivery.
Prior to Alexandra Courts Coastal City in Ibeju Lekki, some of our projects built and successfully delivered include; Cooplag Gardens, Lekki, County Courts, GRA, Alexandra Courts GRA, Courtland Estate, Lekki, Alexandra Courts Estates in Sangotedo, Royalty Courts Estate, Lekki, AB Villa, Ilupeju, Palm Groove Estate, Mende Villas Estates 1, 2, 3 & 4, at Maryland with a promise to give you the best of services”.