Construction commences on OPIC/NMRC mortgage housing scheme at Makun City

Construction work has commenced on the first phase of affordable housing scheme being promoted by the Ogun State Property Investment Company (OPIC) and the Nigerian Mortgage Refinance Company (NMRC) at Makun City in Ogun State. The new housing scheme which promises to deliver 400 houses before the end of the year will be built using a new technology-based building method under Babajide Odusolu, OPIC’s managing director, said the scheme was part of efforts by the corporation to offer quality housing  under a mortgage system with no accessibility barriers to aspiring home owners, noting that  people crave for ease of purchasing houses.

“Despite the economic recession, we will have new development in New Makun City.  This new development, no doubt, will align with the approved master plan of the city which integrates existing systems, operations, communities and indeed everything”, he said.

Odusolu disclosed that the corporation had mobilized competent contractors, private developers and accredited mortgage banks for the successful accomplishment of the NMRC/OPIC mortgage housing scheme in the state and also for speedy completion of the first phase of the project.

“These institutions  have come to terms with OPIC to make housing affordable through highly subsidized mortgages by the government, enabling the general populace to explore the single digit interest rate on mortgage loans spread over a long period of time, in line with the OPIC-NMRC-Family Homes Funds (FHF) mortgage plans,” he said.

He re-assured the people of the state that with the support and technical expertise of the project partners, the mortgage scheme would provide quality housing that would be envied by other states.

Beneficiaries will enjoy, among other things, proximity to Lagos axis, calm and beautiful environment, recreational facilities, especially ones that will gainfully engage the youths and aid healthy dissipation of energy in an industrial hub that already attracted five different companies that have chosen New Makun City as preferred operational base.

This mortgage scheme is structured in such a way that all that is required of a prospective buyer is to open an account with a partnering mortgage bank, save for over six months to reach the minimum equity. The balance, he said, will be gradually liquidated through monthly contribution until it is redeemed fully over a period of 20 years.

The housing units are available in 1 bedroom apartment, 2-bedroom semi-detached and 3-bedroom detached bungalows and the new purchase plan allows any career person or civil servant on paid employment of about one year residing within the state to benefit from this plan.

The corporation also offers a quasi rent-to-own scheme tagged ‘OPIC Advantage’ designed for people with income not as predictable but consistent. This allows a minimum of 30 percent deposit, with the balance spread over a period of 3-4 years for lessee.

“This is for those who do not want mortgages”, Odusolu said, explaining that the new housing purchase plan would cut across the three senatorial districts of the state.