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QShelter Limited and a property consultant, M.I. Okoro & Associates, are offering homebuyers low-interest-rate mortgages to enable them own houses at the Renewed Hope Housing Estates in Lagos, Abuja, and Kano.
The two companies disclosed this in Lagos recently when they signed a Memorandum of Understanding (MoU) to collaborate in marketing the various units of accommodation in the estates where Qshelter is a sole agent.
The various units of accommodation in the estates include 1-bedroom apartments, 2-bedroom apartments, 3-bedroom apartments, and 3-bedroom terrace plus Boys Quarters.
At the MoU signing, Meckson Innocent Okoro, the Principal Partner and chief executive of M. I. Okoro & Associates, commended the federal government for coming up with the Renewed Hope Housing Estates initiative.
Okoro noted that the scarcity of housing in Nigeria is not only embarrassing but also a mockery of our country when compared with other developed countries of the world, wondering why it took the government from independence in 1960 to two years ago to know that Nigerians need to own homes.
To make owning those homes easy for buyers, he said, they have come up with various payment options, including mortgages that don’t demand too much in terms of interest rate from borrowers.
Besides outright payment, which requires buyers to pay 100 percent of the property cost, buyers can also go for installment payment plans. “We have 12 months installment payment for 3-bedroom apartments, which requires buyers to make 25 percent down payment and pay the balance of 75 percent in equal instalments every four months,” Okoro disclosed.
He added that there is also a 12-month instalment payment for 3-bedroom terrace + BQ that requires buyers to make 50 percent down payment and pay the balance of 50 percent in equal instalments.
Read also: Qshelter launches 2,500 Renewed Hope housing scheme to check deficit
As for the mortgage option, Okoro noted that this funding arrangement comes through the Federal Mortgage Bank of Nigeria’s (FMBN’s) National Housing Fund (NHF) which guarantees up to ₦50 million per subscriber at an interest rate that is as low as 6 percent and a tenure of up to 30 years.
Buyers can also go for the Rent-to-Own funding option, which demands only 7 percent interest rate and allows a subscriber to live in the property and pay rent up to the time the market cost of the property is completed and he owns it.
“The most recent addition to Nigeria’s housing finance landscape is the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF),” Okoro revealed, explaining that N250 billion has been made available for disbursement to Nigerian homebuyers.
According to him, MREIF is a form of mortgage that offers housing finance at an interest rate of 9.75 percent for 20 years and provides funding up to N100 million per beneficiary.
Earlier, Adegbenga Alamu, QShelter’s chief operating officer (COO), had given insights into what QShelter is all about. While M.I.Okoro & Associates is a firm of Estate Surveyors and Valuers renowned for estate agency and property consultancy services, QShelter is Africa’s emerging leader in digital real estate and housing finance.
“We are dedicated to simplifying and accelerating homeownership through technology. Our mission is to connect developers, buyers, and mortgage providers on one trusted platform; we bridge the gap between housing demand and access to finance, making homeownership seamless, transparent, and accessible,” Alamu said.
He added that, through strategic partnerships with institutions such as the FMBN and a strong commitment to customer satisfaction, QShelter continues to redefine Nigeria’s housing landscape.
