Brent Mortgage plans to increase the number of home owners in the country with its latest products, BRENTO – Brent Rent to Own; BREHOP – Brent Retirement Home Plan; and BHODA – Brent Home Ownership Diaspora Account.
According to the organisation, the new products which were offered at a competitive interest rate were targeted at Nigerians locally and in the Diaspora who were working hard and desired to own comfortable but affordable houses.
Managing Director of the bank, Kola Abdul said that BRENTO and BREHOP focused on Nigerians locally, while BHODA focused on Nigerians in the Diaspora.
He added that the move was partly prompted by dearth of market-focused mortgage which had negatively affected the sector’s contribution to the country’s Gross Domestic Product, GDP and in view of the fact that consumers propensity to save had dropped while the propensity to consume was still very high.
He pointed out that at the moment, Nigerians did not need stereotyped products but those that met the needs of a large spectrum of people and plug the gaps that exist in the nascent mortgage sector.
“In view of the value of our currency, we feel that our products will be more attractive and can easily be bought into by those in the Diaspora. That basically led us to the point where we feel we need to create products for those Nigerians who are abroad who are desirous of having a home in Nigeria”, Abdul said.
To the Brent boss who pointed out that home remittance was the second-biggest source of foreign exchange earnings in Nigeria after petrodollar, he acknowledged that more Nigerians were gradually embracing mortgaging even in the face of low per capita income, adding that housing deficit had reduced in the country as a result of interventions from appropriate authorities.