Stanbic IBTC Tasks Nigerians on Home Ownership

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Stanbic IBTC Holdings Plc has urged Nigerians to explore the benefits of homeownership by taking advantage of untapped investment opportunities in mortgage offerings.

Head, Private Banking, Stanbic IBTC Bank Plc, Ruby Onwudiwe, made this known at the Stanbic IBTC Blue Talks webinar titled: “All You Need to Know About Buying A House (Mortgage).”

Citing the Centre for Affordable Housing Finance in Nigeria Report, Onwudiwe said homeownership rate in Nigeria was estimated at 25 per cent of the total population, which implies that over 75 per cent of the populace lives in either rented apartments or are homeless.

She noted that this presents a massive opportunity for prospective homeowners to consider owner-occupancy for shelter, investment and also as an asset to leverage for accessing financial facilities.

She reiterated that there was need for conscious and deliberate plans as well as policies aimed at empowering Nigerians to become homeowners, especially in choice environments.

“The COVID-19 pandemic has presented opportunities for investors and intending homeowners to explore structured and convenient mortgage offerings that fit their plans,” she said.

Citing the Stanbic IBTC Home Loan Products, Onwudiwe said the mortgage package was designed to help Nigerians to acquire fully developed properties in any of the pre-approved locations in the country while the equity release allows access to over 80 per cent of an existing property.