Firm provides affordable homes for workers




 

Kingdom Realties Limited, an indigenous firm, has offered to develop estates owned by employees of cooperative societies across the country on an interest-free mortgage plan.

The company said it took the decision in order to help reduce the housing deficit in the country and also gave assurances that beneficiaries of the unique opportunity would be able to move into their properties within just three months of project commencement.

Disclosing this in Lagos, the Chief Executive Officer of the company, Mr Richard Uwagie, said after meeting with cooperative heads across the country at various fora on creative ways of providing affordable homes for co-operative members, the company decided to proffer this unique strategic solution to the challenge of housing faced by most junior staff of establishments across the country.

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“Most co-operatives have acquired landed properties which have been allocated to their members, what members need now is not another land but a decent home on the property, unfortunately most members cannot afford the lump sum to build on their allotted lands,” he said.

He explained that these members who are now land owners cannot afford borrowing because banks would not lend them all the funds needed or the interest payable is usually too heavy for their salaries to carry.

He also pointed out that the few who would have loved to go for loan facility against all odds are endlessly awaiting the proper land documentations which are usually a slow process, hence may not get the requested facility because banks will request for complete land documentation.

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According to him: “Employees’ cooperative members will welcome any structure put in place that will provide a roof over their heads now and repay from their salaries conveniently for as long as their salaries can carry.

“To this end, Kingdom Realities Ltd has put a structure in place that will help every member own a home they can move into within three months of contract approval. And the home owners can pay interest-free over a period of up to 15 years .Where every member will contribute between 25-45 per cent equity and even nothing and pay instalment over 15 years of as low as N12, 950k/month,”he said .

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