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Homeowners' Charter: Banks Buy-in With Soft Loan Offer for Ogun Workers

Homeowners' Charter: Banks Buy-in With Soft Loan Offer for Ogun Workers


By AfricanOutlook Reporter

The Homeowners' Charter program initiated by southwest Nigerian Ogun State government to enable property owners regularise their legal status at highly discounted rates has received the support of banks which are willing to grant soft loans to interested salary earners.

So far, First Bank, GTB, Skye Bank, Sterling Bank, FCMB, Keystone, Gateway Savings and Loans Ltd, Lavender Micro Finance and Trust Micro Finance are set to support those interested to procure government approved Survey Plan, Building Approval and Certificate of Occupancy at 78 percent discounted rates.


Mr. Tunde Omojola of Skye Bank said the facility is for every salary earner and ranges from N50,000 to any amount with re-payment period of between six and 18 months, adding that beneficiaries will enjoy a minimal interest rate.


He said the decision of the bank is not only to support the lofty program of the state government but also because it realised that many people, out of desperation to own a house or due to lack of funds, build without obtaining legal documents.


Omojola urged prospective applicants to key into the program which he described as a rare privilege which may not be enjoyed again in the nearest future.


He explained that the legal documents would further enhance the value of properties, make them more marketable and viable.


Governor Ibikunle Amosun, while launching the Homeowners' Charter program on December 16, last year, said government had drastically reduced the rates payable by homeowners to regularise their property documents and also waived all penalties and fines. The required documented requirements, he added, were relaxed to enable many residents benefit.


Under the program, homeowners will among other things now obtain all necessary documents for a standard family bungalow of four bedrooms on a single plot of private land at total cost of N95,000 instead of N430,000.