Ogun State Property and Investment Corporation (OPIC) has started the construction of the first phase of OPIC’s affordable housing units in New Makun City, Ogun State that would deliver 400 houses before the end of the year through technologically based building method under the NMRC mortgage scheme.
Addressing journalists on the commitments of his organization at piloting the scheme in Ogun State, the Managing Director, OPIC, Mr. Babajide Odusolu made this known as part of the progress made by his Corporation to offer quality housing under a mortgage system with no accessibility barriers to aspiring home owners; saying people crave for ease of purchasing houses.
“Despite the economic recession, we will have new development in New Makun City. Exclusive growth, Exclusive development,” he reiterated. This new development no doubt will align with the approved master plan of the City which zones, integrates existing system, operations, communities and indeed everything.
The OPIC boss noted that the Corporation had mobilized competent contractors, private developers and accredited mortgage banks for successful accomplishment of the NMRC/OPIC mortgage scheme in the State, for speedy completion of the First Phase of the project.
“These institutions have come to terms with OPIC to make housing affordable through highly subsidized mortgages by the government, enabling the general populace to explore the single digit interest mortgage loans spread over a long period of time, in line with the OPIC/NMRC/Family Homes Funds (FHF) mortgage plans,” said Odusolu.
He, however, re-assured the people of the State that with the support and technical expertise of the project partners, the mortgage scheme would provide quality housing that would be the envy of other States.
Beneficiaries will enjoy among other things, proximity to Lagos axis, serene and scenic environment, recreational facilities, especially ones that will gainfully engage the youths and aid healthy dissipation of energy in an industrial hub that already attracted 5 different companies that have chosen New Makun City as preferred operational base.
He reiterated that, under the proposed mortgage scheme, all that is required of a prospective buyer is to open an account with a partnering mortgage bank, save for over 6 months to reach the minimum equity, qualifying beneficiary for housing allocation. The balance he said will be gradually liquidated monthly, until it is redeemed fully over a period of 20 years. The housing units are available in 1 bedroom apartment, 2-bedroom semi-detached and 3-bedroom detached bungalow.
Odusolu said there is also ‘quasi rent to own scheme’, tagged ‘OPIC Advantage’ designed for people with income not as predictable but consistent. This allows a minimum of 30% deposit, with the balance spread over a period of 3-4 years for lessee. This is for those who do not want mortgages.