Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged Nigerians to explore the benefits of homeownership by taking advantage of untapped investment opportunities in mortgage offerings.

Ruby Onwudiwe, Head, Private Banking, Stanbic IBTC Bank PLC, 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 is 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 is a 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 is 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.

“With a track record of responsibility towards loan repayment reflected by bank statements presented, getting a home loan is easy. It’s about character, it’s about the seeker’s cash flow, having collateral and working in a reputable organisation for at least six months. Also, we have a fiduciary responsibility of ensuring that the loan seeker is not under duress and the loan is not a burden. If the loan seeker is not able to handle repayment, consideration of seeker’s family income is looked into as only a spouse’s income can determine loan repayment,” she added.

Speaking on the specific parameters for accessing the plans, Onwudiwe said eligibility begins by having a verifiable and stable source of income or a structured business. Other parameters for income earners are: applicant’s age, salary, confirmation at work, loan size subject to affordability, loan repayment period, and so on.

For business owners, parameters include: monthly income, assets under management with the bank and the net worth in applicant’s capacity.
According to Onwudiwe, Stanbic IBTC Holdings PLC, as Nigeria’s leading financial services provider, through its different mortgage plans, remains committed to fulfilling the house ownership dreams of Nigerians.

Stanbic IBTC recently upgraded its mobile app to a one-stop Super App consisting of the entire range of end to end financial products such as My Bank, Mutual Funds, Pension, @Ease, Insurance and Stockbroking. The upgraded app is revolutionary and a first in the Nigerian market. It can be downloaded on Google Play store for Android phones as well as App Store for iOS phones and from the Stanbic IBTC website.