A real estate developer, Bilaad Realty Nigeria Limited has said it has advanced plans to launch a rent-to-own housing scheme which is an alternative mortgage financing model that will help Nigerians own houses.
The Chief Executive Officer (CEO) of Bilaad, Mr. Aliyu Aliyu, dropped the hint when officials from Media Trust Limited, publishers of Daily Trust and other titles, paid the company a courtesy visit in Abuja recently.
Mr. Aliyu said the scheme which was still being worked out would offer people an alternative to current mortgage rates which were as high as 20 per cent and would give majority of Nigerians access to their own houses before they finished paying.
He said, “We know the government is doing quite a bit to address some of these concerns (housing finance), but we on our own part are trying to see how we can contribute to the solutions that exist and that is why we created a rent-to-own scheme.
We are still working on it and we look forward to seeing how the industry will fare better.”Bilaad Realty has three big ongoing projects in Abuja: Bobowasi Island, an estate located at Jabi, with 40 units of precious Garnet Home (4-bedroom townhouses each with one maid’s room).
One of the highlights of the estate is its proximity to the Jabi Lake. Two, the Bora Bora Island, an estate located at Wuye; it comprises of 63 precious homes of three different housing categories: Sapphire Home (5-bedroom villas each with one maid’s quarter), Ruby (4-bedroom townhouses each with one maid’s quarters), Topaz (3-bedroom apartments).
Three, Bali Island, which is a premium/mid-premium estate located in the heart of Kafe District, consisting of 411 units of seven different precious homes in a secure and serene environment. Aliyu said one of the projects would be ready by September, 2019, adding that each project handled by the company had its unique delivery period.
He said, “What we usually do is that, as a client who wants to own a house, we usually give a two-month delivery period from the time you pay to the time you to take your key. The interesting thing is that our payment plan is 18 months; which gives you flexibility to spread your payment pending when we are able to work out the rent-to-own system which will give you access to your house before you finish paying.
This is a model we are still working on.” He further said the company’s major projects were based in Abuja, but that there were plans for expansion. He added that, “Our next target is Lagos, Port Harcourt and Kano before we spread around.”