In a bid to reduce existing housing gap for low and middle class segments of the market, an asset investment company, NatanelFlorens Limited plans to boost yearly housing stocks with 250,000 units under a rent-to-own home initiative.
NatanelFlorens, which has been operating in the market for over two years, said the initiative offers an opportunity for subscribers to own home via rental payment, leading to full house revert to the tenant after expiration of leasehold tenure on the property.
The scheme caters for business owners, professionals, non-professionals, association based and non-association based who must have evidence of rental payment for at least three years – five years as well as show evidence of rent that is not less than 50 per cent of the rental on offer.
Similarly, subscribers must show evidence of payment of association dues for the corresponding years, evidence of payment professional dues a plus evidence of tax payment (subject to waiver) and evidence of constant income for the last five years.
Other attractions to the scheme include; it saves subscribers between 47 per cent to 79 per cent in cash savings when compared with all other home ownership options, offers lowest monthly repayment option and in fact does not change your existing rent payment pattern and cost.
It also offers the lowest entry fees, as what is paid at entry fee is the same as what is paid as agency fee with any other options, which is zero percent interest.
The Executive Director, Funds and Investment, NatanelFlorens, Mr. Oguche Agudah, said in Lagos that the initiative was a free advisory campaign to aid investment and investors in the entire value chain of the property market.
“The way to restructure and tackle the housing challenges is to design a housing scheme that will allow all classes of Nigerians to own houses. We are trying to re-shape the housing system for efficiency such that people can pay house rent and after sometimes own the house. Once a participant pays the first house rent, the person will have access to the house, while the completion of the payment is made within the specified period of years”.
Speaking on how the company hopes to achieve its 250,000 yearly housing target, he said the firm would partner with developers that could deliver a minimum of 500 and maximum of 1,000 homes yearly.
For the Executive Director, Business Services, Mr. Yinka Daramola, the firm would engage international and local investment banks to be able to raise about N4 trillion required to meet the 250,000 units target yearly, stimulate the market and recreate it for efficiency, reduce building collapse through standardized building, create jobs and boost tax for the government.
“We are partnering with investors from Turkey and South Africa in meeting the target.