The Ogun State Property and Investment Corporation says it is working with four mortgage banks and the Nigeria Mortgage Refinance Company to enable Nigerians own standard houses at affordable rates at its MTR Gardens Isheri area of the state.
The Special Adviser to the Ogun State Governor/Managing Director, OPIC, Babajide Odusolu, disclosed this on Thursday when the representatives of the banks came on a technical inspection of the project, which is nearing completion.
The mortgage banks are Gateway Mortgage, Trust Bond, Imperial Homes and Homebase Mortgage.
Briefing journalists after the meeting, Odusolu said the participating banks would provide mortgage loans to applicants who met the NMRC’s strict underwriting standards for the purchase of the premium apartments.
He stated, “The partnering mortgage banks came on a technical inspection to see the level of work we have done here. The project has reached about 70 per cent completion. The banks are working with us to provide mortgages to applicants who want to purchase the property here at the MTR Gardens, Isheri, among others.
“The conventional banks may not be able to offer long-term repayment plans that these mortgage banks will offer, because the Nigeria Mortgage Refinance Company will provide the liquidity, which will make the repayment plan span between 15 and 20 years.”
According to Odusolu, the first phase of the MTR Gardens consists of 150 units of premium three-bedroom apartments with boys’ quarters and 36 units of two-bedroom apartments.
He said the project, which will be completed by the second quarter of this year, would boast of facilities such as an independent power plant for electricity supply, multipurpose gym, natural spring water, neighbourhood store and lounge, integrated security patrols, paved roads and walkways, among others.
