For many Nigerians, homeownership is perceived as becoming more and more challenging due to high interest rates and restricted access to affordable mortgages.
The Central Bank of Nigeria (CBN) estimates that there is a serious 28 million-unit housing shortage in the nation. Strict rules and administrative roadblocks combined with this scarcity mean that just 10% of prospective homeowners can buy a home.
A financial services company called Growth and Development Limited (GDL) launched HouseMoni, a ground-breaking rent-to-own scheme, in response to this situation to enable more Nigerians to become homeowners.
At the launch, GDL’s executive vice chairman, Kola Ayeye, spoke: “GDL’s HouseMoni is designed to offer a financially sustainable path to owning a home, addressing the near-total lack of appropriate financing options currently available in the country.”
HouseMoni offers users predictable and stable financial outcomes with a fixed interest rate of 9.9 percent over 15 years. Participants in the program are eligible to receive up to three times their contribution as home financing.
According to Ayeye: “This setup facilitates the transition from renting to owning a home.
“Our goal with HouseMoni is to help 1.5 million people become homeowners within the next decade,” he added.
Continuing, he revealed: “By empowering individuals and families to achieve homeownership, we are not just building houses; we are fostering stronger communities and a more vibrant economy.”
Director of GDL Oluyemi Adekoya also spoke at the event: “The scheme operates with a payment plan that includes a 3.5-year savings period followed by up to 11.5 years of financing, summing up to a 15-year total repayment period.”
“HouseMoni offers two options: HouseMoni Classic for individuals seeking to purchase their homes, and HouseMoni Community for groups looking to develop estates together.”
GDL’s dedication to developing financial products that fortify and broaden Nigeria’s middle class is embodied in HouseMoni.
However, GDL seeks to alleviate the housing issue, boost economic development, and foster shared prosperity nationwide by offering a workable financing alternative for homeownership, BrandSpur national news stories report.
