Miffed by the inability of regular income earners to own a house, a Lagos-based property development company, Real Estate Finance (REFIN) Homes, has introduced a new housing acquisition plan, with a target of 250 units of affordable houses, yearly, for the low and middle income earners, without compromising quality and standard.
Speaking at a Create The Future breakfast event in Lagos, Chief Executive Officer, REFIN Homes, Olatunde Macaulay, said through its platform, a subscriber could make a monthly contribution of N100, 000 for a duration of 36 months to own a home based on capacity, specification and guide by the company in desired locations.
Macauley said REFIN Homes was established to bridge the housing gap.
“Majority of the people affected by the housing deficit are the middle and low income earners, who are constrained by finance, and this is where our strength lies.
“We’ve come up with products and solutions both in the home and land ownership categories, whereby, buyers can take possession of a property even before making full payment, albeit, we hold the documents until full payment is made.
“For instance, one of our products, ‘Own a Home Scheme’ enables our clients select a house of choice and spread the payment over 36 months and move into the house even before making total payment, while the house and documents are handed over after full payment has been made.”
“We also have an arrangement where subscribers can pay half of the amount of a property and take possession while they spread the balance over a specified period and for those who have land but don’t have the where withal to build, we also come to their aid by assisting to build on their land on agreed conditions. We are saying with as low as N9 million, you can own a quality house in a choice area in Lagos and pay with convenience. This is our own quota of simplifying home ownership for Nigerians,” he said.
The company’s Chief Operating Officer, Kazeem Owolabi, said housing is expensive because so many hidden costs are built into the actual cost of construction, which the buyer pays for at the delivery stage.
He said with favourable policies on housing delivery, the cost of building units would reduce, with homebuyers paying less.
According to him, some of the firms’ offerings also include, site and service scheme, title perfection and legal documentation for land and property owners who have legal interests in property but have not registered it with the appropriate authorities.
“Most people get their homes through incremental building. They acquire land and build at their pace. Buildings like this on the average take time like five to seven years. Prices are based on request and housing specification starts from N9 million to N55 million,” he said.