Way out is to convert rent into mortgage – Rock City

In order to tackle the housing need in Nigeria, Rock of Ages Properties, a subsidiary of Chicason Group suggests that Nigerians should consider making their rent to serve as mortgage. Experts say Nigeria’s housing deficit is a whooping 17 million units. The Chief Operating Officer of Rock of Ages, Mr Francis Onwuemena explained, “An average […]

In order to tackle the housing need in Nigeria, Rock of Ages Properties, a subsidiary of Chicason Group suggests that Nigerians should consider making their rent to serve as mortgage.
Experts say Nigeria’s housing deficit is a whooping 17 million units.
The Chief Operating Officer of Rock of Ages, Mr Francis Onwuemena explained, “An average Nigerian worker pays house rent that can actually be converted into mortgage to be able to own a house.
“That’s what Rock of Ages is doing — we actually take the bull by the horns by converting your house rent into mortgage that spreads over five to 10 years and then use it to access a house of your own.
“We’re currently building 10,000 houses of international standard in Lugbe for Nigerian workers.
“Our driving mandate is that we can build as many as 10,000 housing units, two and three-bedroom apartments – low, medium and high density areas – three, four and five-bedroom duplexes and all other types of duplexes that can be accessed by an average Nigerian.
“We also pay high attention to the quality of materials we use for these houses. We aim at building a house that can outlive the owner.”
This is achievable on a large scale if private developers share the vision and government shows that needed political will of public and private sectors partnership, he stated.
“Rock of Ages Properties is telling government that houses at a very affordable rate and through mortgage accessibility can actually be produced for Nigerians,” Onwuemena assured.
“I understand the funding constraints of the people but a graduate who can pay for a two-bedroom flat can actually own a house at Rock of Ages Properties and pay at little or no stress.
“This also goes to the employers and employees. The implication of an employee owning a house is increase in work productivity because whatever he/she pays as rent will be turned into mortgage to pay for his or her own house,” the developer said adding that there are up to 10 financing options for the off-taker.