First City Monument Bank (FCMB), says it has partnered a real estate firm, Brains & Hammers Limited and Brooks Assets & Resources Limited to provide affordable housing for salary earners and self-employed residents of Lagos State.
This collaboration between the banking giant and two real estate firms is part of FCMB’s commitment to promoting financial inclusion and economic growth in Nigeria.
The initiative will provide mortgage loans of up to N75 million to help individuals purchase homes or acquire land in areas of their choice within Lagos State, and also provide mortgaging services for those wishing to own their homes.
The partnership is expected to benefit both salary earners and self-employed citizens by providing a means to buy or build residential property. Anybody is eligible for the loan which offers a maximum repayment period of 120 months or 10 years.
Additional benefits include: Loan access without additional collateral; Insurance cover; Flexibility to purchase fully completed residential buildings or land in any part of Lagos
Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, in a press release, buttressed the bank’s commitment to aiding its customers as well as other Nigerians seeking to become homeowners. He said, “Our partnership with Brains & Hammers Limited and Brooks Assets & Resources Limited provides a unique opportunity for our customers to fulfill their dreams of home ownership, easing all the constraints and fears associated with this exciting and self-fulfilling life moment that everyone cherishes”. Mr. Fashola said the FCMB mortgage loan is easy to obtain and repayment is flexible.