FCMB, a leading financial institution in Nigeria, recently announced its partnership with 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 NGN 75 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.
He urged Nigerians to take advantage of the offer to fulfill their home ownership dream and assured them that, “FCMB will continue to support the dreams of its customers and Nigerians by giving them the financial support they need to be homeowners when it matters most”.
This initiative is one of many designed to bridge the housing deficit within the state currently estimated at 2.3 million households in our 2023 Lagos development pipeline report. Estate Intel currently tracks 7 projects under Brooks Assets & Resources located in Lagos while Brains and Hammers have 7 projects spread across Lagos and Abuja. Although mortgage adoption across the country has historically recorded low numbers, it’s a viable path to homeownership for the middle class.
The success of this partnership could serve as an encouragement for Nigerians to explore this long-term option.
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