Stanbic IBTC urges Nigerians to explore opportunities on home ownership

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has called on Nigerians to discover the benefits of home ownership by taking advantage of untapped investment opportunities in mortgage offerings.

The Head, Private Banking, Stanbic IBTC Bank, Ruby Onwudiwe, said this at the bank’s webinar, titled, ‘All you need to know about buying a house (mortgage)’.

Quoting the Centre for Affordable Housing Finance in Nigeria Report, Onwudiwe said home ownership rate in Nigeria was estimated at 25 per cent of the total population, implying that over 75 per cent of the populace lived in either rented apartments or are homeless.

She explained that this presented a massive opportunity for prospective homeowners to consider owner-occupancy for shelter, investment as well as an asset to leverage for accessing financial facilities.

She harped on a need for conscious and deliberate plans and policies aimed at empowering Nigerians to become homeowners, especially in choice environments.

Onwudiwe, while also citing the Stanbic IBTC Home Loan Products, declared that the Mortgage package had been designed to help Nigerians acquire fully developed properties, while the equity release allowed access to over 80 per cent of an existing property.