It will be more of a “Happy independence from Landlord Wahala!”

KYC Event for Investors of Jubilee Flats and Terraces

On the 21^st of September 2021, El-Salem Homes organized a Know Your Customer event for all the investors of Jubilee Flats and Terraces Lekki Ajah Lagos. The program was an eventful one as there were refreshments and it offered the opportunity for the subscribers to meet each other for the first time and also have the privilege to ask questions and discuss the Estate.

Many of the buyers expressed excitement with the top-quality finishing they saw at the estate. Some said they are anxiously waiting for the 1^st of October to take full ownership of their houses.

About the Estate

Jubilee Flats and Terraces is a fine blend of innovation and luxury, comprising of Mid-Luxury 1,2 & 3 Bedroom Apartments. An initiative of the Lagos State Ministry of Housing in collaboration with El-Salem Nig Ltd.  Jubilee Flats and Terraces is located at Ogombo Road, by Abraham Adesanya Housing Estate, Lekki Ajah Lagos Nigeria. It is just 5 minutes from VGC and a stone throw to all the Cit’s finest developments.

Amenities at the Estate

✔ Fully Services Estate

✔ All Rooms en-suite

✔ Smart Home

✔ Fully Fitted Kitchen

✔ 24/7 Power Supply

✔ Top-notch Security

✔ Children Play Area

✔ Gym & Club House

✔ Interlock Roads

✔ CCTV Security Cameras

Neighborhood

• Abraham Adesanya Estate
•  Lagos Business School
• Novare Mall
• Barracuda Beach
• Eastline Shopping Complex

Special Independence Day Package

El-Salem Homes has designed a Special independence day package for prospective buyers. This promo will run from 1st October to 30th October 2021.

You too can take advantage of this opportunity and own your dream home at Jubilee Flats and Terraces, one of the choicest locations in Lagos State.

Call the numbers below to get started.

09045555777, 09045555888, 09045555666
09045555999, 07025005864, 07025005865

El-Salem Homes “Creating Wealth Through Shelter Investment”

Any Nigerian above the age of 18
Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

WHO CAN APPLY

The loan shall be for the purpose of building, purchasing, or renovating a residential
accommodation
No loan shall be for refinancing

PURPOSE

Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of
his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
Application forms for NHF loans are obtainable from the MLO

HOW TO APPLY

The property for which the loan is sought shall serve as security for the loan.
The property shall conform with the existing planning laws and regulations (approved building plan).
The property shall possess sufficient value to recover the loan.
A mortgage property shall be insured against hazards
The loan shall be secured by first legal mortgage of the property between the applicant and the
mortgage loan originator and assigned to FMBN.

HOW MUCH TO APPLY FOR

Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6%
p.a.

INTEREST RATE

The maximum repayment period shall be 30 years.
Individual borrower shall make repayment through the mortgage loan originator through which
they obtained the loan.

The CEO of the Nigeria Mortgage Refinance Company, Charles Inyangete, says there is a requirement for Nigeria to build about 800,000 houses yearly to meet up the shortfall in housing. CNBC Africa’s Markets Editor for West Africa Kenneth Igbomor caught up with him to discuss the challenges of getting a mortgage in Nigeria.

The Nigerians in Diaspora Commission is set to partner with the Federal Mortgage Bank of Nigeria to commission a diaspora mortgage policy. The policy is to enable Nigerians in diaspora build houses in their home Country without the interference of third parties.

For Nigerians based abroad, there is good news!.. With a minimum deposit of 20% – 50% you can now apply for a mortgage to buy your dream home in Nigeria, either for residential or addition to your investment portfolio. With a maximum tenure of 10 years, you can apply for a mortgage of up to 100 million once you qualify by passing the checklist.

Getting a Mortgage in Nigeria with 20% deposit

At the moment we have about five mortgage providers and looking to add more.

Saying all that we have managed to negotiate with two separate Brokers and on the lookout for more who have agreed to offer mortgages to Nigerians living abroad if you can make an upfront deposit of 50% and supply all in the checklist.  Both Providers have a similar checklist

The providers are:  Nigeria Homebase Mortgage Bank Nigeria and Omoluabi Mortgage loan Bank

The Nigerian interest is not fixed and usually ranges from between 15% -25%  however with the UK Capital tax, Income tax, and stamp duty, you are better of buying in Nigeria where none of these excess taxes are charged or capital tax when sold or income tax on rent received.

Take for example 

2-bed apartment London @ £300k

stamp duty:

• On the first £125,000 – £3,750
• On the amount from £125,001 to £250,000 – £6,249.95
• On the next £50,000 – £4,000

This comes to a total of £13,999.95

Income tax on buy-to-let

The income you receive as rent is taxable. You need to declare any rent you receive as part of your Self Assessment tax return. The tax on your income is then charged in accordance with your income tax banding (20% for basic rate taxpayers, 40% for a higher rate, and 45% for additional rate)

Homebase Mortgage Bank Checklist

CALL US NOW!

Simeon Ademolak@ London
+44 7956 515252

Floral. UK London
+44 7984 603981

Chizorba U S A Houston
+17135182884

Top 10 to know: National Housing Fund NHF (Mortgage) Nigeria

• NHF is the Nigerian provider of Nigeria Mortgages, to Government workers and established private Organizations, provided to Nigerian citizens.
• A minimum contribution of 2.5% monthly of your monthly salary to Federal Mortgage Bank of Nigeria, managers of the fund is requested.
• To be eligible for the NHF loan, a contributor must be above the age of 18 and must have contributed to the Fund for a period not less than six (6) months. The applicant must have satisfactory evidence of a regular flow of income to guarantee loan repayment.
• Individuals can only apply through a duly licensed and accredited Mortgage Bank of their choice and not directly to the FMBN. (we can help in arranging a mortgage, once qualified)

• (we can help in arranging a mortgage, once qualified)

Requirements for accessing an NHF Loan

• • Open a savings account with a registered Mortgage Bank
  • Contribution to the fund for at least six months prior to application.
  • Have satisfactory evidence of a regular flow of income to guarantee the loan.
  • Submit photocopies of valid title documents (e.g. C of O).
  • Approved survey/site plans
  • Approved building plans
  • Priced Bill of Quantities where applicable
  •  Valuation report prepared by a firm of registered surveyors and valuers where applicable
  • Three years tax clearance certificate
  • Letter of consent to mortgage to your chosen Mortgage Bank
  • Completed prescribed mortgage loan application form
  • Evidence of NHF participation
  • Copy of payslips for the previous three months
• • Equity contribution of a personal stake of 30 percent, 20 percent or 10 percent depending on the loan amount applied for loans of N15 million, N10 million and N5 million respectively
  • A borrower is entitled to a maximum loan of fifteen million naira (N15, 000,000.00) or as determined by the Bank.Equity contribution based on the new loan amounts is as follows:
    – N15,000,000.00 – 30%
    – N10,000,000.00 – 20%
    – N5,000,000.00 – 10%
  •  The borrowed capital is repayable over a maximum of 30 years at a rate of 6% interest.
  • Offer letter/Acceptance and Allocation letter (in case of government projects)
  • In the case of a registered self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation as evidence of employment status must be submitted.