Entering a mortgage is often the biggest financial transaction a prospective house owner will ever make. Whether as a first-time buyer, moving up in the real estate world, downsizing, or refinancing to take advantage of lower interest rates, one needs all the help he can get.
But Nigeria’s housing system, according to expert, has not created an enabling environment for Banks and real estate players to consider the mortgage system for prospects.
MD/CEO of Jonliz Investments, who also doubles as the initiator of Grossbuy Nigeria Limited Prince Olaniyi Karonwi, is a real estate and property expert, who has decided to take the bull by the horn and focus on that area of housing by making score of prospects, house owners through the mortgage scheme by providing the most engaging and relevant information on mortgage rates, refits, and other mortgage-related issues.
Recently, Prince Karonwi spoke to City People on the easy way to own a home
The parent company is Grossbuy Nigeria Limited. That is the first company I registered in Nigeria. And we started eCommerce under it. I brought up a real estate & property platform, called grossproperty.ng under Grossbuy Nigeria Limited. It’s a product of Grossbuy Nigeria Limited. And that platform, unlike the real estate platform we have in Nigeria, I tried to think outside the norm. when people say something is difficult or not possible, I give it a try with a totally different approach, with my Engineering background, I tried to look at things differently and I most timed get results.
The popular thing about real estate in Nigeria is if you want to sell your house, you pay them a minimum sum. Get your property listed on the site and get is sold, but Grossbuy Nigeria Limited is in talks with our insurance company and our banks.
We want to see a Nigeria that, if you see a property of about 50 million naira on our platform and you have 20 million naira, apparently you know that the federal government doesn’t not have mortgage allocation in the system.
And that is why you don’t see any bank doing mortgage. But I have presented it to my bank and they said yes, bring in your insurance company. Once the insurance company is able to insure you as the buyer. They insure you for probably 70 to 80 million naira, then they send you to the bank. Our bank will take it up from there.
You only will have to make your equity contribution of 20 million, bank pays whatever is left, and the house is yours. You will just start paying back in installment to the bank. God forbid, if anything happens to the beneficiary, the insurance company steps in, because you have been consistent with your premium and so they will say instead of sending the family out of the building, the insurance company will pay the balance.
Then the insurance company takes over the property and they will transfer the premium to the next of kin. So Grossbuy is not about making immediate profits. There are so many mansions within Lagos that have been there for sale, five years, six years, nobody is buying. We on one as we speak, the beneficiary should take delivery of all his document within a couple of weeks.
We don’t need to wait for the federal government to make things happen. There are people who can still listen to the idea you have, and the will move from the existing policy of whatever company they work with to a personal relationship. They will say, okay let’s look at this could work and then everybody is happy. So, that is what gross property.ng does. We don’t sell old building. We mostly deal in brand new tastefully designed mansions. We don’t want to be known with junks on our site. Presently if you go on our website, all you see are beautifully designed duplexes on that platform.