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Union Homes entices homeowners with 65% equity
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Union Homes, Savings and Loans plc is offering homeowners who subscribe to its new mortgage product, Home Equity Mortgage (HEM), 65 percent equity on their property.
The product, which was introduced into the mortgage market recently is also offering a maximum tenor of 10 years.
Assistant General Manager, Corporate Affairs, of the company, Uche Onyeabo who disclosed this to Business Day, said that HEM was designed to enable homeowners with good titles on their houses to grow wealth by using the equity on the houses.
According to him, the new product could also be utilised by any person wishing to invest in assets, explaining that such a person could convert a significant portion of the value of his home to liquidity in order to finance the acquisition of the assets without losing ownership of the homes.
Onyeabo noted that HEM was loaded with a lot of benefits to its subscribers, some of which include immediate acquisition, ownership and possession of properties and assets. Other benefits, he added, were a convenient cash flow, payment by installment, zero initial down payment, long tenor of up to 10 years, enhanced self-esteem and easy access to liquidity.
He pointed out that since subscribers could borrow as much as 65 percent equity on their property for as long as 10 years, such subscribers could take advantage of the product to buy additional homes, stocks and shares, household equipment and automobiles.
As regards who qualifies to subscribe to this product, Onyeabo said it was open to potential and existing customers of the bank, as well as all staff of the Union Bank Group.
“More specifically, access to the new product is open to employees in organisations where they can borrow up to 10 years of their annual income, self-employed customers who can borrow up to five years of their income,” he said, adding that employees of companies with verifiable evidence of regular source of income duly confirmed by the employer, and self-employed persons with verifiable evidence of income could also subscribe to the product.
Union Homes Savings and Loans is Nigeria’s leading primary mortgage institution and remains the only such institution to be quoted on the Nigerian Stock Exchange (NSE).
HEM is one in a range of its mortgage products it has introduced into the mortgage market, all aimed at enabling homeowners and prospective ones buy, build, rent or raise equity on existing ones.
The product, which was introduced into the mortgage market recently is also offering a maximum tenor of 10 years.
Assistant General Manager, Corporate Affairs, of the company, Uche Onyeabo who disclosed this to Business Day, said that HEM was designed to enable homeowners with good titles on their houses to grow wealth by using the equity on the houses.
According to him, the new product could also be utilised by any person wishing to invest in assets, explaining that such a person could convert a significant portion of the value of his home to liquidity in order to finance the acquisition of the assets without losing ownership of the homes.
Onyeabo noted that HEM was loaded with a lot of benefits to its subscribers, some of which include immediate acquisition, ownership and possession of properties and assets. Other benefits, he added, were a convenient cash flow, payment by installment, zero initial down payment, long tenor of up to 10 years, enhanced self-esteem and easy access to liquidity.
He pointed out that since subscribers could borrow as much as 65 percent equity on their property for as long as 10 years, such subscribers could take advantage of the product to buy additional homes, stocks and shares, household equipment and automobiles.
As regards who qualifies to subscribe to this product, Onyeabo said it was open to potential and existing customers of the bank, as well as all staff of the Union Bank Group.
“More specifically, access to the new product is open to employees in organisations where they can borrow up to 10 years of their annual income, self-employed customers who can borrow up to five years of their income,” he said, adding that employees of companies with verifiable evidence of regular source of income duly confirmed by the employer, and self-employed persons with verifiable evidence of income could also subscribe to the product.
Union Homes Savings and Loans is Nigeria’s leading primary mortgage institution and remains the only such institution to be quoted on the Nigerian Stock Exchange (NSE).
HEM is one in a range of its mortgage products it has introduced into the mortgage market, all aimed at enabling homeowners and prospective ones buy, build, rent or raise equity on existing ones.
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