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Going by the feeling of  despair among Nigerians who have been unable to build their own houses, who mostly rely on salaries that do not encourage savings, the result is that when the rents are about due, tenants begin to have sleepless nights, because there is no bulk money to pay for a year or two years’ rent. But this is becoming history as recapitalised banks now have the financial muscle to go into proper consumer lending. There are products introduced by banks, tailored at reducing such financial burden on Nigerians, particularly those that are bankable.
One of such financial products is offered by Oceanic Bank International, presenting the opportunity to secure credit to finance accommodation challenges, which comes in two variants; new lease rental and rent renewal.
A new lease covers two years, has a tenor of 18 months, and allows a beneficiary, who might not necessarily be customers of Oceanic Bank International, have access to 80 percent of the required rent from the bank with credit insurance while the remaining 20 percent is provided by him. After approval, payment is made directly to the agent, where for rent renewal; the customer is expected to provide a letter from his landlord or agent, stating property details. The rate is competitive and the tenor for those that opt for rental agreement renewal is 12 months, with the maximum single obligor limit for the facility at N5 million, and minimum limit of N100, 000. Like in the case of new lease rental, the loan is insured and payment made directly to the agent.
For the upwardly mobile tenants who want to be librated from landlords’ menace and desire to build their own houses, Oceanic Bank can help them achieve their objective through Home Equity Loan, where customers get 70 percent of the value of property depending on the capacity and the loan has a 10-year tenor with obligor limit of N100 million.
The loan is however only confirmed for employees of reputable organisations and self employed individuals with ready valuation report. 
To apply for the loan, visit the nearest Oceanic Bank branch and complete a consumer loan application form, attach the rent demand letter from the estate agent and submit the application to your account officer.