Flagship Products and Services

(RECOMAS) Resort Corporate Mortgage Administration Scheme

A unique tailor-made mortgage product specially designed to attract and accumulate fund from corporate entities including institutions and associations, as a basis of enabling the participating entity, as well as its individual members who are duly recommended as eligible, to have easy access to funds in a properly phased manner and under attractive terms, to build or purchase houses and own estate, and repair, maintain or improve their properties.

Objective

• To encourage Corporate entities to set aside fund on regular basis and dedicate such fund for provision of houses for their staff or the establishment
  
• To institutionalize the culture of saving for sustainable housing scheme
  
• To create avenue whereby financial resources of participating entities can be supplemented for early realization of sustainable housing goal for their staff
  
• To relieve organizations of the strain and stress of Staff Housing Loan management and thereby free their resources to be concentrated on their core areas of business and competence

Target Audience (Private Sector)

• Multinational Companies
  
• Industrial Companies
  
• Banking & Other Financial Institutions
  
• Oil & Gas Companies
  
• Service-oriented Institutions
  
• Tenant-To-Landlord's Associations
  
• Estate Residents' Associations
  
• Employers' Associations
  
• Co-operative Societies
  
• Private Sector Secondary & Tertiary Institutions
  
• Pension Fund Administrators
  
• Insurance Companies

Target Audience (Public Sector)

• Federal Government Ministries & Parastatals
  
• State Government Ministries & Parastatals
  
• Local Government Councils
  
• Public Sector Secondary & Tertiary Institutions

Features

• Minimum for opening Deposit Account - =N=5 million and above
  
• Regular build up of Deposit Account to attain set target
  
• Deposit Account attracts Interest, albeit relatively lower than commercial rate
  
• Interest on covered mortgage loan is at agreed mark-up on interest rate on corresponding Deposit Account, therefore relatively lower than commercial rate
  
• Interest on uncovered Mortgage Loan - to be negotiated
  
• Operational details customized to suit individual customer peculiar needs

Benefits

• Guaranteed funding for corporate housing development
  
• Guaranteed funding for individual Staff Housing Schemes
  
• Guaranteed Mortgage Assurance (optional)
  
• Assured Property Insurance
  
• The organization is relieved of pains and stress of staff Housing Loan Administration
  
• The beneficiary is assisted in identification, acquisition, or development of the house that meets his specification
  
• Superior Staff Welfare Scheme (i.e. low interest on Mortgage & longer tenor than available in the open market)
  
• Guaranteed Staff Loyalty