The N1.4bn estate was financed by the church‘s mortgage bank, Jubilee-Life Savings and Loans Limited, and developed by the bank‘s property subsidiary, Life-Partners.
A statement from the company on Saturday, said the estate consist of 200 flats in 50 blocks each with en-suite three bedrooms.
The Chief Executive of JLSL, Mr. Wale Osisanya, was quoted in the statement as saying that though the King‘s Court was heavily subscribed, there was still opportunity for individuals desirous of acquiring flats in the estate.
Osisanya said, ”What is expected of subscribers is an equity contribution of between 40 to 50 per cent of the cost of the flat for them to move in.
The balance can be paid through a loan by JLSL at not more than 12 per cent interest rate, or through a National Housing Fund loan from the Federal Mortgage Bank of Nigeria at six per cent rate.”
Osisanya further said the idea of mortgage in the country was still novel and encouraged Nigerians to take advantage of the NHF to become landlords.
He said that as part of the activities marking the inauguration of the estate, the company had planned a raffle draw.
Source:http://www.punchng.com/Articl.aspx?theartic=Art201011080371132
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