Are you looking for Zenith Bank mortgage loan then this article is for you with all the necessary information about Zenith Bank mortgage loan.
The Zenith loan offers is a great option particularly in the event of an emergencies, regardless of the location or who you are. As long as you have an account with the bank the possibility of getting a loan through Zenith bank has just become easier.
The Zenith bank provides a range of loan options including mortgage loans, personal loans and SME loans, all of which are created to meet the financial requirements of their clients.Â
Zenith Bank, in collaboration with USAID an agency under USAID, an agency of the United States Government last Friday, launched a new $10 million (N1.3bn) loan scheme that aims at the construction of affordable homes in Nigeria to hundreds of interested Nigerians.
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Zenith Bank mortgage loan
Zenith Bank weekend said prospective applicants to the mortgage financing program were anticipated to have a total household income of about N8-million which is equivalent to $62, 000 together with a spouse. or less.
This is among the conditions that applicants must meet to be eligible for the $10 million,, or N1.3-billion mortgage financing collaboration with Zenith Bank and the United States Agency for International Development (USAID).
Other reasons, as per Jim Ovia, the bank
managing director, and they must also be financially active and that the value of the home is not more than N10 million or $77,000, and be situated at Lagos, Abuja, Port Harcourt or Kano. The mortgage is offered for a period of three to twelve years.
Ovia revealed this during the signing of the development credits authority contracts between USID and USAID on the streets of Abuja.
In the terms of the agreement, Zenith Bank will use the $10 million to offer loans to middle and low-income earners, with a partial guarantee from government of the United States government on a True-Risk-sharing basis that is described by the Development Credit Authority (DCA) program of USAID.
The significance of the partnership lies in the need for shelter, measuring of health as well as a catalyst for economic growth and also the ability to reduce civil unrest.
Ovia She said that the partnership was a brand new era in mortgage lending in Nigeria and noted that the majority of middle-aged individuals aged between 35 and 45 in Nigeria spent around 70% of their annual income on construction of their homes when they were trying to purchase their first house.
As per his estimates, mortgages together with housing constitutes around 60 percent of Gross Domestic Product in the US and around 40 percent in the majority of European countries. Generally in advanced economies construction of real estate housing, and infrastructure make up around 50 percent, and the total mortgage debt is around 75 percent of GDP.
He also stated that 59 % of the mortgages issued within the US were financed through the secondary market by conduits, portfolio lenders and government-sponsored enterprises in comparison to the remaining 62 percent were financed directly through the primary market through insurance companies, banks and special fund managers from the U.K.
John Campbell, US ambassador to Nigeria The agreement with Zenith was among the initiatives taken by the newly established public-private partnership office of USAID to promote cooperation between the agency as well as Nigerian partners to pool the resources, expertise, and innovative strategies and technology to tackle the challenges of development.
He also emphasized the importance of the partnership as \”home ownership is a source of jobs and wealth, and is also a complement to Nigerian government
Zenith bank is one of the leaders in the banking sector of Nigeria and it’s easy to understand the reason. From outstanding customer service to a wide range of financial services specifically tailored to the needs of each client it’s easy to understand the reason why Zenith is among the best. We examine this Zenith Bank loan for salary earning individuals.