Sterling Bank gets recognition over support for real estate

Sterling Bank Plc at the 12th edition of the Abuja Housing Awards held in the Federal Capital Territory (FCT), Abuja, has bagged the Housing Friendly Commercial Bank of the Year Award for its remarkable impact on housing delivery in Nigeria’s housing sector.
Receiving the award on behalf of the bank, Sterling Bank’s Non-Interest Banking (NIB) Group Head, Mr. Basheer Oshodi said, the bank was delighted at the recognition of the innovative efforts of the NIB group in the housing sector.
According to him, customers who express interest in the home ownership model are made to contribute between 20 and 30 per cent equity over the construction period of 18 months after which the facility is booked for future ownership. He added that rentals in the scheme are less than what would have been paid in a conventional banking arrangement.
“We have developed an innovative method of home ownership for Sterling Bank customers. The model gives an opportunity to the buyer to own a house without the stress of bulk payment. Where the house is already built, a prospective home owner simply makes equity contribution and is booked for future ownership. Even if there is no house on the ground and the customer signifies an intention to access a mortgage, the next step will be to start contributing equity,” Oshodi said.
On his part, Executive Director, Commercial and Institutional Banking, Sterling Bank, Mr. Lanre Adesanya, said the bank has made significant commitments in the real estate segment, especially in Lagos State and is willing to provide facilities to real estate developers. According to Adesanya, Sterling Bank has done well in retail real estate financing and some of the projects financed include Crown Court Durumi, 360 low-cost housing units in Amuwo-Odofin, 210 semi-detached houses in Agungi-Lekki, 539 units of apartments in Lekki Phase 1 and 566 mixed housing units also in Lekki, among others.