‘Deposit, Compulsory For Home Ownership’

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The General Manager of Rivers State Housing and Property Development Authority (RSHPDA), Architect I.S CookeyGam has said that every intending house owner must pay the initial deposit to the developer before he can obtain such facility through the Mortgage system.

Responding to questions from The Tide in his office on the issue, Architect Cookey-Gam explained that the current enabling law under the National Housing Fund (NHF) which is being operated from the Federal level made it compulsory for every intending house owner to pay the first deposit, depending on the type of home needed.

He said that such initial deposit ranges from 10 per  cent to 30 per cent of the total cost of the house the individual wanted, adding that the first Mandatory deposit is what will determine whether the individual in question will be capable of owning the particular house he is requesting for or not.

Architect CookeyGam who also reacted to public agitation that initial deposit will not be necessary for home ownership, so far as such a person has a stable job where money can be deducted monthly for repayment of the mortgage, as obtainable in other countries, said that such arrangement is good, but that the present law in Nigeria regulating housing funds does not recognise such arrangement.

The RSHPDA boss however advised those in the public service who want to own their own homes to start early enough to make such arrangement, so that it will not be a problem to them towards the period of their retirement.

There had been clamour from some Nigerians that the deposit required by properly developers as a condition for owning a house has made things difficult for people to meet up in their quest to own a home, and want the trend to be changed to reflect the values in other countries of the world.

Agitators hinged their argument on the fact that a worker that has a stable job can pay for his house over time through salary deductions.