Home Seekers Decry Policy On Housing Loan

Some interested home owners seeking  mortgage financing in Port Harcourt and its environs have reacted over the mortgage financing policy of Aso Savings and Loans Limited.

The Tide has gathered that the hope for these home seekers to obtain loan from the company was dashed, as the mortgage banker insisted on landed collateral before any loan could be obtained, which of course is beyond the reach of some intending home owners.

Reacting to the Aso Policy, an intending home owner, Ndubuisi Ogbonna told The Tide that the Aso’s insisted on land collateral with title documents before the issuance of mortgage has made things difficult for his earlier hope to own a home within a very short period.

He said that the idea behind his approaching the mortgage bank was for them to either procure both land and the development or give loan directly to him to execute such plans, while the interest and the principal be deducted from his salaries on an agreed terms.

Ogbonna who is a public servant in Port Harcourt posited that the mortgage banker has taken advantage of the scarcity of mortgage institutions in Rivers State to pose difficult conditions for low and medium income earners particularly in the public service.

On his part, Wilfred Njoku, a staff in one of the Rivers State-owner companies, said it will be better to approach the bank for loan to develop personal homes, where deductions will be made over time from his salary, instead of looking for land collateral that is not even available .

However, when The Tide called on the

Aso Saving and Loan Limited  office in Aba Road in Port Harcourt, it was gathered that the head office is the only office that can speak to the press, but one of the officers told The Tide that the company insists on land collateral only,  to enable it recover its money.

Corlins Walter