Objective of the Home Ownership Savings Scheme is to facilitate pooling of savings towards securing or meeting required deposit payment for a property (built or landed), mortgage financing or any such expenditure geared to facilitate members house ownership drive.
Participation in the Home Ownership Savings Scheme plan facilitates access to the Home Ownership Scheme of the coop.
Participation is open to and compulsory for all members, whether in gainful employment or self-employed
Savings attract no interest rate, however it adds up to the compulsory savings which enables for good dividend as shared annually on pro-rata basis.
HOS can also be used to meet the mandatory deposit required to facilitate consideration for NHF loan application.
The Home Ownership Savings Scheme plan also facilitates access to other types of Co-op loans at concessionary Interest charges with less stringent demand for collateral support if fully covered.
Savings targeted at the Co-op real estate project Minimum contribution required is N1, 000.00 monthly. However, members are encouraged to do more than this and only benchmark their monthly contribution against the estimated cost of the property they plan to buy or the down payment they plan to make. Especially because any payment in excess of the compulsory N1, 000 monthly HOS contribution can be withdrawn by the member for at any time with reasonable notice and used for whatsoever catches his/her fancy without question.
HOS contributions are compulsory from the time a member joins the co-operative and a dully signed passbook is supposed to be maintained for that purpose.
- Providing property purchase and construction opportunities for self use.
- Providing a 10 to 25year micro-mortgage scheme for members.
- Providing real estate and other investment opportunities for collective gain.
- Providing investment (real estate inclusive), entrepreneurial and other life enhancing training to members at our monthly meetings.
- Always providing well-researched and negotiated clusters of landed properties which members can buy; and also assisting in developing into mini-estates while providing other services as may be required, e.g. access to mortgage facilities below the market rate building materials, etc.
- Providing opportunities for members to borrow for growth in their business
operations through our well-structured and professionally managed thrift in association with participating Micro-Finance Banks. 20% of our fund at any time is made available for our thrift operation.
- Investing our collective monthly contributions regularly and distributing
30% of surplus (gain or profit) annually as dividend on a prorated basis.