The Chief Financial Officer, Mixta Africa, Benson Ajayi has said Nigerians are not ready for the burden of land documentation.
Ajayi disclosed this at the Mixta Africa DUO launch which was held on Tuesday, in Lagos.
The Mixta Africa DUO was aimed at promoting an affordable housing rent-to-own scheme.
He said, “When you buy untitled land and a problem comes up, you will consequentially go through a process than someone who bought land and has a title. Education is key to aiding in unburdening the titling process. In addition, when purchasing land, make sure you purchase one that is titled and choose the right developer.
“The government needs to understand that there is an important nexus between simplifying these processes, getting the documentation to be done on time, and the income of the government.”
Speaking at the launch, the Country Manager, Mixta Africa, Folasade Hughes, said the lack of access to housing finance has contributed greatly to the housing deficit in the country.
She noted that the gap between the demand and supply of affordable housing finance products is huge. Hughes claimed that this offered a sizeable business opportunity and as an innovative financial inclusion company, the onus was on it to develop solutions that will critically tackle this deficit with the aim of easing housing finance for middle-income families.
The Country Manager of Mixta Africa said, “DUO is an initiative for home acquisition focused on affordability for subscribers. The financial ecosystem is evolving and the cost of funds is a major stumbling block to realising affordable housing, and as a responsive financial inclusion company, we needed to intervene and activate a solution that will address the twin challenges of cost of funds and housing affordability.”
The Chief Commercial Officer, Mixta Africa, Rolake Akinkugbe-Filani assured that DUO is a homegrown solution for middle-income earners who have difficulty paying outrightly for a house or experiencing delays in accessing a mortgage.
She said, “It supports subscribers by taking away the discomfort and possible friction of owning a house and easing the journey to homeownership by providing a win-win scheme, where you start out meeting your housing need as a tenant and end up as a homeowner in a simple and straightforward transaction; making property investments more accessible and affordable.
“The thought of being a tenant paying your due rent and subsequently becoming a homeowner within three years is the major attraction for interested subscribers as you now have the opportunity of not only living your dream of becoming a homeowner but also enjoying the benefit of living in a serene community and luxury environment that offers all the comfort, convenience and recreation necessary for a healthy life,” she added.
According to her, all an interested subscriber needs to do is visit the company’s website, complete the interest form and receive an application form via email, fill and submit the form and make a minimum 5 per cent equity payment to secure the subscription; pay the first-year rent and in three years’ time you become a proud homeowner.”
DUO rent-to-own scheme is currently applicable to Mixta’s fully finished two-bedroom Marula Park home. Marula Park is located in Lagos New Town, off Lekki- Epe Expressway, with surrounding estates like Beechwood Park and the prestigious Lakowe Lakes Golf and Country Estate.