“THE POWER OF TEN”
“Power of Ten” 10% Initial Commitment deposit.
10% 2nd deposition on project completion.
10 years mortgage payment tenure.
Real Estate worldwide is known for giving one of the highest Returns on Investment (R.O.I) amongst other sectors. At Cityscape, we operate a new concept in real estate in Nigeria known as…
“THE OFF PLAN SCHEME”.
“THE POWER OF TEN” OFF PLAN SCHEME
To own your own home all you need do is to follow our simple property acquisition scheme by:
1. Paying 10% of the Total Value of the property as a commitment deposit at the conception of our agreement with you.
v You receive a Plot Allocation letter for your designated plot / house.
2. You receive an “Advance Payment Bond” (APB) from us which guarantees your deposit and signifies our commitment to deliver your house to you after construction process which takes approximately12 – 24 months.
v The APB is also an insurance document provided by an insurance company covering the value of your investment during the construction period. A consortium of insurance company partners with Cityscape, which include NICON insurance, WAPIC, Leadway Assurance, Crusader insurance, Royal Exchange etc, covers the insurance.
3. After approximately 12 -24 months construction duration, you make a second 10% deposit and you are given the keys to your house to move in. (After paying only 20% of the Total House Value!).
4. Cityscape facilities and arranges a mortgage facility for you to offset the remaining 80% out standing balance with any of our partner banks and mortgage institutions e.g. First Bank, Oceanic bank, Skye bank, Standard Chartered bank etc.
v The mortgage arranged is basically a direct transaction between the subscribers and his bank of choice in mutually agreeable terms.
v Note: Cityscape is only a third party facilitator.
v Currently, modality procedures are being worked out for contributors to National Housing Fund (NHF) with the FMBN and other Primary Mortgage Institutions (P.M.I.s) on how they can utilize their contributions / embossments as a mortgage for this scheme.
5. Other categories of Subscribers (apart from subscribers to the mortgage scheme) will arrange their payment agreement with Cityscape through installment payment, deposit payment or outright payment.
v Note Cityscape has insured the estate/properties from project inception, till the property is handed to the subscribers.
VARIOUS PURCHASE PLAN OPTIONS
1. OUTRIGHT PURCHASE PLAN
Ø Direct Transaction between Subscribers and Cityscape.
Ø A One-Off payment plan.
Ø Client receives discount for outright purchase.
Ø Bank interest rates are avoided (No bank loan involved).
Ø No need for bureaucratic process of income / eligibility assessment / enquiries by banks for mortgage loan.
Ø Only available for a limited period (early bird).
2. DEPOSIT PAYMENT PLAN
Ø Direct Transaction between Subscribers & Cityscape.
Ø Subscriber pays initial 10% commitment deposit.
Ø Then, he enters agreement with Cityscape in balance payment procedures for a period of not more than 2 tranches before construction is completed (100% paid up between project start & construction end) e.g. 10% ┼ 40% ┼ 50% etc.
Ø Bank interest rates are avoided (No bank loan involved).
Ø No need for bureaucratic process of income / eligibility assessment / enquires by banks for loan.
3. INSTALMENTAL PAYMENT PLAN
Ø Subscriber pays initial 10% commitment deposit.
Ø After construction is completed, the subscriber pays another 10% deposit and is given the keys to the property.
Ø Subscriber agrees with Cityscape on balance payment procedure for a period not exceeding 48 months (i.e. a 4year-payment plan).
Ø Cityscape will charge a mutually agreeable interest for this facility.
Ø Bank interest rates are avoided (No bank loan involved) assessment / enquires by bank for mortgage loan.
Ø The remaining 80% balance payment is paid up in regular predetermined tranches paid up in a period not exceeding 48 months (4 years).
Ø Attract a default penalty lapse charge of 15% in the cease of default, which is added to the outstanding balance.
Ø Letter of allocation but no deed of assignment
4. MORTGAGE LOAN
Ø Subscriber pays 10% commitment deposit.
Ø After construction is completed, the subscriber pays another 10% deposit and is given the keys to the property.
Ø Cityscape facilitates and arranges a mortage with a first rate mortage institution and also with relevant insurance over the subscribers investment by our partner insurance firms.
Ø The mortgage loan covers the outstanding 80% payment balance and is spread out over a maximum of 10 years with mutually agreeable terms between the subscribers and the mortgage institution.
Ø Cityscape functions only as a 3rd party to the mortgage arrangement.
ü Property documents and deeds are transferred to subscriber on completions of payments in all purchase arrangement plan.
CONTACT INFORMATION
For further details please call our Customer Care Centres on: 01-8752624-7, 01-8754333, 01-8750600 and 01-7614777.
Kindly reply all mails to sales@cityscapenigeria.com