SHOP is a financial club designed to stimulate savings culture amongst the general public. It enables members to save a small percentage of income (minimum of N1,000) towards attaining the dream of home ownership. It also facilitates access to other types of loans by participating members, at concessionary interest rate.
STALLION HOME OWNERSHIP PROGRAM(SHOP):
FEATURES/BENEFITS |
• A financial club, which empowers members towards achieving the dream of owing a home of their own, with ease.
• Also facilitates access to other loans on concessionary terms. Participation is open to persons in gainful employment and self – employed
• Participants must be 18 years and above, while minors must obtain Parental consent.
• Three (3) Classes of SHOP participants
- Bronze Class - N1,000 & above/month
- Silver Class - N5,000 & above/month
- Gold Class - N10,000 & above /month
• Minimum period of participation of 12 months before qualifying for SHOP loan.
• Contributions to SHOP attract competitive interest rate, presently fixed @ 3.5%p.a
• Participation in SHOP facilitates access to NHF loan since total contributions may be deployed towards meeting the mandatory 10% deposit.
• Also facilitates access to other loans at concessionary Interest charges and less stringent demand for additional security.
• Contributions in SHOP may however, be withdrawn at anytime during participation, but a charge of 2% will be levied on such withdrawal.
• Objective of SHOP is to facilitate pooling of deposit resources towards achieving mortgage financing for home acquisition.
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