Resort designs new account for young employees

Resort Savings and Loans Plc has designed an account for young Nigerians who have just secured employment to help them secure their future housing needs.

Called ‘Resort Early Home Owners’ account, the organization, in a statement by its Head of Business Development Yemi Popoola said the product will assist in bridging the housing deficit in Nigeria.

To benefit from this new product, customers of the bank should be between the ages of 25 and 40, who have had a banking relationship of six months with the bank and with a minimum balance of N50,000.

Beneficiaries of the loan under this platform, according to the statement, are entitled to a mortgage loan amount with the equity contribution of N30 per cent, depending on the loan being sought for.

The loan tenor is put at 10 years. The statement explained further that the product is specifically designed to help those who are just starting off in a salary job so as to help them with a future plan to have their own accommodation.

“What we have found out is that many young people don’t plan for their housing needs and they end up being thrown out from their residence because of their inability to pay.

But with the product like this, the customer can even withdraw to pay for his accommodation and also plan to build his own house or buy a property,” the statement added.