University of Lagos Staff Home Ownership Scheme: Call for Applications for Loans

The University of Lagos Staff Home Ownership Committee hereby invites all eligible members of staff to apply for Land and Housing loans under the Staff Home Ownership Scheme. The loans are available for the purposes of:

1. Building a house.
2. Purchasing or redeeming an existing mortgage on a house.
3. Purchasing or redeeming an existing mortgage on a piece of land with or without a building.

1. LOAN ENTITLEMENT

(A)   HOUSING LOAN

(i) Senior Staff: The loan shall not exceed Two Million Naira   (N2, 000,000.00) or ten (10) years basic salary of staff whichever is less, for building, purchasing or redeeming of an existing mortgage on a house.

(ii) Junior Staff: The loan shall not exceed One Million Naira (N1, 000,000.00) or ten (10) years basic salary of staff whichever is less, for building, purchasing or redeeming of an existing mortgage on a house.

(B) LAND LOAN

(i)  Senior Staff: The loan for purchasing of land shall not exceed One Million Naira (N1, 000,000.00) or the Applicant’s four (4) years basic salary, whichever is less.

(ii)  Junior Staff: The loan for purchasing of land shall not exceed Five Hundred Thousand Naira (N500, 000:00) or the Applicant’s four (4) years basic salary, whichever is less.

(C)  No loan shall be approved for erecting or purchasing house and land at the same time.

2.     ELIGIBILITY CLAUSE

• Staff members who have earlier applied for either the Housing/Land loan and have been granted the loan previously shall not be eligible to make another application for any other loan.

• Confirmed staff on CONTISS 1 – 15 who have put in not less than ten (10) years in the Public Service of which at least five (5) must have been spent in the University of Lagos.  A loan shall not be approved for Applicants on leave of absence.

3. DOCUMENTS AND OTHER REQUIREMENTS FOR HOUSING LOAN

1. Applicants should submit to the Committee original copies of the title documents, e.g.  

        Deed of Conveyance or Certificate of Occupancy or Stamped Purchase Agreement and Receipt; and Proof of Ownership.

• Approved Survey and Building Plans.
• Two (2) most current pay slips.

4. For housing loan, preference shall be given to Applicants who do not live in the University’s quarters.

5. Successful borrowers shall vacate the University’s quarters thirty–six (36) months after collecting the loan. 

(This condition is applicable to only borrowers living in the University’s quarters).

6.  Applicants who already have an indebtedness of more than 25% of their gross salary shall not be eligible.

7.  Applicants who have less than five (5) years to retire shall not be eligible.

8.  The cumulative deductions of all loan/indebtedness of Applicants should not be more than 33%.

9.  DOCUMENTS REQUIRED FOR LAND LOAN

Every applicant must submit the following:

1. Letter of allocation from Government or any reputable Estate Surveyor
2. Documents evidencing Vendor’s intention to sell the land such as invoice, Letter of Allocation of land issued by any of the Unions.
3. Two (2) most current payslips.  

10.  REPAYMENT PERIOD

Repayment period shall not be more than five (5) years.

There shall be a service charge of 3% per annum on any loan granted under this scheme and every loan shall be repaid by equal monthly installments within the period of sixty (60) months.  The maximum loan repayment period shall be sixty (60) months to the age of 65/70 years (whichever is applicable).

METHOD OF APPLICATION

Eligible members of staff are therefore advised to download the form here. Fill it accordingly and submit to the Secretary, Staff Home Ownership Committee, Legal Services Unit, Room 425, 4^th Floor, Senate House, University of Lagos, not later than two (2) weeks from the date of this advertisement.

N.B.:

• The loan application exercise of July 2017 has been cancelled.
• Applicants should retrieve the documents attached to the 2017 application form from Secretary, Staff Home Ownership Committee, Legal Services Unit, Room 425, 4^th Floor, Senate House, University of Lagos.  
• The eligibility clause and the loan application form has been revised, prospective applicants are directed to study same thoroughly before applying for the loan.