Management has approved the participation of staff in the UBA Mortgage Loan facilities of N1 billion being extended to our staff.

The following should be noted by any member of staff who is interested in participating in the facilities:

• that the pay back period should be tailored towards the number of years that the staff has to spend in the service of the University, in view of the Pension Act. This is however limited to a maximum of 20 years and 10 years for purchase of a house or land respectively.

• that the University or Staff Welfare Committee will identify housing estate(s) to reduce the added cost to the staff e.g. valuation report fees, legal search fees and bill of quantities fees. It will also reduce premium on insurance. Staff can however opt and are, indeed, free to locate other properties they may be interested in, outside any arrangement by the Staff Welfare Committee.

• that equity contribution of 20% by staff should be considered e.g. for a property cost of N3.5 million, the staff will have to pay the sum of N700,000.00 in order to qualify for the facilities.

• that the ability of staff to meet the risk calling acceptable should be taken into consideration. According to the regulations, repayment should not be more than one third of the take home pay of the staff.

• that the monthly repayment amount is equal throughout the live of the loan.

Interested members of staff should liaise with the Bursar‘s Office for further clarifications.

 

UNIVERSITY MANAGEMENT