BA-PAY (BUILD AND PAY BY INSTALLMENT)

Increment on the cost of properties has made building of a desired home or an acquisition of one a difficult task. Shared Equity offers a potential solution, thereby making home purchase affordable. For this, BA-PAY is introduced; an innovative mortgage solution from the stable of KINGBuilder Limited and KB HOMES. This Home Ownership Plan is launched as part of the Home Buy Initiative Scheme. BA-PAY is a unique concept designed to help aspiring owner occupiers take a step into housing ladder.
The aim of the BA –PAY initiative is to assist existing subscribers of our Land ownership scheme and every Nigerians to build their homes in a flexible, convenient and economical manner.

FEATURES AND BENEFITS

• BA-PAY enables all categories of Nigerians to own their own dream homes. It addresses the problem of shelter for even the least paid employee to the better paid professionals.
• BA-PAY is the only product that allows a subscriber to “build his home as he pays”, thereby breaking down the construction process into financially manageable stages.
• BA-PAY milestone payment option allows interested subscribers to save up a certain percentage of the total house cost for various stages of work to be carried out on the desired house type over a period of time.
• The BA-PAY mortgage option, allows interested subscribers to access mortgage loans at relatively reasonable interest rates
• BA-PAY is economically convenient and flexible, so all income levels can take advantage of its flexibility in their quest to become home owners.
• It provides an option that meets the need of virtually everybody who is interested and willing to own a home.
• Documentation required is very simple and not time wasting
• Apartments will be built to meet quality standards and state of the art building technology
• Unlike other types of investment plan, you start enjoying benefit of your investment within a very short period of time

FINANCIAL STRUCTURE

Under BA-PAY, you can own your home with as low as 20% deposit from total cost of buildings or with a flat rate payment of N500,000. You can also spread your payment up to 60 months (Five years). This offer is available in all locations where KB HOMES operates a land scheme which includes Simawa, Mowe, Oba-Ile Akure, Osiele-Abeokuta, Ado-Ekiti, Akinyele-Ibadan, Agbowa-Ikorodu, Ibogun-Ifo, Kajola-Sagamu, Ilesha & Ede Near Osogbo, Ibeju-Lekki and Kuje-Abuja. 

SELF FINANCE/MILESTONE PAYMENT OPTION (HOUSE):

1. Save up and pay 10% of total House cost over 6 months for “Milestone 1” – Substructure
   
   • Site preparation/preliminaries,
   • excavation of foundation trenches,
   • Pouring of Foundation concrete,
   • maximum installment payment period- 9 months
   • Ultimate deliverable-Foundation
2. Upon completion of “milestone 1” Save up and pay 20% of total House cost over 12 months for “Milestone 2” –Building Carcass
   
   • Casting of ground floor slab
   • Setting of blockwork to lintel
   • Casting of Lintel
   • maximum instalment payment period- 9months
   • Ultimate deliverable-Blockwork to Lintel
3. Upon completion of “milestone 2” Save up and pay 25% of total House cost over 12 months for “Milestone 3” –Roofing
   
   • Block work to roof soffit
   • Construction of roof carcass
   • Nailing of roof covering
   • maximum installment payment period- 6months
   • Ultimate deliverable-Roofing
4. Upon completion of “milestone 3” Save up and pay 25% of total House cost over 18 months for “Milestone 4” –Finishing and External with M&E works
   
   • Fixing of doors and windows
   • Plumbing work
   • Electrical conduit
   • Fixing of ceiling boards
   • Fixtures and fittings
   • maximum installment payment period is 6months
5. Upon completion of “milestone 4” Save up and pay 20% of total House cost over 12 months for “Milestone 5” –Finishing and External with M&E works
   
   • ST & SAP
   • Landscape
   • maximum installment payment period- 6months
   • Ultimate deliverable-finishing with M&E works

MORTGAGE FACILITIES BY OUR BANKER

• BA-PAY is the only product that allows a subscriber to “build his home as he pays”, thereby breaking down the construction process into financially manageable stages.
• BA-PAY milestone payment option is for 60 Months and allows interested subscribers to save up a certain percentage of the total house cost for various stages of work to be carried out on the desired house type over a period of time.
BA-PAY is economically convenient and flexible, so all income levels can take advantage of its flexibility in their quest to become home owners.
BA-PAY allows further advances for standard purposes

How To Subscribe:

• Fill the subscription form
• Pay 10% of the total cost of desired house type or
• Pay N500,000 into the approved KB HOMES account or
• Make a one-off Payment for desired house type
• If on installment, keep making monthly payments until each construction milestone for your building is reached.
• At the completion of the first 10% milestone, work commences on your building.
• Other milestones will be executed on site as payments are completed.

Please Call the Client Service on 08179574825, 08101648821, 07036260667 for the developmental plans, pricing and finishing details of BA-Pay.