What is the Purpose of Solidarity Housing?
Solidarity Housing is established to provide practical solutions to housing and housing financing of its members on a NON- INTEREST, RENT TO OWN AND PROFIT OR LOSS SHARING BASIS.
Can I buy a property for investment?
SHC will only fund homes being purchased or refinanced that is intended to be used solely as primary residence. There is always a queue of 1st time home buyer waiting to be funded by SHC.
You can however, invest your money with SHC and earn decent and attractive dividend while you also get satisfaction and reward of helping others to achieve their dreams of owning theirs.
How does one go about buying a home through Solidarity Housing co-op (SHC)?
Follow these steps
- Become a member
- Request to be on the active list, the list of members waiting to buy properties by filling our Request For Addition on Active List (RFAL), buy shares equal to or more than 10% of the price of the house to get into active list (RFAL).
- When you are among the top “five” on the list, accumulate shares equal to or more than 20% or 30% (including what you’ve paid earlier) of the TOTAL investment. Keep in mind that SHC investment cannot exceed 70% of the price of property exceeding #10,000,000 or #10,000,000 maximum as SHC share whichever is lower.
|NO||Price of the house||Min. Member share||Max. AHC Share||Ownership ratio (SHC member||Comment|
|1||5,000,000||1,000,000||4,000,000||80%:20%||Max. SHC share =80%|
|2||10,000,000||3,000,000||7,000,000||70%:30%||Max. SHC share =70%|
|3||15,000,000||5,000,000||10,000,000||67%:33%||Max. SHC Investment is N 10,000,000|
What if I am not ready to buy at my turn?
Send a complete and signed RFAL form to go on hold. Once on hold, you will remain on hold until you send us another completed RFAL form to be put back on the active list (AL). You will be assigned the same number in the queue/AL, as you held before you went on hold, except if you held any of the top 5 position on the AL, you will be assigned number 6 on the AL.