₦airaland Forum

I just d jumb all these una hot gist d pass looking for who will tell us what is going on in today's bidding.
Those where get luck invest in primary market should please give us an update.

Lucky you. First bank told me in the morning that I'll not be allowed to fill form for primary market today that the platform was closed on Friday last week. Even when I was arguing, the lady that attended to me still stood her ground and I had to leave.

I called First Bank this morning and there was no information yet

Savings Bond rates are low now 11. for two years and 12. for three years. I think it might be better investing in Tb low rate for two months or thereabout and rollover the interest pending when the rate will go up.

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Please invest the money in Tb and let it grow first. Forget about landed property for now unless you are very lucky to see someone that wants to sell one in a nice location to solve his pressing problem. A lot of people here buy properties with extra cash while the one in investment is still intact. It's true that land do appreciate but there are a whole lot of things that trigger the appreciation and the risk of loosing your hard earned cash is equally high.

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Diminishing return will definitely get to Lagos with time. What happened to unoccupied and unbought buildings in Banana Island.
Property business is not like before. But I still prefer buying and selling of undeveloped plots.

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I guess the twin 3bedroom flat might be in Eket. The finishing level is obviously not known. The land size in the estate for the 3bedroom goes for 6m you said. To me, the 15m is not bad but the major challenge is the current economy situation in the country.
FMBN put up its 3bedroom semidetached bungalows for sale in Uyo opposite University of Uyo Teaching Hospital at 9.2m since last year. Very nice location with good road network under construction by Federal Ministry of Works and it shares boundary with Federal Ministry of Works estate. There were no buyers and it was later reduce to 8.5m and still in search of buyers.

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Though I don't know the size of the compound in question at shelter afrique and I don't know if it's only that storey building that is inside the compound.
But looking at it the other way round, 3bedrooms might be down, 2bedroom and 1bedroom might be up with a little expansion. This mean the land might not be up to 50 by 50.
If 5m is set aside for the land and 35m is set for the building, furnishing and interest, I think it's fair.

Can FGN Savings Bond be bought in banks?

Please can I subscribe to FGN Savings Bond in any branch of First Bank?

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Thank you for putting an end to this.
FMBN Staff also told me that the interest is fixed at 6% per annum.

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He will get back to them. I didn't know much about the FMBN Calculator but this is what came out when I input the loan amount and tenor.
AMT:9.2m
TENOR:15yrs
RATE:6%
EQUITY:920k

MONTHLY
PRIN:28,471.35
INTR:41,400.00
TOTAL:69,871.35

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There are two classes of FMBN loan I know of.
The one you will apply for the liquid cash and the one already built apartments will be given to you.
In all the two, I believe the condition is that you must be a contributor to NHF.
I'm told the rate is always flat and that's 6%.

I appreciate your advice.

DaBogu:
I think I will go with the advice above meanwhile wait for the ogas make them come put mouth for the matter.

Thank you.

Somebody suggested he shouldn't drop the cash with FMBN but should rather log in the cash in FGN Savings bond for 3yrs.

GURUS IN THE HOUSE PLEASE HELP ME IN THIS ANALYSIS.
My brother bought 3bedroom apartments from Federal Mortgage Bank at 9.2m. 10% equity paid leaving a balance of 8.280m. This will be deducted from his salary starting from January next year. He has 20yrs left in the service.
The young man is totally confused now.
First, he is planning to invest 4m in Tb, roll it over for 3yrs or 4, use whatever will come out, add it to whatever must have been deducted from his salary for the same period and pay off the loan.
Second, he is planning to drop the 4m and subsequent savings with FMBN to reduce the balance as well as what will be deducted from his salary.
9.2m with mortgage calculator gave me 14.2m @ #711,840 a yr for 20yrs and 12.5m @ #838,452 a yr for 15yrs.
Should he drops the money with FMBN to reduce what will be deducted from his salary or he should rather invest the money in Tb, roll it over and add to what will deducted at the end of 3 to 4 yrs and pay off the loan?

Please someone should educate me on how this Federal Mortgage Bank Housing Loan works.
If the total loan amount is 9.2m and 10% equity of 920k is paid, the balance is 8.280m.
If 60k is deducted monthly from someone salary account for 3yrs (that's 2.160m), will this be minus from 8.280m leaving a balance of 6.120m should he plans to pay off in three years period?
I'm asking because I do not really have much idea about the process.

[quote author=Etfash post=83881887]First he will pay about #60,896.64 monthly for 20 years, almost #731,000.00 annually. If he pays 4m upfront, he will pay about #32,239.40 monthly for 20 years, about #387,000.00 annually.

If he invested the 4m in Tbills at 11% annually, he gets 440k annually which can be compounded and so on.
At the current rate 11.296%, the FGN Savings bond (3 years) will put about #113,000.00 on your table quarterly from the 4m and that will happen for 3 years.... the options are much.

I will advise that the 4m be invested and reinvested for 20 years. It should be worth over 25m by then.

Tell him to enjoy his accommodation and invest his 4m for 20 years.


I appreciate your response.
I was advicing him alternatively to lock the cash in Tb first for a year. Whatever savings (say 1.5 or thereabout) he realises at the expiration of this first investment should be added to it plus accumulated interest and lock in again. In 3 to 4 yrs period, he must have gotten the balance and settled everything once and for all.

Please my brother needs an advice.
He bought three bedroom apartments from Federal Mortgage Bank of Nigeria at 9.2m. Ten percent equity of #920,000 paid and offer letter given. The balance of the money is to be deducted from his salary starting from January next year. He has twenty years left in the service. Amount to be deducted is yet unknown to him. He is planning to deposit 4m with FMBN to reduce the balance as well as the amount to be deducted.
He was equally thinking of suspending the plan especially now that he's yet to know the amount that will be deducted and rather invest the cash in Tb.
From my calculations using Mortgage Calculator, 20yrs tenor will be 14.2m @ #711,840 a year while 15yrs tenor will be 12.5m @ #838,452 a year to complete the payment.
The question is, dropping 4m with FMBN to reduce the balance of what will be deducted and investing the same amount in Tb, which one pays more?

shoyoyebiodun:
sir/ma NECO scratch card is #350 why would you send a used one that would be rejected for about 13 to 14k for the answer to your question is NO

On point.
Thanks

Gurus in the house,
please does Wes accept Neco scratch card that has been used once?

Brown2Green:
You sure need to do Pgd and if possible masters before considering a Phd in the US after taking the GRE.

So start making the move now!

NOUN is a globally accepted school so you can still work and earn your degree at the school.

What course?

Dust yourself and up your game.

I studied physics and I'm targeting Astrophysics in Pgd, Master and PhD.
I think I've only come across two to three Universities handling this course in Nigeria.

As a new person in the house, I've been silently following the thread from the beginning to almost the middle, hoping to see a case I'm directly or indirectly involved in, but I couldn't. It will be of great help, if someone could please educate me on this,
I graduated with third class (1.89/5Gpa) and I'm thinking of doing Pgd and Master programs here in Nigeria before going for phD in US.
I've a secured job with one of the security outfits which I've so far spent about seven years in.
God's willing and things work as planned, I'll like to drop the job and pursue my educational career and subsequently relocate my family over.
Before then, I'd like to know, if I should go ahead with Pgd and Master Programs here and after which I move to US for phD.
Thanks as I'm waiting for your beneficial advice.

I noticed zealous investors of this treat hardly go for break, even when Government has declared it.
I pray you guys will soon hit "the long awaited" target and retire home and enjoy your cash with your loved ones.
I wish you guys the best.

hustla:
This is what the customer care guy at stanbic game me this morning

Is this calculation correct for 2.6m naira? He said it's after tax

My calculations do not include tax because I'm unaware of your bank's charge.

@ hustla. 182 days will give you #163,351.23 and 91 days will give you #66,701.
My opinion.....

Thanks for your response @ Acidosis and Desanta

Acidosis:
She paid N1.5m in cash? Holds no savings or current account with the bank? Some people sef

She holds savings account with them and I believe it was transferred because the cash was already in her account.

raustin560:
just hit quote and write urs under the person's own

Tks

Johnchase56:
Like this

Thanks. I have gotten it.