Stanbic IBTC Bank, a member of the Standard Bank Group, has reiterated its commitment towards empowering more Nigerians with the wherewithal, including information and financing, to own their own homes.

This was stated in Lagos at an interactive session organised by the institution as part of a series to forge stronger ties with its customers and the banking public.

Stanbic IBTC's Executive Director, Private & Business Banking, Jacques Troost, in his opening remarks, observed that the attainment of individual goals requires strategic guidance that takes advantage of a wide range of opportunities that exists in the various aspects of banking.

Troost stated that the bank's ability to help customers realise their goals defines its own success. He said the company will continuously introduce a variety of new banking products and services developed to accommodate the increasing needs of customers.

"Stanbic IBTC is a full service universal bank with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management - leveraging on its industry expertise and international presence".

A major objective of the forum, according to Abiodun Shittu, Head, Home Loans, is to ensure that the entire process of applying for a home loan when building or purchasing a property is well known to the customer.

He said the bank will ensure that the procedure runs as smoothly as possible by reducing to a minimum the stress that prospective home-owners often encounter.

He emphasised that the Home Loans unit in Stanbic IBTC Bank, which was launched August last year, focuses primarily on providing funds with which customers are able to acquire their homes. There are two types of products offered by the Stanbic IBTC Home Loans service: Home Loan to purchase a property (also known as mortgage) and Home loan to raise equity on an existing property (equity release). This is mainly to either buy or develop another property.

Both products, he added, are subject to some requirements including minimum equity contribution of 10 per cent by the applicant who must be within age bracket of 21 and 55 years.

The loan repayment period is up to 20 years subject to full repayment on attaining 60 years; the minimum property amount is N10 million while loan amount is N 5 million.

In the aftermath of the consolidation in the sector, which created numerous opportunities, the bank is increasingly focusing on strategic sectors of the economy including oil and gas, infrastructure, construction and mining, among others, where it enjoys unrivalled pedigree and financial clout.

The Standard Bank Group, which has a controlling stake in Stanbic IBTC, has been in business for 146 years and is Africa's largest banking group ranked by assets and earnings. As at December 31 2008, the group had total assets of over $162 billion, employing over 50,000 people worldwide, banking network in 17 African countries and 19 countries outside of Africa including the key financial centres of Europe, United States and Asia.