Cooperative Society (Praise Multi-Purpose) - Ikeja, Nigeria

Praise Cooperative Housing Scheme
Praise Coop Housing Solutions
'Contribute, Rent, Own...'


"join us today, contribute up to 30% and take possession of your dream home easily"

About Us:
Praise Cooperative Multipurpose Society Ltd was established in 2013 to change the narratives of the operation of cooperative societies in Nigeria. With introduction of modern Innovation and Technology system into the operation of our cooperative society, we are running the society as a community of professionals with common ideologies that can help to improve the society and Nigeria economy as a whole. Praise Cooperative Multipurpose Society Ltd is registered and regulated by Co-operative Societies Law, Cap. C15, Law of Lagos State of Nigeria, 2003. Through joint effort and network membership, we  

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want to demystify the gruesome challenge of funding for those who genuinely have entrepreneurial vision and are willing to make a bold step towards the seemingly distant future. Our targets are people with whom we share common bonds; those who are young professionals, workers, and aspiring, striving or thriving entrepreneurs, to meet their personal, economic, social, cultural and academic aspirations through jointly owned enterprises and developments. We encourage Savings and Investments, and aim to achieve - Highly Reduced Costs, Comfortable, Flexible Payment Plans, and Lower Interest Rates on Loans, Training and Development on self-sustenance among other initiatives for all our members.

Our Vision & Mission

Our Vision is to be the largest and the best Cooperative Society in Nigeria in terms of membership and meeting the needs of all our members. We aim to bring together people from diverse groups; socio-cultural, religion, ethic, profession and every facet of life. The deployment of a robust Information Technology system will allow every member to register online, make direct payment to account, apply for loan online and access their statement online among others.

OUR PRODUCTS & SERVICES
Praise Coop RECIPE Contributions
Praise Coop Real Estate Cooperative Investment Program is a path where only smart investors thread. Whether you are a first-time home buyer or you are an investor, this is a life-time investment opportunity you cannot afford not to be a part of.

With at least N10,000 monthly installments, you could be a proud owner of that your long dream home in a dream location even in Lagos or Abuja either by subscribing directly to any of our housing developments or our parcel of lands.

While you are waiting to hit the threshold and meet the conditions that qualify you for a loan, you earn a dividend return on the balance of your contributions each year.

Praise Coop RECIPE Loan/Mortgage
Once you join as a member of our cooperative, you adhere strictly to your monthly contributions for your desired property from our list of available properties and you meet one-third (1/3) threshold of the value of the property, then you qualify for our housing loan/mortgage. Other terms and conditions apply!

Praise Coop RECIPE Outsourcing Services
As a cooperative arm of a large organization, we can assist you in developing a housing development model and services for your members and estates. We can partner with you in delivering best, cost-effective housing development solutions for the benefit of your members. We will save you the hassle of development of properties for your cooperative and how members pay for their houses.

PROPERTY GALLERY AND PRICES
2-BEDROOM BUNGALOW HOUSE, IBADAN, OYO STATE - N5M
2-BEDROOM BUNGALOW HOUSE, KADUNA, KADUNA STATE - N5M
2-BEDROOM BUNGALOW HOUSE, SIMAWA, OGUN STATE - N7M
3-BEDROOM BUNGALOW HOUSE, SIMAWA, OGUN STATE - N9M
1-BEDROOM BUNGALOW HOUSE, AREPO, OGUN STATE - N10M
2-BEDROOM FLAT, AREPO, OGUN STATE - N12.5M
2-BEDROOM BUNGALOW HOUSE, AREPO, OGUN STATE - N14M
4-BEDROOM BUNGALOW HOUSE, AREPO, OGUN STATE - N24M
2-Bedroom Bungalow House, Ibadan, Oyo State.
2-Bedroom Bungalow House, Ibadan, Oyo State.
2-Bedroom Bungalow House, Ibadan, Oyo State.
2-Bedroom Bungalow House, Ibadan, Oyo State.
2-Bedroom Bungalow House, Ibadan, Oyo State.
2-Bedroom Bungalow House, Ibadan, Oyo State.
Prices are subject to chsnge based on cost of building.

F.A.Q
What benefits does Praise Coop RECIPE offer me as a member?
I. With Praise Coop RECIPE, you can own your dream home easily and faster than you could have done on your own, without you having to break the banks. Our packages offer you the opportunity to acquire your properties easily without stress, without really feeling the pain or burden of buying properties which are quite expensive to acquire at a go.

II. While you are contributing towards your dream home or property, you earn dividends on your contribution even before your property is delivered to you. You benefit for investing in properties through us, you also earn money while you are saving towards your investment.

III. Our package helps you to save your money and invest responsibly even in time of economic challenges.

IV. Being a duly registered and structured cooperative society, your money and investments are 100% safe and secured.

V. The stress of dealing with property and infrastructure developments, security issues, documentation issues, ‘omo onile’ problems etc is 100% taken off your shoulder.

VI. There is insurance coverage for our members on their properties in case of death or disability.
How do I become a member? Can I fill my membership application form and make my Contributions Online?
Yes. All you need do is go to JOIN now on our website, fill the membership application form, and submit your form online. You will receive a member’s confirmation email link in your email inbox, click it, then you will be directed to our payment portal, then you can start making your contributions and start enjoying the numerous benefits our packages offer.

How much do I pay for joining the cooperative?
Joining our cooperative is free. However, every member is obliged to pay annual membership fee of N10,000 flat for administrative purposes only which will be deducted upon joining and payable annually on the 1st of January every year.

Can I view my account statement online, see the activities of my account such as deposits, withdrawal, account balance, loan balance etc.
Yes, just log on with your member’s ID on our website and it will take you straight to your membership home page. At that page, you can see all your activities such as monthly contributions, amount paid, balance, loan balance etc.

What is my monthly contribution for your properties?
Monthly contribution is least of N10,000. This can get you a parcel of land in ibeju-lekki or other locations after some months. To get any of our home mortgage loan, just upgrade your monthly contributions to the minimum required for your preferred home or property.

Is there any penalty if I skip my monthly contribution?
No, there is no penalty for skipping monthly contributions but this might delay your qualification for getting your property on time.
Can I withdraw part or all of my contributions?
Answer: Yes, all you need to do is to notify us via email. All withdrawal processes take 30 days or less from the day of notification.

How long does it take for me to get my property delivered to me?
Answer: For housing properties, it takes when you hit 1/3 of the value of your preferred property. For land, you get your land allocated to you when you have made at least 50% payment for the land. We also have loan repayment affordability threshold of not more than 33.3% of a member’s net earnings or net income on a monthly basis. Other terms and conditions applied.
If I am contributing for a property, does the value of the property I am contributing for increase over the period of my contribution?
No. For a housing property, the value of your chosen property becomes fixed from the day you hit your qualification threshold even if you are paying over 10 years, your amount of monthly contribution remains the same over the years of duration of your loan.

For a land, the price of the land is fixed from the day you qualify and choose your type of land even if you have to pay for it over 5 year period.
Can I indicate my type of property or location where I want my property to be?
Yes, we shall be listing properties and locations of properties on our portal from time to time for the choice and benefits of our members. Members can choose their property types and locations from our available list of properties within Nigeria. We allow members to choose their houses outside our available list of properties provided they meet the requirements for such.

I live outside Nigeria, can I join the cooperative?
Yes, you can join from any part of the world and enjoy full benefits of our housing programs.
When can I start enjoying the benefit of this program or when can I qualify for a loan or a property?
I. You must have been a regular financial member for at least 6 months. That is, you must have been faithful with your monthly contributions for at least past 6 months prior to the day you apply for the loan or a property.
II. For a housing property, you must have met 33.3% or 1/3 threshold payment for the value of the property you choose. For example, for a property of N15m (Fifteen Million Naira), you must have contributed N5m (Five Million Naira Only) to qualify for such property.
III. For a land, you must have met 50% payment threshold of the value of the land you choose. For example, for a land with value of N1m (One Million Naira Only), the price remains fixed for you from the date you qualify for such property and also, you get instant allocation once you have met the threshold contribution payment of 50% which is N500,000 (Five Hundred Thousand Naira Only) while you spread outstanding balance for the same monthly contribution you have been making from the moment you qualify.
IV. The price of the property becomes fixed from the date you qualified for the property. Outstanding balances remain fixed over the period of payment of outstanding balances.

What happens if I default in my monthly contributions after property is delivered to me?
If you default in your monthly contribution for more than 3 months after property is delivered to you, the property automatically reverts to the cooperative while your contribution so far is paid back less 10% administrative charge expenses and other damages expenses.
CONTACT
ICM Place, 5th floor Oak Building, County Hospital Bus Stop, Ogba Lagos Nigeria.
08169686798 - 0818 713 0050
info@praisecoophousing.com
9am - 4pm Mondays to Fridays
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