STOW

Do you have questions?

We offer you the flexibility to own and invest in homes

Octo5 owns proprietary tech solutions. As a forward-looking organization, we are deploying property technology across our businesses to drive efficient project delivery, ease transactions and make our projects transparent. Our first application – STOW is a demand aggregator/home purchase tool that is available as a web app on www.stow.ng and as a mobile app for Android and IOS devices. We also launched our OE Manager app in Q1 2022 -a community management solution that simplifies the management of residential gated communitie

STOW is a web and app-enabled home purchase platform for off-plan and new build homes. A key feature is the ability to self-determine your monthly payment installments and thresholds which you then aggregate towards paying for your preferred home prototype in your selected location

Through STOW subscribers can successfully build verifiable credit history AND enjoy the security of guaranteed homes.

STOW is designed as a digital marketplace for buying and potentially trading the options to own homes being developed by Octo5, its associated companies, and other developers to be onboarded on the platform.

STOW allows subscribers to remotely ascertain the authenticity of their preferred estate selections; track documentation / titling records; monitor active project construction progress and eventually exercise an option to convert their home purchase rights into longer term mortgages through the Nigerian Mortgage Refinance Corporation’s Mortgage Marketplace.

STOW is NOT a financial services app rather it is A PROPERTY PURCHASE APP that addresses all the challenges impeding the easy acquisition of homes.

Any individual who is at least 18 years old, gainfully employed (self or institutional) and with a steady monthly source of income qualifies to use STOW.

You can subscribe to any of our projects by downloading the STOW APP available on google Play Store and the iOS store.

Yes, STOW is available to Nigerians in the diaspora. Our partnership with Flutterwave and Paystack enables us to process payments from anywhere in the World.

We have formed a working relationship with the Nigerian Mortgage Refinance Corporation (NMRC), and Abbey Mortgage Bank. This partnership means, we have back-linked STOW, to the mortgage marketplace to enable our subscribers to prequalify for mortgage loans.

As a general rule, once you aggregate a minimum deposit equal to thirty (30%) of the total purchase price of your preferred property, we automatically initiate an application on your behalf for a mortgage loan. If accepted, your mortgage approval will automatically reflect on your APP’s dashboard and it is your sole prerogative, whether to accept or decline the extended loan offered.

Mortgages in Nigeria are typically up to a maximum of twenty (20) years. However, the general rule of thumb caps tenure to 60 years of age (the established age of retirement). To calculate your mortgage eligibility cap, deduct your current age from the retirement age and the difference represents your maximum eligibility cap.

A unique feature of our payment plans is that upon reaching the seventy (70%) percent deposit threshold, the price of your reserved property becomes FIXED and will not vary regardless of any subsequent increases in property prices or inflation.

Yes, For queries and inquiries, please call us 0700 006 2865 or send us a WhatsApp message on +234 907 005 9111.

Octo5 works with a restricted carefully curated selection of Authorised Brokers and Sub-Agents. All our Authorised Brokers and Sub-Agents have unique identifier numbers. However, ALL PAYMENTS are made strictly into our named collection accounts. DO NOT MAKE PAYMENTS TO ANY THIRD-PARTY ACCOUNTS

We have a system in place to ensure that only verified developers or projects are onboarded on our Home Purchase platforms. Also, we have a team of dedicated experts that conduct and verify the correctness of each Title document before being onboarded to limit any potential exposure to fraud.

Yes, we have a specific insurance cover that secures your initial 10% deposit with the option to pay a little more to insure your entire deposit for the property.

 Through Propkeys, we relieve owners of all the stress involved in managing their properties and guarantee them annual rental yields. We also provide payment plans and flexibility for tenants and short-let apartment users.

Yes. We have a partnership plan for qualified third-party developers. Such developers enter an off-take agreement with us; accept period inspection by our team of project managers and are paid in milestones for homes subscribed with them using the STOW platform.

There are three ways to trade your home allocations or housing unit:

a. After reaching the 30% payment threshold and receiving your conditional allocation, you can trade up by converting to a different house type, if available on the platform: or

b. After reaching the 70% milestone payment threshold, you can sell your unit and notify us to transfer your rights inclusive of title to the person nominated in writing with a notarized letter of authority: or

c. After completing the full 100% payment, you can sell the unit on the open market.

Regardless of your trade option, OCTO5 charges a minimal transfer fee of approximately five (5%) percent of the consideration, to authenticate the full transfer of title and ownership conversion permits.

Yes, we have the option for fractional investments for interested parties. However, there must be a legally verifiable relationship with the partners (it can be parental, siblings, or spouses) or legal corporate entities (cooperatives or registered partnerships).

The finishing specification for each community/house type is indicated clearly on the property search page of the STOW app. However, we offer three basic finishing grades:

SHELL SPECIFICATION HOMES these are externally finished homes only. All internal woodwork; internal doors; sanitary or electrical fittings; tiling; painting or POP screeding works are excluded.

CLASSIC SPECIFICATION HOMES these homes are fully finished internally and externally.

PREMIUM SPECIFICATION FINISHES In addition to all classic items, these homes are preinstalled with air-conditioning units; fitted kitchens; smart lighting, and related home enhancement features.

 

No, you would not be automatically disqualified. However, failure by the purchaser to pay milestones as and when due attracts a 2.5% default penalty on the sum due for each month of default up to a maximum of six months. If you continue to default after the sixth month, we reserve the right to void your contract and sell the housing unit to any willing third party.

Yes, you can upscale (trade to a higher grade) property, ONCE at any time up to the 70% payment threshold.

No. Octo5 ensures standardized designs for all of its subscribers. No structural changes are permitted, and only fittings can be changed in our house types.

We aim to provide the best in class finishing and infrastructure for our clients. However, after handing over, you may opt to change the internal fittings (electrical, sanitary, wardrobes and cabinetry) in your apartment to suit your taste and finances.

Failure by Octo5 to meet the agreement on deliverables, as and when due attracts a default penalty of =N=50,000.00 (fifty thousand Naira) for every month of delay to be deducted from the balance remaining due and outstanding from the Purchaser.

Subscribers may elect to withdraw from participation at any point up to the 70% (seventy percent) payment threshold. Octo5 may elect to void this contract without penalties in the event of default by a subscriber or a written rejection of any of the terms of the offer by a subscriber.

In the event of this contract being voided or terminated, Octo5 shall refund the entire deposit received less a 10% (ten percent) default deduction for contracts voided before reaching 30% threshold. If this contract is voided or terminated after reaching the 30% payment threshold, Octo5 shall be entitled to deduct 15% (fifteen percent) of the total deposit received up to the time of withdrawal

All refunds are subject to OCTO5 successfully selling the unit to a third party.

and refund the balance to the Purchaser.

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