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FMBN unveils scheme for home ownership

FMBN unveils scheme for home ownership

As part of fulfilling its mandate of bridging housing gap that is currently posing a great challenge to the county, the Federal Mortgage Bank of Nigeria (FMBN) has unveiled various products for affordable homes.

Speaking to journalist at the ongoing Lagos International Trade Fair, FMBN, Managing Director  Ahmed Dangiwa, said that the Bank has the primary mandate of financing affordable housing for the low and middle income earners in both the formal and informal sectors through the National Housing Fund (NHF) Scheme by registering and contributing 2.5 percent of their monthly income.

He stated that the overall objective is to provide cheap source of loanable funds to nurture and sustain the mortgage industry and eventually facilitate affordable home-ownership for the low and medium income group in the country.

According to him, “Section 14 (2) of the National Housing Fund Act Cap N.45 of 1992 stipulates that a contributor to the Fund can access a loan from the Fund for the purpose of building, purchasing or renovating of existing houses. In order to achieve this, FMBN has developed concessionary loan windows to enable Nigerians access mortgages for homeownership.” we have the  N5million range, while loan request above N5million but not more than N15 million attracts 10 per cent equity.

 

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