FMBN to provide affordable mortgage through NHF

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…to drive home ownership among Nigerians

By Oluwaseun Sonde, Abuja.

The Federal Mortgage Bank of Nigeria (FMBN), Federal Capital Territory (FCT) coordinator Mrs Felicia Aningo has said the bank was established to provide affordable mortgage to drive home ownership among Nigerians, particularly low and medium income earners through NHF scheme.

She called on Nigerians to access their mortgage products through National Housing Fund (NHF) scheme during an awareness campaign in Abuja recently

While the bank took the awareness campaign to markets, shopping malls and motor-parts within the FCT.

According to her, Nigerian workers contribute 2.5 per cent of their monthly income to the NHF scheme.

She said a prospective home beneficiary was expected to make annual or monthly contribution for over 15 years.

Aningo said that at the end of the contribution, if the applicant was not able to achieve his goal, the bank would pay back the money with interest.

She said that the move was imperative as government continued to make plans to help Nigerians own their own homes and also reduce housing deficit.

“The bank is working towards ensuring the fulfilment of the law, Act NO.3 of 1992, that stipulates that “All Nigerians in employment, weather self-employed or paid employment are required to contribute 2.5 per cent of their basic income to the fund,” She said.

According to her, the scheme is under a simple procedure of registration, deduction of contributions at source.

Aningo said that cooperatives could also organise and access loans from the bank to provide affordable houses for members.

The products are NHF Mortgage Loan, Rent to Own, Home Renovation Loan, construction of homes, Estate Development Loan and many more.

In August the Minister of Works and Housing, Mr Babatunde Fashola, admonished FMBN to create more awareness on its several products aimed at ensuring affordable houses for Nigerians.

He said that the administration of President Muhammadu Buhari would focus on housing and consumer credit as a way of ensuring that Nigerians have affordable houses.

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