FMBN targets 5,000 new homes annually

In August, the Federal Mortgage Bank of Nigeria (FMBN) announced its target to deliver 5,000 new homes annually, largely through the Renewed Hope Cities and Estates Programme.

The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa also stated that FMBN would disburse 20,000 mortgage loans each year, necessitating quicker turnaround times and improved customer service.

Beyond these targets, Dangiwa charged FMBN with increasing National Housing Fund (NHF) collection by expanding the subscription net to include more Nigerians.

Experts in the sector have called for a simplified mortgage process that would ensure timely project delivery and address the growing housing deficit in Nigeria.

The Chief Strategy Officer and co-founder of Green Mortgage, Mr. Noah Ibrahim, identifies high interest rates, limited access to long-term funds, and stringent eligibility criteria as some of the challenges of accessing mortgage opportunities in Nigeria.

He noted that the mortgage industry has grappled with outdated and disconnected systems, often requiring mortgage professionals to juggle multiple tools to manage a single loan.

Expert and business strategist, Mrs. Imelda Olaoye, emphasized the importance of exploring technology to facilitate easy home ownership in Nigeria. She stated that technology has evolved, and it is crucial to leverage the most needed tools to enhance mortgage processes.

Despite government efforts to reduce the housing deficit in Nigeria, the problem persists, and many Nigerians cannot afford a house.

For those who can afford one, there is limited awareness of the different stages involved in obtaining a housing loan.

Additionally, the process from application to securing the loan is cumbersome, discouraging many potential beneficiaries.