In line with efforts to deepen collaboration with public institutions towards ensuring increased access to affordable housing for their staff, FMBN hosted the Director General of the Nigeria Youth Service Corps (NYSC), Brigadier General Mohammed K Fadah, and his team earlier this week.
The FMBN MD/CE, Mr. Madu Hamman, assured the delegation of the Bank’s readiness to deepen its partnership with the NYSC so they can achieve their plans to provide decently and quality accommodation to their staff.
Mr. Hamman said the enhanced collaboration with the NYSC would help staff who are registered contributors to the National Housing Fund (NHF) Scheme leverage FMBN’s robust portfolio of affordable housing products to own their homes. This includes the Cooperative Housing Development Loan (CHDL), which enables organized groups with land to develop houses for members. Under the CHDL, FMBN provides housing construction financing to reputable developers at a 10% interest rate with payment periods of up to 24 months. On project completion, the Bank gives home loans to profiled beneficiaries to enable them off-take the homes.
The FMBN MD/CE added that NYSC staff, as individual contributors to the NHF Scheme, can also take advantage of FMBN’s NHF Mortgage and Individual Construction loans. The two products, he said, would enable them to access up to N15million to own an FMBN-funded property or build on land they own, respectively.
He further listed the FMBN Rent-To-Own Housing Scheme, which would allow NYSC staff to move into completed FMBN-funded properties as tenants and conveniently pay towards ownership of the property in monthly or annual installments over as long as 30 years at an interest rate of 7%. For staff with homes, he said they could leverage the home renovation loan, which provides up to N1million to carry out improvements.
The DG of NYSC, Brigadier General Fadah, commended FMBN for their role in deepening affordable housing in the country. He further sought further staff sensitization on the FMBN housing options during the upcoming pre-mobilization workshop in October.