The Federal Mortgage Bank of Nigeria, FMBN, has just announced a game-changing increase in the National Housing Fund mortgage loan limit from N15m to N50m per applicant.
The decision, which was revealed by the Chairman of the Board of Directors, Ayodeji Gbeleyi, during the commissioning ceremony of the Lagos State Development and Property Corporation staff millennium mission planning and control station Ltd Estate at Emuren axis in Sagamu area of the state, was made in response to the requests by the higher income-earning segment of NHF subscribers.
Gbeleyi went on to emphasize that this move shows the bank’s unwavering commitment to providing affordable housing to Nigerian workers, especially those in the public and private sectors who are contributors to the NHF scheme managed by the bank. He also explained that the scheme, which was established in 1992, enables workers to contribute 2.5% of their monthly income and access loans to cater to their housing finance needs, such as outright purchase, self-construction, home renovation, and rent-to-ownership.
In addition, the Managing Director/Chief Executive Officer of FMBN, Madu Hamman, disclosed that the 72-unit project was fully funded by the bank and was in fulfilment of the commitment to the homeownership dreams of Nigerian workers who are contributors to the National Housing Fund scheme. The Elemuren of Emuren, Oba Adesegun Abolaji, praised the FMBN and LSDPC for the establishment of the housing estate and promised that the community would provide security for lives and property and 50 more acres of land to support their efforts in bridging the housing gap in the country.
The Governor of Lagos State, Babajide Sanwo-Olu, represented by the Permanent Secretary on Housing, Kamar Olowoshago, also commended the bank and the LSDPC for their commitment to the advancement of workers’ welfare and delivering the project promptly. He further called for more collaboration with FMBN to bridge the housing deficit gap in the state.
This bold move by FMBN to raise the mortgage loan limit to N50m per applicant is a major step towards making homeownership a reality for more Nigerian workers. With this announcement, FMBN is proving to be a formidable player in the housing sector, committed to providing affordable and quality housing for Nigerians.