10 August 2018

Nigeria: Mortgage Bank Announces New Conditions for Housing Loans

The Federal Mortgage Bank of Nigeria (FMBN) has commenced the implementation of the new conditions for accessing loans from the National Housing Fund (NHF).

This includes zero equity contribution for the provision of housing loans of up to N5 million and 10 percent contribution for housing loans ranging from N5 to N15 million by contributors to the NHF.

A statement by the bank's spokesman Zubaida Umar, said the revised requirements, which were recently approved by the Board of FMBN, represent a 100 percent reduction in the equity that contributors to the housing fund were hitherto expected to bring before they could access the housing loans i.e. 5 percent and 20 percent for the two housing loan bands of up to N5m and N15m respectively.

Speaking on the development, Ahmed M. Dangiwa, the Managing Director/Chief Executive Officer, FMBN stated that the downward revisions represents a key milestone in the new Executive Management's drive to ensure that more Nigerian workers could afford decent and quality housing.

"I am delighted that we have been able to achieve this groundbreaking feat. It is a huge win for the Nigerian workers and particularly those that contribute to the NHF. It will go a long way towards reducing the financial burden of homeownership that contributors to the fund have been carrying for the past three decades. I am glad that today, we have been able to crash it by over 100 percent," he said.

Dangiwa advised existing contributors to take advantage of the new friendly conditions to secure loans to purchase or build their homes. He also advised those who are not currently registered with the NHF to do so through FMBN offices located in states nationwide so they too could take advantage.

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