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FG to launch Home Renovation Loan & Offshore Mortgage Scheme

The Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Ya’U Kumo, has said government has concluded arrangement to launch its home renovation loan to help contributors of National Housing Fund (NHF) improve their living conditions at affordable cost and its offshore mortgage scheme for Nigerians residing abroad.

The Nigeria Diaspora mortgage scheme, THISDAY learnt will provide opportunities for Nigerians living abroad to acquire houses after a minimum of two years of contribution to the NHF scheme.

In a statement signed by the management of the apex mortgage house, which was made available to the media in Abuja weekend, it was averred that President Muhammadu Buhari will shortly launch the product.

While calling on state governors and local government chairmen to make housing delivery a priority in job creation, the MD commended the government of Adamawa, Sokoto and Enugu states for their recent investments and partnership in launching various housing projects in their states, adding that this would ease the burden of the acute housing deficit across the country.

He said: “As the foremost institution facilitating affordable housing in the country, FMBN is proud that the people of Adamawa state have always embraced the NHF. This ensures that we are ever ready to support housing initiatives in the state.”

Kumo said in five months workers had contributed over N3 billion to the NHF scheme, being deductions from monthly workers’ salaries and income. In return, he added that the bank has invested a total of over N2.8 billion in the state as part of its Estate Development Loans to some members of the Real Estate Developers Association of Nigeria (REDAN). He said the bank would be providing affordable mortgage loans at an affordable interest rate at 6 per cent which would be repayable over 30 years.

He said: “In line with addressing the shelter needs of our most unfortunate citizens that were affected by the insurgency and violence in the North-east region, I wish to assure that FMBN will be actively involved in implementation of government’s resettlement programme for the Internally Displaced Persons (IDPs), which is being anchored by the housing ministry”.

Source: This Day Live

September 7, 2015

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