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FMBN Set to Tackle Housing Deficit

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Published in Real Estate
Monday, 07 September 2015 00:00

Nigerians residing abroad are set to benefit from offshore mortgage scheme while contributors of National Housing Fund (NHF) improve their living conditions at affordable cost, the Federal Mortgage Bank of Nigeria (FMBN)has said.

Mr. Gimba Ya'u Kumo, the managing director, in a statement issued weekend, said the Nigeria Diaspora mortgage scheme will provide opportunities for Nigerians living abroad to acquire houses after a minimum of two years of contribution to the NHF scheme.

The statement commended the governments of Adamawa, Sokoto and Enugu states for their recent investments and partnership in launching various housing projects, adding that this would reduce the housing deficit across the country.

It called on state governors and local government chairmen to make housing delivery a priority in job creation, saying: "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."

The statement said that in five months workers have contributed over N3 billion to the NHF scheme, from their monthly salaries and income, adding that the bank has invested 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 provide affordable mortgage loans at an affordable interest rate of 6 per cent and repayable in 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: Daily Trust

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