The Federal Mortgage Bank of Nigeria, FMBN, has announced an increase in the National Housing Fund mortgage loan limit from N15 million to N50 million per applicant.
Chairman of the Board of Directors of FMBN, Mr Ayodeji Gbeleyi disclosed this during the commissioning ceremony of Staff Lagos State Development and Property Corporation Staff millennium Mission Planning and Control Station Ltd Estate at Emuren axis in Sagamu area of the State.
Gbeleyi said the decision was made in response to requests by the higher income-earning segment of NHF subscribers.
According to him, the increase in the mortgage loan limit demonstrates the FMBN’s commitment to delivering affordable housing to Nigerian workers, especially those in the public and private sectors who are contributors to the NHF Scheme managed by the bank.
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His words: “The scheme, established in 1992, enables workers to contribute 2.5% of their monthly income and access loans to cater for their housing finance needs, such as outright purchase, self-construction, home renovation, and rent-to-ownership.
“More recently, the Board of Directors approved an increase in the NHF mortgage loan limit from N15 million to N50million per applicant in response to requests by the higher income earning segment of NHF subscribers.
“The maximum loan limit, however, is subject to affordability based on the monthly development, I want to assure you of the monthly income of an applicant. Notwithstanding,”
On his part, the Managing Director/Chief Executive of FMBN, Madu Hamman, said the 72-unit project was fully funded by FMBN and is in fulfillment of the commitment to the homeownership dreams of Nigerian workers who are contributors to the National Housing Fund (NHF) Scheme.
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He added that the FMBN Cooperative Housing Development Loan Scheme (CHD) funds housing constructions for housing cooperative societies and also funds the acquisition of the houses developed for cooperative members through regular Individual NHF loans.
Also speaking, the Elemuren of Emuren, Oba Adesegun Abolaji, eulogized FMBN and LSDPC for the establishment of the housing estate, which is noted as a great development of Emuren land.
Oba Abolaji promised the community will provide security of lives and properties and 50 more acres of land to support their efforts in bridging the housing gap in the country.
The monarch said: “There are so many things we lack here. Now that you have exposed us to the outer world. We need good roads. As I have said before, we will provide 50 more acres of land, so that the housing project will continue. Housing will not be a problem for anybody.
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“This estate is a beautiful one but I will urge the government to provide us with social amenities, especially good roads. The road is in bad condition. We have everything except good roads.”
Governor Babjide Sanwo-Olu of Lagos State, who was represented by the Permanent Secretary on housing, Kamar Olowoshago, commended FMBN and the Lagos State Development and Property Corporation for their commitment to the advancement of workers’ welfare and delivering the project promptly.
Sanwo-Olu also called for more collaboration with FMBN to bridge the housing deficit gap in the state.
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