By Mimidoo Patrick
Federal Mortgage Bank of Nigeria (FMBN) says it has developed five housing contributory schemes with single digit interest rate to meet the demands of its customers who are contributors to the National Housing Fun (NHF) scheme in the country.
The Managing Director/Chief Executive of FMBN, Mr Ahmed Musa Dangiwa who disclosed this Thursday at the First Jakande Housing Lecture series organized by the Real Estate Developers Association of Nigeria (REDAN) in Lagos, noted that this is aimed at bridging the housing deficit in Nigeria.
Dangiwa who was represented by the Executive Director, Business Development & Portfolio Management in the bank, Mr Dankane Umar Abdullahi listed the products to include: NHF Mortgage Loan, FMBN Home Renovation Loan, Rent to Own Housing Scheme, Cooperative Housing Development Loan and Individual Construction Loan.
He lamented that Nigeria today is faced with a monumental housing shortage that has rendered millions of Nigerians homeless and some occupying indecent and inhabitable accommodation.
The bank manager stated, “The case is further worsened by high rural-urban migration with the attendant stress on infrastructure. A good example is Lagos and Abuja.
“This situation has made mortgage institutions such as FMBN to enhance mortgage affordability of Nigerian by eliminating the need for down payment (equity) for mortgage loans of N5m and below and a reduction to 10% flat rate for loan above N5m to N15m from the initial 20% and 30% respectively.”
Dangiwa commended REDAN and the housing stakeholders for organizing the event, while pledging continued support.
According to him, “We at FMBN do recognize and appreciate the conception of this event which clamours for affordable housing delivery as well as closing the gap of housing shortage in Nigeria.”
Highpoint of the event featured award presentation to Lateef Jakande and some key stakeholders in the housing sector.
Viewpoint Housing News reports that Jakande, pioneer president of REDAN was honoured for his contributions in the housing sector.
