The Federal Mortgage Bank of Nigeria (FMBN) has increased the maximum loan amount available under the National Housing Fund (NHF) Mortgage Loan from ₦15 million to ₦50 million. This move aims to improve access to affordable housing, particularly for higher-income earners in the private sector.
FMBN’s Managing Director, Shehu Usman Osidi, revealed this update in a speech delivered by the bank’s Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, at the 46th Kaduna International Trade Fair.
According to Osidi, the new loan ceiling has sparked fresh interest in the NHF scheme, with applications now being processed more efficiently. He reiterated the bank’s commitment to reducing Nigeria’s housing deficit and ensuring that its mortgage products cater to all income groups, including low, middle, and high earners.
FMBN is the only institution in the country offering single-digit mortgage interest rates between 6% and 7%. These rates apply to various loan products, including the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and Rent-to-Own scheme.
Despite prevailing economic challenges, Osidi assured that the bank would continue providing affordable mortgage options to support homeownership among Nigerians.
During the event, he also commended the Kaduna Chamber of Commerce, Industry, Mines & Agriculture (KADCCIMA) for organizing the trade fair, describing it as a vital platform for discussing national development.
