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NHF subscribers to benefit from home renovation loan

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By Echeburu Oby

The managing Director of the Federal Mortgage Bank of Nigeria(FMBN), Arc. Ahmed Dangiwa and the management has increased beneficiaries of the home renovation loan when they resumed office to over 56,000.

The home renovation loan is designed to help the NHF subscribers with up to N1 million naira, payable over a period of 5 years at a single digit interest rate of 6% to renovate or carry out improvement on their existing structures.

The Federal Mortgage Bank of Nigeria has so far disbursed more than 1.2 billion naira in the home renovation loans to 2,045 beneficiaries in Enugu zone.

The Manager of the zone Chris Ibuzor, said home renovation loan (HRL) is one of the easiest way for NHF subscribers to benefit from the scheme. He added that the bank has a strong subscription poll of more than 700,000 workers in the zone and observed that the collaboration the bank has with the labor centers is one of the reasons for the high level of compliance as well as the bank’s strong presence in the zone in terms of deliverables.

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