The Federal Mortgage Bank of Nigeria (FMBN) has announced that it will increase the National Housing Fund (NHF) mortgage loan limit from N15 million to N50 million per applicant.
Mr. Ayodeji Gbeleyi, Chairman of the Board of Directors of FMBN, made the announcement at the commissioning ceremony of Staff Lagos State Development and Property Corporation Staff millennium Mission Planning and Control Station Ltd Estate in Emuren, Sagamu area of the State.
Gbeleyi stated that the decision was taken in response to requests from higher income-earning NHF subscribers, adding that the move shows FMBN's dedication to providing affordable housing to Nigerian workers.
The NHF scheme, established in 1992, allows workers to contribute 2.5% of their monthly income and access loans for housing finance needs such as outright purchase, self-construction, home renovation, and rent-to-ownership.
The Board of Directors recently approved the increase in the NHF mortgage loan limit from N15 million to N50 million per applicant to cater to the higher income earning segment of NHF subscribers. The maximum loan limit, however, is subject to affordability based on the monthly income of an applicant.
The Managing Director/Chief Executive of FMBN, Madu Hamman, revealed that the 72-unit project was fully funded by FMBN, and it was established in fulfillment of the homeownership dreams of Nigerian workers who are contributors to the NHF Scheme.
He also mentioned 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.
The Elemuren of Emuren, Oba Adesegun Abolaji, applauded FMBN and LSDPC for the establishment of the housing estate, stating that it is a great development for Emuren land. He promised the community would provide security and 50 more acres of land to support the efforts of FMBN and LSDPC in bridging the housing gap in the country.
Governor Babjide Sanwo-Olu of Lagos State, represented by the Permanent Secretary on housing, Kamar Olowoshago, commended FMBN and the Lagos State Development and Property Corporation for their commitment to workers' welfare and the prompt delivery of the project.
He also called for more collaboration with FMBN to bridge the housing deficit gap in the state.
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