The Federal Mortgage Bank of Nigeria has announced an increase in the National Housing Fund mortgage loan limit from N15m to N50m per applicant.
Chairman of the Board of Directors, FMBN, Ayodeji Gbeleyi, disclosed this during the commissioning ceremony of the 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 Gbeleyi, the increase in the mortgage loan limit demonstrates the bank’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.
He added, “The scheme, established in 1992, enables workers to contribute 2.5 per cent 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 N15m to N50m 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.”
The Managing Director/Chief Executive Officer of FMBN, Madu Hamman, said the 72-unit project was fully funded by the bank and was in fulfilment of the commitment to the homeownership dreams of Nigerian workers who are contributors to the National Housing Fund scheme.
The Elemuren of Emuren, Oba Adesegun Abolaji, eulogised the FMBN and LSDPC for the establishment of the housing estate. He promised that the community would provide security for lives and property and 50 more acres of land to support their efforts in bridging the housing gap in the country.
The Governor of Lagos State, Babajide Sanwo-Olu, represented by the Permanent Secretary on Housing, Kamar Olowoshago, commended the bank and the LSDPC for their commitment to the advancement of workers’ welfare and delivering the project promptly. He also called for more collaboration with FMBN to bridge the housing deficit gap in the state.