FMBN approves N1.5b for mortgage firm

RESORT Savings and Loans Plc (RSL) has got an approval for N1.5 billion mortgages for more than 125 beneficiaries under the National Housing Fund scheme.

  The Managing Director,  Abimbola Olayinka, who disclosed this in a chat with the press, described the approval as “highly indicative to other Nigerians who are yet to apply for National Housing Fund to do so immediately, as it gives them the opportunity for affordable housing plan.

  The MD further disclosed that the bank had been able to bridge the gap in the housing deficit nationwide by creating over 4,000 housing units, with plans to improve on this target with the recent approval of 1.5 billion from FMBN.

  He said to strengthen the bank’s market position in providing affordable housing in the country, the mortgage financial institution is partnering with a host of developers in either financing their projects or providing mortgage facilities to their off-takers, at affordable interest rates. 

  This, according to him, is made achievable through RSL’s wide branch network around the country. 

  To this end, Olayinka stated that RSL further expects approval for over 5,000 applicants, using the National Housing Fund and Nigerian Mortgage Refinancing Company within the year.