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Cooperative society lauds FG for mortgage loan

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Mortgage

Omowunmi Multipurpose Cooperative Society (OMCS), Ilorin Kwara State, yesterday solicited for the inclusion of more virile housing policies for non civil servants in the country, describing housing as the best legacy to be bequeathed to one’s children. 

OMCS, one of the largest cooperative groups in Nigeria with membership of over 5,000 however lauded government for granting a lifeline of N30m to its members under the Federal Housing Mortgaging Scheme.

The association’s President, Alhaji Ibrahim Yusuf who spoke during inspection of the first 133 housing units under the mortgage, said they are the first non civil servants in the country to be given money for mortgage arrangement. 

He said: “We are pleading that similar privilege should be extended to members of other organised groups so that by the year 2030, there will be houses for all in Nigeria.”
 
The project is bankrolled by Federal Mortgage Bank and given to interested members at the rate of N6m (three bungalows) and N5m (two bungalows).

Beneficiaries are expected to pay 10 per cent of the total sum, while the balance will be spread across 20years.


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