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FMBN bank raises housing loan from N15 million to N50m

By Charles Coffie Gyamfi, Abeokuta
08 May 2023   |   3:10 am
The Federal Mortgage Bank of Nigeria (FMBN) has announced an increase in the National Housing Fund (NHF) limit from N15 million to N50 million per applicant.

Federal Mortgage Bank of Nigeria (FMBN)

The Federal Mortgage Bank of Nigeria (FMBN) has announced an increase in the National Housing Fund (NHF) limit from N15 million to N50 million per applicant.

Chairman of the Board of Directors of FMBN, Ayodeji Gbeleyi, disclosed this at the weekend during the commissioning ceremony of Lagos State Development and Property Corporation Staff Millennium Mission Planning and Control Station Ltd Estate at Emuren axis of Sagamu, Ogun 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 FMBN’s commitment to delivering affordable housing to Nigerian workers, especially those in the public and private sectors who are contributors to the NHF.

He said: “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 N15 million to N50 million 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.”

The Managing Director/Chief Executive of FMBN, Madu Hamman, said the 72-unit project was fully funded by FMBN and that it was in fulfillment of the commitment to the homeownership dreams of Nigerian workers who are contributors to the scheme.

He added that the FMBN Cooperative Housing Development Loan Scheme (CHD) funds housing constructions for housing cooperative societies and the acquisition of houses developed for cooperative members through regular individual NHF loans.

On his part, the Elemuren of Emuren, Oba Adesegun Abolaji, eulogised FMBN and LSDPC for the establishment of the housing estate.

Abolaji promised that the community would provide security of lives and properties and additional 50 acres of land to support efforts in bridging the housing gap in the country.

He, however, called on the Ogun and Lagos state governments to provide basic amenities, especially roads, to the host community.

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