FMBN approves N14 billion NHF loan for 2,000 housing subscribers

The Federal Mortgage Bank of Nigeria (FMBN has approved a N14 billion National Housing Fund (NHF) loan for over 2,000 contributors.

FMBN Executive Director, Loans and Mortgage Service, Lukman Mustapha disclosed this during the commissioning of a 100-unit scheme at the FMBN- NLC/ TUC/ NECA Housing Estate in Dutse, Jigawa State under the National Affordable Housing Delivery Programme for Nigerian Workers.

He said FMBN remains the only institution offering 10 per cent interest rate to Nigerians for individual loan, construction loan, home renovation loan and the rent to own products. He also disclosed that FMBN offers cooperative housing development and home construction loans to estate developers at 10 per cent.

Mustapha said discussion on the project began in 2013, as part of the bank’s corporate strategy of building productive synergies with critical stakeholders to boost the provision of affordable housing in the country.

The estate consists of 24 units of one-bedroom, 36 units of two-bedroom and 40 units of three-bedroom bungalows. It comes with fully serviced infrastructure such as internal roads, drainages and electricity.

According to Mustapha, the housing delivery programme was being implemented in phases and the bank has delivered 28 housing projects across the six-geo political zones that yielded about 3,000 units.

He said that from January to date, FMBN has commissioned more than 1,000 houses in eight states, while commissioned two estate projects in Lagos and four in Katsina, one in Anambra and four in Enugu State, under the second phase.

Earlier, the representative of Governor Badaru Abubakar, Sagir Musa said the Jigawa State government has allocated 3,500 plots of land for the building of 40 houses in the 27 local councils in Jigawa state for the workers.

Musa, who was the state’s Commissioner of Land, Housing and Urban Development commended the Federal Government initiative of providing housing loan schemes for workers across the country and assured of the state government’s support to the programme.