The Federal Mortgage Bank of Nigeria (FMBN) has reaffirmed its dedication to providing affordable mortgage loans to low and middle-income earners across Nigeria.
This statement was made by Shehu Usman Osidi, Managing Director/CEO of FMBN, during his address at the 46th Kaduna International Trade Fair.
Osidi emphasized that the FMBN is continually enhancing its operations to ensure efficiency and meet the diverse needs of its contributors, which span low, medium, and high-income groups. Several new initiatives and products are being introduced to address the unique demands of these segments.
One significant update is the recent approval to raise the National Housing Fund (NHF) Mortgage Loan ceiling from N15 million to N50 million per applicant, particularly in response to requests from high-income earners in the private sector. This change has sparked renewed interest in the NHF scheme, and the bank is now ensuring that all requests are processed promptly.
The FMBN also remains the sole institution offering affordable mortgages to Nigerians at single-digit interest rates between 6% and 7%. These rates apply to various products, including the Individual NHF Loan, Individual NHF Construction Loan, Home Renovation Loan, and the Rent-to-Own scheme.
The bank reassured Nigerians that it will continue to innovate and offer affordable mortgage products, ensuring that it can maintain these favorable rates despite ongoing inflationary pressures.
