The Federal Mortgage Bank of Nigeria, FMBN, has made a groundbreaking announcement that it has raised the mortgage loan limit for its National Housing Fund (NHF) from N15m to N50m per applicant. This significant increase in the loan limit was revealed by Ayodeji Gbeleyi, the Chairman of the Board of Directors, during the commissioning ceremony of the Lagos State Development and Property Corporation staff millennium mission planning and control station Ltd Estate at Emuren axis in Sagamu area of the state.
The decision to raise the loan limit was made in response to the demands of the higher income-earning segment of NHF subscribers. Gbeleyi emphasized that this move shows the bank’s unrelenting commitment to providing affordable housing to Nigerian workers, especially those in the public and private sectors who contribute to the NHF scheme managed by the bank. Established in 1992, the NHF scheme enables workers to contribute 2.5% of their monthly income and access loans for their housing finance needs, including outright purchase, self-construction, home renovation, and rent-to-ownership.
Furthermore, the Managing Director/Chief Executive Officer of FMBN, Madu Hamman, disclosed that the 72-unit project was fully funded by the bank and was a fulfillment of the commitment to the homeownership dreams of Nigerian workers who are contributors to the NHF scheme. The Elemuren of Emuren, Oba Adesegun Abolaji, praised the FMBN and LSDPC for the establishment of the housing estate and promised that the community would provide security for lives and property and 50 more acres of land to support their efforts in bridging the housing gap in the country.
The Governor of Lagos State, Babajide Sanwo-Olu, represented by the Permanent Secretary on Housing, Kamar Olowoshago, commended the bank and the LSDPC for their commitment to the advancement of workers’ welfare and delivering the project promptly. He further called for more collaboration with FMBN to bridge the housing deficit gap in the state.
The FMBN’s bold move to raise the mortgage loan limit to N50m per applicant is a significant step towards making homeownership more accessible for Nigerian workers. This development positions FMBN as a key player in the housing sector, committed to providing affordable and quality housing for Nigerians.
