FMBN Jerks Up Mortgage Loan Threshold To N50m

The Federal Mortgage Bank of Nigeria (FMBN) has recently approved an increase in the National Housing Fund (NHF) Mortgage Loan threshold from N15m to N50m per applicant.

The Managing Director/Chief Executive of the Bank, Shehu Usman Osidi, disclosed this in a goodwill message conveyed by the Bank’s Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, at the FMBN Day Celebration during the ongoing 46th Kaduna International Trade Fair at the weekend.

The FMBN Managing director, who said the move was made in response to the calls from high income earners, majorly from the private sector, added that the development has led to renewed interest in the NHF scheme from Nigerians and every request was being promptly attended to.

He revealed that the Bank was committed to deepening housing finance and mortgage access to enhance affordable homeownership, reduce the existing housing deficit and contribute to the country’s Gross Domestic Product (GDP).

Osidi affirmed that FMBN’s commitment to the achievement of its mission compels it to consistently evolve business operations to promote efficiency, while developing dynamic products to suit the different segments of its contributor base, whether low, medium or high-income brackets.

“In this respect, a number of initiatives and products are currently being rolled out to meet the yearnings and needs of the diverse people who are contributors to the National Housing Fund (NHF),” he stated.

The MD/CE further revealed that FMBN is the only institution that offers affordable mortgages to Nigerians at single digit rate of between 6 – 7% through products like the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan and the Rent-to-Own product.

While reassuring that the Bank would continue developing affordable products that would enable it continue to play within these rates despite inflationary pressures, Osidi commended the Kaduna Chamber of Commerce, Industry, Mines & Agriculture (KADCCIMA) for organising the Trade Fair, expressing optimism that the event would continue to drive engagements on national development.