FMBN, NLC Inaugurate 100 Housing Units

The Federal Mortgage Bank of Nigeria (FMBN), has commissioned 100 housing units for civil servants in Adamawa State.

Speaking at the Shagari low -cost venue of the event, the managing director of FMBN, Mr. Madu Hamman urged civil servants to key into the NHF, which is a mandatory contribution scheme that requires Nigerian workers in both public and private sectors.

He said the commissioning is an affirmation that the NHF scheme is meeting its mandate of providing access to homeownership to the overriding majority of the middle and low-income working class in Nigeria who is also the commanding majority of the contributors to the NHF scheme.

He noted that FMBN has provided the construction funds for the development of the housing estate at a concession interest rate of 10%, and provides mortgage financing for the purchase of these houses to buyers at the rate of 6% which is also the lowest interest rate in Nigeria with a repayment period of over 25years.

He observed that under this phase, the bank is delivering 40 units of 3-bedroom semi-detached bungalows at N8.3 million and 36 units of 22-bedroom semi-detached bungalows at N6.8 million, and 24 units of 11-bedroom semi-detached bungalows at N3.1million.

The Adamawa State Governor Ahmadu Umaru Fintiri who was represented by the Head of Service, Dr. Amos Edgar, applauded FMBN for demonstrating severally its commitment to addressing the challenge of housing which is among the basic needs of human beings.