The National Housing Fund (NHF) cap would rise from N15 million to N50 million per application, according to a statement from the Federal Mortgage Bank of Nigeria (FMBN).
This information was made public over the weekend at the commissioning ceremony for the Lagos State Development and Property Corporation Staff Millennium Mission Planning and Control Station Ltd Estate in Sagamu, Ogun State, by FMBN’s chairman of the board of directors, Ayodeji Gbeleyi.
According to Gbeleyi, the decision was made in response to demands from the NHF users who make higher incomes.
According to Gbeleyi, the rise in the mortgage loan cap shows FMBN’s dedication to providing workers in Nigeria with affordable housing, particularly those in the public and private sectors who make contributions to the NHF.
He stated: “The scheme, established in 1992, enables workers to contribute 2.5 per cent of their monthly income and access loans to cater for their housing finance needs, such as outright purchase, self-construction, home renovation and rent-to-ownership.”
“More recently, the Board of Directors approved an increase in the NHF mortgage loan limit from N15 million to N50 million per applicant in response to requests by the higher income-earning segment of NHF subscribers. The maximum loan limit, however, is subject to affordability based on the monthly development.”
The 72-unit project, according to FMBN’s managing director and chief executive Madu Hamman, was entirely sponsored by the company, fulfilling its promise to fulfill the homeownership desires of Nigerian workers who are participants in the program.
He continued by saying that the FMBN Cooperative Housing Development Loan Scheme (CHD) employs ordinary individual NHF loans to finance the development of homes for housing cooperative societies as well as the purchase of homes created for cooperative members.
The Elemuren of Emuren, Oba Adesegun Abolaji, praised FMBN and LSDPC for creating the housing complex on his behalf.
Abolaji pledged that the neighborhood will provide for the safety of people and their possessions as well as an additional 50 acres of land to aid in efforts to close the housing deficit in the nation.
However, he urged the Ogun and Lagos state governments to build roads and other essential infrastructure for the host community.
