Contributors to National Housing Fund Increase by 224,752
The Federal Mortgage Bank of Nigeria (FMBN) on Sunday announced that the number of contributors to the National Housing Fund has increased by 224,752.
FMBN’s Managing Director, Ahmed Dangiwa, disclosed this in a presentation he made to the Senate Committee on Housing on the key achievements of the bank in the last one year.
In his report, Dangiwa said the bank disbursed a total of N40.9 billion as housing loans to 1,843 contributors during the period under review, adding that the total amount of home renovation loans to 16,031 Nigerian workers was N14.072 billion.
He said the bank processed N12.4 billion refunds to contributors to the National Housing Fund and registered 224,752 to the fund during the period.
He said the FMBN had initiated housing products that were tailored to tackle housing affordability challenge for contributors to the NHF.
Dangiwa outlined some of the initiatives to include the rent-to-own scheme, where contributors could own a home and pay by monthly or yearly rents over a 30-year period, and the NHF Individual Housing Construction loans that were payable over a 15-year period at interest rates of seven per cent.
According to him, the reduction of equity contribution requirements for accessing NHF loans from 10 to zero per cent for sums of up to N5 million and 20/30 per cent to 10 per cent for loans of up to N15 million, was another initiative that would help workers get their own homes.
The FMBN boss said the bank would continue ongoing efforts to fully automate its business operations to improve efficiency and timeliness in the delivery of its services to Nigerian workers.