I applied for the FG 10,000 low-cost housing scheme and a mortgage bank called me informing me that they got my details from the Govt and asked if I have seen a property I want the Govt to finance for me? They encouraged me to pick one of their properties and advised me to use their mortgage scheme since processing the Govt scheme will take a minimum of three months. Apparently most Mortgage banks and estate developers have some form of mortgage schemes and Nigerians are encouraged to buy into and allowing the mortgage banks access to innocent Nigerians personal details will result to the Govt marketing the mortgage banks products. Meanwhile the amount for the property the mortgage bank is offering me is higher than what I saw on the Govt housing website when I applied for the scheme.

So what exactly is the hype about the FG 10,0000 low-cost housing scheme? What are they doing differently to alleviate the sufferings of Nigerians apart from what the mortgage banks and estate developers are doing presently? I understand that the Govt does not have plan of building houses. All what they will do is to provide fund through the mortgage banks and charge same interest the mortgage banks charge for their private housing scheme with longer repayment period. To me that is not different from what the mortgage banks and estate developers are doing presently.

I still don’t understand how the FG 10,000 housing scheme will work. Maybe the Honorable Minister of Finance or the staff of NMRC should enlighten the general public before the mortgage banks hijack it for their selfish gain.

Your experience shouldn't end here sir. In addition to Nairaland, go and protest in twitter. I believe Ngozi Okonjo-Iweala is on twitter. Also see if CBN governor has a twitter handle.


_{[/sub]Mod ' s should help with front page pls[sub]}

It is pathetic that the finance minister and her boss and all other kitchen cabinet members tell lies with impunity. I am sorry for the future of this sleeping giant called Nigeria. May God help us all.

You are not the only one.
I got an sms FROM Imperial Mortgage telling me that they are processing my application for the 10,000 housing and that u should call a number or send an email. I thought it was a joke, until I googled the company name and discovered they were legit and formally GT Homes.

I sent a mail to them asking for an explanation, I got a reply with some attachments. Forms for me to fill. I was not told if I was even selected. I noticed that the interest was 17 percent or so.

I am also really confused. Is it that the Mortgage banks are using our details to do business. If we wanted a normal mortgage, we could have gone to a mortgage bank, but we applied for the 10,000 housing scheme because it was for the poor.

I hope the mods would move this to the front page. We need more information.

BTW, I was asked to pay 20k to open an account with them.

president JonaTAN's government is a scam

I also received an sms and a call from Homebase mortgage bank that i have been pre-qualified for the FGN 1st 10,000 mortgages. And that i should visit their office and bring along my utility bill, 2 passport photo, a valid ID and 100K to open an account with them to get a provisional offer.
Funny, i googled the company, and they are legit. but i begin to wonder if this is for real. Can someone please explain how this scheme will work cause it seems the mortagage banks are taking over the scheme.

Front page please......

As a practitioner in the real estate sector of our economy, I think I need to shed more light on the 10,000 housing units scheme.
But before I continue, I observed that one of the major problem of this administration is that the administration is not communicating its programmes in simple terms that several people will understand. Beside, that most of government programmes are not clear to several people.
I will do my best to answer few concern here as best as I can from an enlightened perspective in the sector.

Let me first start by saying that what government is doing is that it is providing money to finance 10,000 units. Currently, the application is 65,000. That means government is providing money to 65,000 Nigerians to either buy, or build new houses at lower interest rates while you have upto 10 years or more to payback such money.

Op, if you have a land, all you need to do is to get your QS, tidy your land papers and present it to the mortgage bank.
Lets assume you go for 2 bedroom flat with range of 5.5M to 7.5M and the cost of your building from the QS is N6M.
You will pay 1.2M out of it and your mortgage bank will give you 4.8M to complete the building.
You will now be required to pay the N4.8 over a period that you choose in accordance with your source of income.
The mortgage Banks will pass the N4.8 M claim to NMRC which will re-finance the bank will your monthly repayments will be pass to NMRC through your mortgage bank. That means the mortgage bank serves as intermediary between you and NMRC/government.
The advantage of this over NHF administered by FMBN is that more fund is made available through private sector as NMRC will soon become a public quoted company on NSE.
Second, as against the usual 22-27% interest rates of commercial banks, the loan is given to Mortgage banks at 10-12% while they give it out at their own rate to make marginal profit.
Third, though the interest rate is higher than that of NHF which is 6% but NHF is not commercially viable loan, hence it is not available.
Fourth, this scheme will if sustained will change mortgage system of Nigeria and more people will be able to assess mortgage.

^^^^
So can you explain the 100k the poster before mentioned of. What is the use. I was asked to pay 20k to open an account with Imperial mortgage. What is the use of this mortgage. There is nothing special about it. We applied to the government. The government is supposed to tell us what to do next. Not some companies telling us what to do.

Got a sms from Hombase as well yesterday and asked to pay 100k to open an account with them. Told my prequalification batch final day is Friday 14th Nov and usually when u get an offer for something you are paying your money for with deadline that you have to pay today....then it usually ends up as a scam.

So basically we applied for FGN mortgage but instead getting normal private mortgage facility at a 3-4% rate reduction which will still be covered up by all sort of fees from the Primary mortgage Institute (PMI). SMH

[size=14pt]ARE YOU PEOPLE VERY CLOSE TO PDP GOONS AND ITS PARASITIC APPENDAGES?

IF NO, THEN YOU ARE WASTING TIME APPLYING.

IF YOU ARE NOT CAREFULL, ANY AMOUNT YOU PAY INTO THEIR ACCOUNT WILL BE AUTO-FORWARDED TO VOICE-MAIL.

AANU YIN NSE MI.

PDP PROMISE YOU AND YOU BELIEVE IT, PEOPLE DECIEVING PARTY?[/size]

My brother that is Hw we see am. Some of us did that of NLC/kriston Larry it turns up to be flop now they brought another one for us and the terms are very high and yet they will say they brought house Fir all.

signz:
Your experience shouldn't end here sir. In addition to Nairaland, go and protest in twitter. I believe Ngozi Okonjo-Iweala is on twitter. Also see if CBN governor has a twitter handle.


_{[/sub]Mod ' s should help with front page pls[sub]}

When I read comments here, all I can say is most Nigerians don't do proper research before going into stuffs.
I'm not holding briefs for anyone, but please do a very good research with a Mortgage institution before you go for the loans.
And as for those criticizing the Govt, you don't turn this politically cos some people who understand how this works will surely benefit from this and get their homes

Enough said

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Email: infocasafinacooperative.org, norao@casafinacooperative.org