​The Central Bank of Nigeria (CBN) is spearheading a new scheme targeted at providing improved access to housing finance to aspiring homeowners.

The initiative would have a tenor of 15 years to 25 years, depending on the age of the borrower, their income and desired tenor and would be available to eligible applicants with insufficient or no equity contribution.

The scheme, known as My Own Home, is also expected to provide awareness, education and practical tips to assist prospective homeowners in need of long-term housing finance.

The public-private partnership project is backed by the World Bank, Federal Ministry of Finance, Federal Ministry of Power, Works and Housing, Federal Ministry of Justice, Mortgage Banking Association of Nigeria, as well as primary mortgage banks through equity in the Nigeria Mortgage Refinance Company.

CBN’s Housing and Mortgage Finance Consultant on the Nigeria Housing Finance Programme, Mrs. Adenike Fasanya-Osilaja, explained that the initiative would provide mortgages, mortgage guarantee and insurance as well as housing microfinance to every Nigerian in need of a home.

“Every Nigerian has a right to own a home through mortgage. There seems to be a fear of taking mortgages but this programme seeks to dispel the style of building block by block.

“Nigerians should go to their banks and ask questions because this is a scheme to help every Nigerian who needs a home,” Fasanya-Osilaja said.

According to her, the initiative will provide housing finance to Nigerians who are up to the age of 21 and meet the borrowing requirements of a mortgage originating bank or a housing microfinance bank.

She however noted that the scheme would not provide ready-made houses but was designed to jumpstart the housing finance market.

“Once it starts, the banks will take over to give loans, which will help aspiring homeowners. All they need to do is ask participating mortgage originating banks or housing finance institutions for requirements to participate”.

“It is an industry-driven programme and the industry will remain the same irrespective of government and political parties in power. The scheme does not have its base in social housing and so sustainability is assured; it does not discriminate on the basis of income.

“If you are able to pay your rent, then, you can subscribe to the scheme. It is a paradigm shift for homeownership in Nigeria and we will spread the initiative to all parts of the country.”

http://fabinfos.com/cbn-reveals-nigerians-can-new-home-pay-within-25-years/

Lalasticlala Ishilove Mynd44 Seun Dominique

Is a welcomed idea but its going to be on the bases of man-know-man thingy. Anything that has to do with loan(borrowing) is scam especially if its coming from Naija banks

Policies....always in line with "international best practices," but zero implementation!

Hehe, CBN stylishly looking for who to frustrate, I clearly remember what Microfinance bank did to my friend who took just 30k loan to settle some debt and failed to pay up within the agreed date, These people enter e Lodge pack all e load, Including gas, Bed, phone, Wrist watches, shoes and other stuffs sell am on auction till they money complete 40k

This mortgage issue is like a dead horse in Nigeria,yet they keep flogging it

Mortgage in Nigeria? I laugh in esan.

Dem don dey talk am since d days of my forefathers

If only it wud work #men in higher places

Nice moves. Though, I have my reservations

Stories

okay

LordIsaac:
Policies....always in line with "international best practices," but zero implementation!

Implementation is the issue here

I hail Nigeria

You know it's a scam. Mofos

What happened to our NHF self

This is a welcomed development. It's very common in EU countries.
I love it more when I read it is independent of politics and government laws.

zulex880:
Hehe, CBN stylishly looking for who to frustrate, I clearly remember what Microfinance bank did to my friend who took just 30k loan to settle some debt and failed to pay up within the agreed date, These people enter e Lodge pack all e load, Including gas, Bed and other stuffs sell am on auction

so what did you do to help that your friend.. Abi you just laugh as you laff na

Ok

lollmaolol:


Implementation is the issue here

I hail Nigeria

Implementation is barely the issue. The issue is lack of understanding of the rudiments for the successful implementation of a mortgage system.

We will run out of pages highlighting all prerequisites.

Fuadeiza:



so what did you do to help that your friend.. Abi you just laugh as you laff na

Bro no be small gbege that day, Those people came with Police escorts
I dey inside my room dey hear Officer Kingsley pack those hangers and Pillows right now
I say mai go settle matter police man tell me say if i say pim, I go sleep for panti for 3days for pokenosing into a state affair, Baba i just dey one corner dey observe my guy as e dey cry dey beg for one more week
It wasn't funny o

smartty68:
Is a welcomed idea but its going to be on the bases of man-know-man thingy. Anything that has to do with loan(borrowing) is scam especially if its coming from Naija banks

Nigerians and negative thoughts. That will be your case cos for me God is all I need to know.

Laudable Idea but the inborn corruption in Nigerian govt official will definitely kill this like all other mortgage schemes before this where workers where made to contribute but ended being scammed because the never got loans nor did they get back their contribution. NSITF and NHS has trillions of Naira scammed from workers trapped there so why don't the CBN use that trapped fund to stimulate the Housing market like they claim they want to instead of starting a brand new scheme to scammers new workers

hmmm

If well implemented it will provide genuine shelter to first time home owners doing legitimate businesses or work

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Sniper12:
What happened to our NHF self

Dead I guess but the money is deducted every month. What they do with it, no-one knows.

This is good especially for those working in a steady establishment like civil servants. But will CBN... live up to it's words

good and fine if implementation and maintenance take place. because national housing scheme (NHS) that federal government has been deducting property salary's on monthly basis is a scam as nothing good has come out of it since they started it. they will just come with sweet word to entice people.
federal government need attitudes change

zulex880:
Hehe, CBN stylishly looking for who to frustrate, I clearly remember what Microfinance bank did to my friend who took just 30k loan to settle some debt and failed to pay up within the agreed date, These people enter e Lodge pack all e load, Including gas, Bed, phone, Wrist watches, shoes and other stuffs sell am on auction till they money complete 40k

I guess your friend wasn't working and didn't even try to finance the loan small small. He must have collected the loan and ignored all the terms of agreement with the Microfinance bank.

wait.. why can't they just sync the banks and private home owners that want to sell houses and spread the payment and ensure financial security on both sides.. am i even making sense sef?

good and fine if implementation and maintenance take place. because national housing scheme (NHS) that federal government has been deducting people salary's on monthly basis is a scam as nothing good has come out of it since they started it. they will just come with sweet word to entice people.
federal government need attitudes change

eagleeye2:
This is good especially for those working in a steady establishment like civil servants. But will CBN... live up to it's words

They all ready deduct civil servant money for some bogus National Housing Fund which no worker has benefitted from till date and now they want to start another scam..They plan is to scam gullible Nigerians once more