The Federal Mortgage Bank of Nigeria (FMBN) is to commence the implementation of a Rent-To-Own Housing Scheme.

This follows the approval of the plan that will provide affordable houses for Nigeria workers, by the board of the organization.

The FMBN Rent-to-Own scheme is an innovative, affordable housing product, which provides an easy and convenient payment plan towards home ownership for Nigerian workers, according to a statement by Spokesman of the organization Mr. Zubaida Umar.

He said: “The scheme is specifically designed to make it possible for Nigerian workers to move into FMBN homes as tenants, pay for and own the properties through monthly or yearly rent payments spread over periods of up to 30-years.

“It will also attract a single digit interest rate of nine per cent on the price of the property on an annuity basis. The product will cover properties with the maximum value of N15million.”

The rent-to-own housing product targets Nigerian workers who are contributors to the National Housing Fund (NHF) and will be implemented in phases. About 3,000 houses are planned for the pilot phase.

To deliver on the rent-to-own housing scheme, FMBN will partner with reputable estate developers for the construction of quality, cost-effective housing stock nationwide.

Payments for the houses will be domiciled with the CBN through the Treasury Single Account (TSA).

Properties that are planned for the rent-to-own scheme are Existing Estates that are funded by FMBN nationwide and non-funded estates.

Managing Director/Chief Executive Officer of FMBN Dangiwa Ahmed said “the rent-to-own is yet another ground breaking initiative of the bank that is targeted at increasing access to affordable housing by Nigerian workers who fall into the low-medium income brackets.”

“The rent-to-own housing product is designed to make sure that any worker who collects a salary should be able to live in his own home and pay conveniently over periods as long as 30-years! This is a massive relief especially given how little workers earn. I am delighted that we have successfully added this product to the many other initiatives that we have made possible to make home ownership a lot easier for Nigerian workers”.

He added that the implementation of the scheme would eliminate the burden of equity contributions by workers for housing loans, complement the existing products of the bank by widening the home ownership bracket, increase housing stock, and help the bank to utilize abandoned estates that are to be transferred to the scheme.

The CEO commended President Muhammadu Buhari for his commitment to the development of housing and the Minister of Power, Works and Housing, Mr. Babatunde Fashola for his continued support for the ongoing reforms to re-position FMBN on the path of efficiency and impact.

Link

http://thenationonlineng.net/fmbn-approves-rent-to-own-housing-scheme-for-workers/

Mynd44, OAM4J Nigeria is getting better and this must be encouraged.

I have noticed that no body is talking about good governance again. Election is around the corner, the closer it get the more propaganda APC dish out. All APC apologist are only talking about Buhari’s popularity, to them that alone is good for Nigerians, I don’t know how Buhari popularity or 2019 will put food on the poor mans table. APC have the idea that Buhari is on ground because they won a senatorial election and HOR which they had all their focus on, forgetting that 2018 election won’t be 2019 because you can’t focus on one state, election will be held in 36 states across the nation.

I will imploy Buhari to use the remaining months he has as President to build a good reputation base on good governance and stop the personal vendetta against opposing

More lies from the pits of hell to misconstrue the truth as captured below


Over 20 thousand killed in terror style attacks on just 3 years


Over 15 million jobs lost in just 3 years


Nigeria currently has the worst access to electricity in Africa

Worst Access to health care in Africa so bad bad even President Buhari and his family can't access it .

Nigeria today home to the two most current dangerous terrorist groups in the world .

Over 89 million currently living in abject abject Poverty ( the highest ever in African history )

NoToAutocracy:
Wlection

So because election is close, the government should not do anything again?

FarahAideed:
More lies from the pits of hell to misconstrue the truth as captured

Is this how you plan to remain for the rest of your life brother?

FarahAideed:
More lies from the pits of hell to misconstrue the truth as captured

Ode! You are reading something with credible info and you are still saying its lies.

Your mental block is just starting

As e dey pain you, e dey sweet us.

PMB SAK!!

APX and noise. How many houses self?

midolian:
So because election is close, the government should not do anything again?

That is what I don't understand about PDP supporters. If it isn't done, they would be the first to shout "show us just one thing Nigerians have gained from Buhari". If it is done, their cries would be "he's doing it for the sake of elections".

It pains then when their ability to complain is taken away from them through the delivery of good governance.

APC propaganda machinery at work..


My people expect more lies and deceit as elections draws near...

APC has nothing to offer Nigerians

All promises cancelled party...

NoToAutocracy:
I have noticed that no body is talking about good governance again. Election is around the corner, the closer it get the more propaganda APC dish out. All APC apologist are only talking about Buhari’s popularity, to them that alone is good for Nigerians, I don’t know how Buhari popularity or 2019 will put food on the poor mans table. APC have the idea that Buhari is on ground because they won a senatorial election and HOR which they had all their focus on, forgetting that 2018 election won’t be 2019 because you can’t focus on one state, election will be held in 36 states across the nation.

I will imploy Buhari to use the remaining months he has as President to build a good reputation base on good governance and stop the personal vendetta against opposing

What nonsense is this one saying?

Good governance is not IN TALKING! IT IS IN DOING

CodeTemplar:
APX and noise. How many houses self?

PILOT PHASE ----- 3000 FMBN houses.

I know you know what Pilot phase means

Corrinthians:
That is what I don't understand about PDP supporters. If it isn't done, they would be the first to shout "show us just one thing Nigerians have gained from Buhari". If it is done, their cries would be "he's doing it for the sake of elections".

It pains then when their ability to complain is taken away from them through the delivery of good governance.

My friend is not about party
It's about saying the truth at all times...

Propaganda government like the one in Aso rock has nothing to offer except blames and traveling around the world taking pictures...

Buhari as a man is a harbinger of hardship and bad governance... Ask Aisha if you doubt me

Return the money to BMC and save your soul

Corrinthians:
That is what I don't understand about PDP supporters. If it isn't done, they would be the first to shout "show us just one thing Nigerians have gained from Buhari". If it is done, their cries would be "he's doing it for the sake of elections".

It pains then when their ability to complain is taken away from them through the delivery of good governance.

Butterflyle0:


PILOT PHASE ----- 3000 FMBN houses.

I know you know what Pilot phase means

As elections comes close
BMC stipend has been increased

Only the gullible will be deceived

Sharpshooota:


As elections comes close
BMC stipend has been increased

Only the gullible will be deceived

Ode so for your mind dem dey pay me abi?

Carry your looters media crew noise out of here