constance500: Is typing....

kaorama: From where will a civil servant get about N100,000 to pay per month for the 3- bedroom flat?

Raphew: Are these houses already been built and where are the locations? I applied too and I selected Oshodi-Isholo as my preferred area. someone should please educate me. Thanks

shevon:
Mortgages do work. You just have to show you have the means to repay. Aside that, you also have to have the prerequisite equity contribution (this is dependent on the mortgage institutions' policy) and that is exactly how this FG programme works.
Choose a property you are interested in, provide your equity contribution and the Mortgage/Financial institution buys the property on your behalf with a dual title hold (the financial institution/your name on the deed pending when the loan is fully paid) and you have 20 years to pay back the loan. If at any point you are not able to continue paying the mortgage, the property is repossessed, sold and the financier liquidates the outstanding on your loan and gives the balance (if any) back to you.

shevon:
You would have to seek out a house within Oshodi-Isolo when you application is approved. The FG do not have any building they are selling, they will assist with the purchase after you have made your 20% (of value of the property of your choice) available.

shevon:
The Federal Government has instructed primary mortgage inistitutions (PMIs) to process the applications of the over 66,000 Nigerians who applied for the 10,000 Nigerian Mortgage Refinancing Company (NMRC) housing programme.
Addressing journalists in Abuja yesterday, the Coordinating Minister for the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala said “due to the over subscription (for the scheme) a decision has been taken to give all applicants to the lending members of NMRC to share on a pro-rata basis. Lending members of NMRC are expected to have the refinancing window of up to 20 years.”
The initial offer of 10,000 mortgage application was over subscribed by 66,402 Nigerians who showed interest in the home ownership programme of the NMRC.
Okonjo-Iweala directed the 17 PMIs and four commercial banks involved in the mortgage exercise to share the 66,402 applications among themselves and prequalify those who meet the criteria for accessing mortgage facilities under the NMRC initiative and get back to the government in eight weeks.
According to her, President Goodluck Jonathan is monitoring the implementation process and assured both mortgage institutions and applicants that there is enough money to fund the 66,000 applications for now.
Applications for the 10,000 housing programme under the NMRC closed on the 5th of this month this year with 66,402 applications received from “exceedingly excited Nigerians with applications coming from the 36 states and the FCT”.
She said 63 per cent of the applicants were male while 37 per cent were female. She said people “tend to apply individually as 89 per cent applied in their own names while only 11 per cent were joint applicants as couples.”
Those in the 31-40 years age bracket submitted the highest number of applications suggesting interest among the actively working group of Nigerians.
Nigerians she said “showed that we prefer three bedroom flats/houses, with 62.7 per cent of applicants applying to acquire this property type. 32 per cent wanted two bed flats and a small percentage applied for one bedroom flats and one bedroom self-contained flats.”
The programme she noted is for people who do not own a home, and from the information given by the applicants, “96 per cent of applicants are living in rented houses; most people (51 per cent) applied for buildings in Abuja with 18 per cent of applicants opting for Lagos. 92 per cent of the applicants have stable jobs while eight per cent are self employed.”
Already, mortgage lenders have pre-qualified some people and asked them to look for their houses. She commended mortgage institutions for keeping to the time they said they will need to use to process applications which is eight weeks and also reducing the criteria for accessing the mortgage from 15 pages of information to just two pages.
The mortgage lenders are expected to sift through the applications and analyse and pre-qualify all applicants culminating in the amounts each lender is willing to advance to the applicant.

http://thenationonlineng.net/new/govt-directs-mortgage-institutions-to-process-66400-applications/

gbaskiboy: OMG! U need to forgive me I forgot to edit it.

tunai:

So why don't they list the 17 primary mortgage institutes that are instructed to prequalify applicant so one can follow up

shevon:
I honestly don't know and wasn't even thinking about that aspect. I'll see if I can find out the mortgage and financial institutions involved and post my findings.
Thanks for the question, I need an answer to that too.

shevon:
At the moment, no deposit is required. But once you have been informed that your application is successful, you will have to seek out a house in the choice area you filled in your application, make 20% of the amount required to buy the property available and the mortgage/financial institution assigned to handle you application will buy the property on your behalf.

moyinoluwabun: has it gotten to level of depositing?

shevon:
Mortgages do work. You just have to show you have the means to repay. Aside that, you also have to have the prerequisite equity contribution (this is dependent on the mortgage institutions' policy) and that is exactly how this FG programme works.
Choose a property you are interested in, provide your equity contribution and the Mortgage/Financial institution buys the property on your behalf with a dual title hold (the financial institution/your name on the deed pending when the loan is fully paid) and you have 20 years to pay back the loan. If at any point you are not able to continue paying the mortgage, the property is repossessed, sold and the financier liquidates the outstanding on your loan and gives the balance (if any) back to you.

erico2k2:
So technicaly if a person above 45 is a no no with this system cos he or she is out of service b4 the 20 years

deji47:

Since it now has to do with you finding a house yourself can I who picked a 2bedroom flat find a 3bedroom as long as I can pay the 20% of the 3bedroom flat?
2) What if its a land you get, will they develop it or give the money to develop it yourself?
Thanks

erico2k2:
Pk seen.same system as the Govt help to buy scheem we av in the UK at the moment.Now 20% of howmuch? Did they state the minimum payment time?

moyinoluwabun: Nice one. I applied and hope I'm considered. Nigeria moving forward.

pinetulips:

I beg ejoor write the site or how u take apply. Make I still know, so that if window open I go apply 2

shevon:
You might be right but no mention was made about the age range. It might be a criteria for screening though.