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The Board of the Federal Mortgage Bank of Nigeria (FMBN) has approved the implementation of a new Rent-To-Own Housing Scheme aimed at making home ownership more accessible and affordable for Nigerian workers.

The Bank said the scheme would provide an easy and convenient payment plan to help workers own their homes.

The Bank’s spokesperson, Zubaida Umar, said in a statement sent to PREMIUM TIMES that the scheme is designed specifically to encourage Nigerian workers stay in FMBN homes as tenants, pay for and own the properties.

According to Mr Umar, becoming owners of the property would become possible if the worker fulfils his or her obligation through either a monthly or yearly rent payment plan spread over periods not exceeding 30-years.

To further increase affordability, he said the worker’s chosen property, which would cover a maximum value of N15million, would also attract a single digit interest rate of 9 per cent on the price of the property on an annuity basis.

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

To deliver on the scheme, FMBN said it would partner with reputable estate developers for the construction of quality, cost-effective housing stock nationwide.

Properties planned for the scheme are existing estates funded by FMBN nationwide and non-funded estates by private investors.

Payments for the houses would be domiciled with the Central Bank of Nigeria (CBN) through the Treasury Single Account (TSA).

The Managing Director/Chief Executive Officer of FMBN, Dangiwa Ahmed, said the development of the scheme was another groundbreaking initiative of the Bank 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,” Mr Ahmed said.

He expressed delight that the Bank has been able to successfully create another product in addition to several other initiatives to make homeownership easier for Nigerian workers.

The FMBN boss was hopeful the implementation of the scheme would totally eliminate the burden of equity contributions by workers for housing loans.
Besides, he said the scheme would complement the existing products of the Bank by widening the home ownership bracket, increase housing stock, and helping utilize abandoned estates to be transferred to the scheme.

The Centre for Affordable Housing Finance in Africa (CAHF), which promotes investment in affordable housing and housing finance across Africa, estimates it would require the provision of approximately 100, 000 housing units per year to bridge the estimated over 17 million unit housing deficit in Nigeria.

https://www.premiumtimesng.com/news/more-news/279968-federal-mortgage-bank-approves-3000-housing-scheme-for-workers.html

All these last minute promises and working of this administration, just for election.
A welcome development anyway.

I need one ooo.

How can one apply?
I wan build dis kine house.

Good

That’s a welcome development from the govt. I pray the real people gets it and not The Who know who kind of a thing.

Men..... I used to work there that year

Money Money Ago

Greystone:
How can one apply?
I wan build dis kine house.

Where do you prefer yours. We have those if you are interested in buying

VERY good DEVELOPMENT

2019 elections brouhaha, after election what else??

I don't understand, why are this schemes just coming after 3 and half years of this administration?

Please don't tell me it's because of Election o

Maybe it's coz Buhari is not around sha

Nigerians are now wise to be deceived with this trash.

This is what they are expected to do with our money, not ferrying it abroad like rats which steal what their descendants will never enjoy.

Another issue is why now, to build up list of unfinished projects to serve as baits to the electorate for another four killing years and covert ethno-religious agenda?

When they tell you it is in phases then know that you will only have a sample. They are not interested in carrying it out all over. What stops them from doing it in all states at once? Is it because of paucity of funds?

I don't believe in this kind of last minute goodies that Buhari-led APC is bringing at all.

Hmmm

Working towards owning a house soon

Sai Buhari till 2023
A president with a heart for his people.
May God keep you long my president!

begwong:
2019 elections brouhaha, after election what else??

massive looting

Hope it won't be one of those promises of one naira to one dollar etc.

One plot of land measuring 600sqm is available for sale at pwambara layout before the army checkpoint in Bwari Area of Abuja. Original allocation documents available.

It's buy and build, area is fast developing with different structures rising fast.

Interested persons contact O.8.1.7. 1. 2. 6. 7.6. 7. 4

the year is almost over with the soon arrival of the mber months and these people are still making promises. Nigerians, don't get your hopes up, this is another propaganda from APC.

I will confirm that 180 million mumus reside in Nigeria if this lie is believed.

Last minute rushing. Rubbish.

Ogoni land clean up comes to mind.

I don't understand, why jona in the news?.