PUNCH
The Federal Mortgage Bank of Nigeria has announced an increase in the National Housing Fund mortgage loan limit from the initial N15 million to N50 million per applicant.
Chairman of the Board of Directors of FMBN, Ayodeji Gbeleyi disclosed this during the commissioning ceremony of Lagos State Development and Property Corporation Staff Millennium Mission Planning and Control Station Ltd Estate at Emuren axis in the Sagamu area of the state.
Gbeleyi said the decision was made in response to requests by the higher income-earning segment of NHF subscribers.
He also noted that the increase in the mortgage loan limit demonstrates the FMBN’s commitment to delivering affordable housing to Nigerian workers, especially those in the public and private sectors who are contributors to the NHF Scheme managed by the bank.
The BoD Chairman explained further that, “the scheme, established in 1992, enables workers to contribute 2.5 per cent of their monthly income and access loans to cater for their housing finance needs, such as outright purchase, self-construction, home renovation, and rent-to-ownership.
“More recently, the Board of Directors approved an increase in the NHF mortgage loan limit from N15 million to N50 million per applicant in response to requests by the higher income
earning segment of NHF subscribers.
“The maximum loan limit…
