The Federal Mortgage Bank of Nigeria (FMBN) has increased the maximum National Housing Fund (NHF) mortgage loan from N15 million to N50 million per applicant.
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The bank said the increase is meant to expand access to affordable housing, particularly for high-income earners in the private sector.
FMBN’s Managing Director/Chief Executive Officer Shehu Usman Osidi announced this in a goodwill message he delivered through the bank’s Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, at the FMBN Day during the 46th Kaduna International Trade Fair.
Osidi said the increased loan ceiling has sparked renewed interest in the NHF scheme with applications now being processed more efficiently.
The FMBN boss reaffirmed the bank’s commitment to addressing Nigeria’s housing deficit by continuously evolving its mortgage products to cater for all income brackets — low, middle, and high.
“In this regard, several initiatives and products are being introduced to meet the diverse needs of NHF contributors,” he said.
Osidi highlighted FMBN’s unique position as the only institution offering single-digit mortgage interest rates of six to seven per cent through its unique products, such as the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and Rent-to-Own scheme.
Despite the nation’s economic challenges, the managing director assured the bank’s customers that FMBN would maintain affordable mortgage rates to sustain home ownership opportunities for Nigerians.
He hailed the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) for organising the trade fair, which he described as a vital platform for advancing discussions on national development.
Dr. Abdu was accompanied at the event by FMBN’s Group Head of Corporate Communications, Mrs. Virginia Jang; the bank’s Kaduna Zonal Manager, Mr. Abubakar Ahmed; the Kaduna Branch Manager, Mrs. Hadiza Hamidu, and other staff members from the bank’s headquarters and Kaduna branch.
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