The Federal Mortgage Bank of Nigeria (FMBN) has announced an increase in the National Housing Fund (NHF) mortgage loan limit from N15 million to N50 million per applicant. FMBN’s Chairman of the Board of Directors, Mr. Ayodeji Gbeleyi, disclosed the decision during a commissioning ceremony in Sagamu, Lagos State.
Gbeleyi said the increase was a response to requests from the higher income-earning segment of NHF subscribers. He emphasized that the move shows FMBN’s commitment to providing affordable housing for Nigerian workers, particularly those in the public and private sectors who contribute to the NHF Scheme managed by the bank.
Established in 1992, the NHF Scheme allows workers to contribute 2.5% of their monthly income and access loans for various housing finance needs, including outright purchase, self-construction, home renovation, and rent-to-ownership.
FMBN’s Managing Director/Chief Executive, Madu Hamman, stated that the 72-unit project was fully funded by FMBN and aims to fulfill the homeownership dreams of Nigerian workers who contribute to the NHF Scheme. Hamman added that the FMBN Cooperative Housing Development Loan Scheme (CHD) funds housing constructions for housing cooperative societies and the acquisition of houses developed for cooperative members through regular Individual NHF loans.
Governor Babjide Sanwo-Olu of Lagos State commended FMBN and the Lagos State Development and Property Corporation for their commitment to advancing workers’ welfare and prompt delivery of the project. He also called for more collaboration with FMBN to bridge the housing deficit gap in the state.
