FG Stops Initial 10% on N5m Mortgage

 FG Stops Initial 10% on N5m Mortgage


The federal government has waived the payment of initial 10 per cent on mortgage that is below N5 million. The measure is a demonstration of government’s resolute to the provision of affordable housing to Nigerians, especially the low income earners.
The Minister of State for Power, Works and Housing, Mr. Mustapha Baba Shehuri, disclosed when he commissioned a 125- unit Housing Estate financed by the Federal Mortgage Bank of Nigeria (FMBN). The estate is developed by a private developer, Messrs LCK Projects (Nigeria) Limited, in Enugu.
Shehuri stated that in view of the challenge of housing deficit in Nigeria, which has been put at 16 – 17 million, the Ministry plans to build mass houses in every state.
The houses which would be built over the three years , are be meant for public workers and other interested parties,
He added that National Housing Models have been designed and approved for each geo-political zone, which takes care of our cultural and climatic diversities in our choice of house type and standardization in the use of local building materials.
“This will translate to affordability of housing for Nigerians and will also create employment opportunities for our teaming youths that are currently roaming the streets.’’
He commended the effort of the apex mortgage bank and noted that it has a pivotal role to play in the actualization of the aspirations of many Nigerians to own a home through mortgage.
The administration would lend its full support to the Federal Mortgage Bank of Nigeria towards ensuring that it is adequately recapitalized and repositioned to cater for the mortgage finance needs of Nigerian workers.
Earlier in his address, the Governor of Enugu State, Mr Ifeanyi Ugwuanyi assured the minister of the readiness of the State to continue providing enabling environment for housing development to thrive.
The Minister was also at Abakaliki, Ebonyi State, where he commissioned the 1st set of 72 units of houses out of 240 being financed by FMBN.


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