FMBN Deploys N47.814bn Towards Mortgage, Construction Financing in 10 Months
- Creates 1,130 mortgages and 17,083 home renovation loans
- Delivers 2,921 housing units for low-medium earners
The Federal Mortgage Bank of Nigeria (FMBN) is set to close 2021 on a strong note with N47.814billion in loan disbursement towards mortgage and construction financing between January and October.
The remarkable feat is in continuation of FMBN Management’s drive to optimize available resources and ensure that more contributors to the National Housing Fund (NHF) scheme access affordable housing, according to FMBN’s Managing Director/Chief Executive Officer, Arc. Ahmed Musa Dangiwa.
Specifically, FMBN disbursed about N19.886billion towards the delivery of 2,921 affordable housing units in several locations across the country. The houses comprise 1,2,3-bedroom bungalows and mixed apartment buildings with a price range of N3.6M to N8.6M.
FMBN also provided N13.508billion in NHF loans to 1,130 Nigerians to enable them to achieve their homeownership dream. The loans are payable over 30 years at a single-digit interest rate of 6%.
Additionally, the Bank disbursed N14.129billion in home renovation loans to 17,083 beneficiaries to enable them to revamp their living spaces.
Over the past four years, the current Executive Management Team has led FMBN to disburse over N169.854billion in mortgage and housing construction finance. The figure represents a 111% increase from the N152.453billion previous Managements recorded between 1992 to April 2017 – a 25-year period, before the current Management team came into office.
“We will continue to work hard towards ensuring that a greater number of Nigerians that contribute to the National Housing Fund (NHF) Scheme achieve their dreams to own and live in their homes.”