Firms Launch New Home Ownership Service

As part of efforts to create awareness on its Mortgage products, some mortgage operators have launched products to 1000 prospective borrowers, which will ensure a sustainable housing finance in the country, when successful.

The Mortgage operators under the auspices of the Mortgage Bank Association of Nigeria (MBAN) organised a conference in Lagos on Housing, Finance and Investment Conference and Exhibition (HOFEX) with the theme “National Housing Fund Scheme: A sustainable Mortgage Financing Vehicle for Affordable Housing in Nigeria.”

Minister of Lands, Housing and Urban Development, Mr Ama Pepple who set the tone of discussion at the event, said that the ministry was ever ready and willing to support any initiative that will enhance access to housing ownership.

According to her “The ministry ???? in December host a team from shelter Afrique, where discussions on how to benefit from a finance package where Nigeria was a category ‘A’ signatory. We will continue to work with organisations to promote activities that will provide easy access to long term affordable and adequate housing.”

Federal Bank of Nigeria (FMBN) Gimba Kumo said the challenges facing the housing sector were daunting, particularly in the N36 trillion needed to bridge the 16 million housing unit deficit, at respectable home ownership rate.

MBAN president, Mr Abimbola Olayinka disclosed that arrangements were in the pipeline to establish mortgage re-financing vehicle for the sector, and that CBN will participate in the refinancing scheme.