Valuer Tasks NHF Contributors On Mortgage Accounts

In order for people to have
access to loans and benefit from the National Housing Funds (NHF) for which they make contributions, an estate surveyor and valuer, Morgan Amakiri, has urged those that contribute to the fund, especially civil servants, to open mortgage accounts.
He said that no contributor to the NHF would benefit from the fund if there is no such mortgage account that can facilitate access to loan from the fund.
Amakiri who was speaking in an interview with The Tide in his office in Port Harcourt, noted that it is only through a mortgage account with any federal mortgage institution that one can obtain a housing loan from NHF.
The real estate expert, who is a fellow of the Nigerian Institution of Estate and Valuers (NIESV) noted that the NHF was managed by the Federal Mortgage Bank of Nigeria (FMBN), but expressed sympathy with those who contribute to the funds, but do not benefit or have access to loan for housing development.
“You can not benefit from NHF if you don’t have an account of mortgage.
It is only through mortgage account with any federal mortgage institution that you can obtain a housing loan from NHF,” he said.
According to him, any reforms for housing development without funds or money to finance it will be meaningless and that any fund made available by government for housing development will go first to the Mortgage Institution, and that their interest rate is low and in a single digit.
He maintained that low-cost housing is for the low income earners, and that the structure will be simple in construction, without expensive decoration and fitting, and may have just one kitchen, toilet and store among others.
Amakiri stated that when a worker opens a mortgage account just like any normal saving account, and remain consistent, that over a period of time or months, that he will be entitled to a loan at low interest rate.

Corlins Walter