FMBN Gives Conditions For Accessing Mortgage Loan

The Federal Mort
gage Bank of Nigeria (FMBN), has given conditions for which loan can be accessed from the institution’s fund for housing development.
Making the clarification recently, during the send-off ceremony of retiring members of the Nigerian Union of Journalists (NUJ), The Tide Chapel in Port Harcourt court, the FMBN representative in Port Harcourt, Mrs. Nkiruka Andrew, stated that one needs to be a contributor to the National Housing Fund (NHF) for at least six months.
She also said that every loan seeker should have a land to build on which must also have the title documents to the land, as such would serve as collateral for the loan.
Andrew said that one needs to have contributed at least 10 per cent of the loan he intends to obtain, which, according to her, is called the equity contribution.
The FMBN representative also urged civil servants to take advantage of the offer available at the apex mortgage institution in Nigeria to obtain their housing loans, as nobody will undertake the process on their behalf.
According to her, the establishment of NHF, which is being managed by the FMBN is a viable alternative that the Federal Government has provided to make housing loan easier and cheaper for contributors.
She also said that the Mortgage Refinancing Company is set up to also encourage the finance institutions to provide mortgage loans with low interest rates.
The housing finance expert maintained that contributors can benefit from the loan from FMBN through a primary mortgage institution, and can have up to N15 million for 30 years repayment.

Corlins Walter