The Federal Mortgage Bank of Nigeria (FMBN), in collaboration with the Nigerian Labour Congress (NLC), Trade Union Congress (TUC), Nigerian Employers’ Consultative Association (NECA), and Almukab Dynamics Limited as implementing partner commissioned 100 housing units on Monday, at Shagari Low-cost in Yola.
Speaking at the occasion, the Managing Director of FMBN, Mr Madu Hamman, said the NHF is a mandatory contribution scheme that requires Nigerian workers in both public and private sectors earning a minimum of N3,000 per annum to contribute 2.5% of their monthly income to the scheme and based on regular contribution to the fund, a contributor becomes eligible to enjoy from FMBN several loans and service at concessionary interest rates which are repayable over a long tenor of over 25 years.
He explained that the commissioning is an affirmation that the NHF scheme is meeting its mandate of providing access to homeownership to the overriding majority of the middle and low-income working class in Nigeria who are also the commanding majority of the contributors to the NHF scheme.
He noted that FMBN has provided the construction funds for the development of the housing estate at a concession interest rate of 10%, and provides mortgage financing for the purchase of these houses to buyers at the rate of 6% which is also the lowest interest rate in Nigeria with a repayment period of over 25years.
He observed that under this phase, the bank is delivering 40 units of 3-bedroom semi-detached bungalows at N8.3 million and 36 units of 22-bedroom semi-detached bungalows at N6.8 million, and 24 units of 11-bedroom semi-detached bungalows at N3.1million.