FMBN issued 3,862 mortgages in 3yrs – Fashola


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The Federal Mortgage Bank of Nigeria ( FMBN), between May 2015 and July 10, 2018, issued 3,862 mortgages to Nigerians to acquire their own homes, the Minister of Power, Works and Housing, Mr Babatunde Raji Fashola has disclosed.
Fashola, who spoke during the 7th National Council on Lands, Housing, and Urban Development, in Gombe, the Gombe state capital, recently, also said that the bank had been mandated to grant 0% equity for loans not exceeding N5 million to the Federal civil servants.
The minister, who spoke on the theme: ‘Provision of Affordable Housing: A Catalyst for Development and Sustainable Economic Growth’, also assured that the National Housing Fund (NHF) would be opened to the non-government employees.
He said: “As for those who wish to buy houses, mortgages are the solution and we must issue more. The Federal Mortgage Bank is mandated to do so, not only by re-capitalisation but also by granting the following exemptions: 0% equity for loans not exceeding N5 million; and reduction of equity from 20% to 10% for loans up to N6 – 15 million.
“This is in addition to a planned re-capitalisation and the opening of the National Housing Fund (NHF) to non-Government employees. Between May 2015 and July 10, 2018 the FMBN has issued 3,862 mortgages to Nigerians to acquire their own homes.
“This is in addition to a planned re-capitalisation and the opening of the National Housing Fund (NHF) to non-Government employees’’.
Fashola, who queried the 17 million housing deficit figure in Nigeria, advocated urbanisation policy.
“But before I continue, permit me to indulge those who spend their time on the debate about the size of the deficit and ask how educated and informed that debate is. Who conducted the census that produced the figures in the Deficit?
“Who verified the figures that now seem to trap many of our people in a vortex of difficulty?
“Does the deficit take into account the empty and unoccupied houses in every State of Nigeria?
“Are these housing deficits in sub-urban, rural areas or in the urban centers? Why is there urbanization, and why is housing shortage a problem of urbanization?
“It seems to me that as Policy Makers, before we even start to build houses, the first thing we can do is to address urbanization by policy”.



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