Nigerians say process of obtaining FMBN’s loan cumbersome

The Federal Mortgage Bank of Nigeria (FMBN) was established to supply the Nigerian mortgage markets with sustainable liquidity to enable Nigerians own homes.
ROSEMARY MORIBIRIN and OZOMATA HALIMA spoke with Nigerian on what they know about the FMBN.
FMBN’s loan procedure is stressful Federal Mortgage Bank of Nigeria (FMBN) is owned and controlled by Federal Government.
I have not obtained loan from it because of the procedure.
I believe it is stressful for someone who has not secured loan from the bank before.
It is notoriously tougher for first timers, most first time home buyers don’t have the credit history and liquidity exiting home owners have.
Also, it is not advisable for one who works with a private firm to obtain the loan because of the delay in salary payment by private companies.
Olaniyi Makinde, private sector employee I will never take loan Federal Mortgage Bank of Nigeria is designed to help Nigerians get decent houses especially those who cannot afford commercial housing loan like traders, artisans, commercial drivers, etc.
I must commend the administration of former President Goodluck Jonathan for helping civil servants to secure houses in places like Kubwa and Lugbe.
As a devoted Christian, I believe in saying; “God time is the best”, because man can fail you.
I will never take loan but instead I will pray, even if I think of taking a house loan, I will ask God for direction.
Mr. Segun Atomode, businessman I haven’t patronized FMBN but….
Yes, I know about the existence of FMBN.
The bank is designed for financial real estate transaction by the government.
A mortgage loan is used either by purchasers of real property to raise funds to buy real estate or alternatively by existing property owners.
Although, I have not patronized the Bank before, but I know people who have patronized them and they testify it is really good.
I will advise people to use it because it is profitable.
Animoku Abdulrazak, trader