Adedayo Akinwale In Abuja
The Federal Mortgage Bank of Nigeria (FMBN) is seeking ministerial approval for downward review of personal equity of houses above N5million and N10million from the current 20% and 30% to 10% and 20% respectively.
The Managing Director, FMBN, Ahmed Dangiwa gave the hint at the 2017 World Habitat Day held in Abuja, where he equally appealed to the National Assembly to expedite the passage of bills before it, seeking for the amendment of the NHF Act and the land use Act.
He also revealed that FMBN has introduced innovations that would lower the cost of houses and made them affordable to off takers.
According to him, “FMBN is constantly devising strategies to reduce the cost of houses funded by the Bank through the introduction of simple building models that are demand driven, cheap and expandable.”
Dangiwa added that other strategies adopted by the Bank include; the introduction of the new rent-to –own mortgage housing arrangement that allows NHF contributors to own houses through payment of monthly rent which excludes payment of personal equity as against what obtained under the conventional NHF loan.
He stressed that the low interest rate of 6% and tenor up to 30 years of FMBN loans make it the cheapest and lowest in the country, adding that FMBN Bank has also given waiver on personal equity for funded estates priced N5.0 Million and below.
He once again called on state governments to provide infrastructure to FMBN project sites in their States in order to reduce the cost of houses for their people and requested them to reduce the delays associated with issuance of Certificate of Occupancy (C of O).
