In line with its efforts to ensure participation of all states in the National Housing Fund (NHF) scheme, the Federal Mortgage Bank of Nigeria (FMBN) has appealed to the Kano State government to renew its participation in the scheme.
The Managing Director/CE, FMBN, Ahmed Musa Dangiwa, made the appeal during a recent courtesy visit to the Governor of Kano, Abdullahi Ganduje.
In his remarks, a statement signed by the Group Head, Corporate Communications, FMBN, Ahmed Abubakar, to have quoted Dangiwa to have informed the Governor that the current management of FMBN has over the past three years undertaken the implementation of a reform roadmap that is helping to reform the NHF scheme and reset the bank on the path of high performance, efficiency and transparency.
He noted that Kano State’s participation in the NHF scheme and expanded collaboration with the FMBN would boost the realisation of the state’s housing development agenda.
Additionally, the FMBN MD/CE stated that FMBN was strategically positioned to energise state governments’ efforts in delivering affordable national housing scheme to Kano citizens in a sustainable and cost-effective manner on the back of its wide portfolio of affordable housing products.
This includes NHF loan of up to N15 million payable over a 30-year period at best market interest rate of six per cent per annum; and NHF individual construction loan at seven per cent interest rate per annum with a 15-year tenor.
Other convenient housing loan products include rent-to-own scheme available at nine per cent interest rate pa, which allows beneficiaries to move into FMBN owned houses and pay back monthly instalments over a 15-year period at single digit interest rate with no equity required; and home renovation loans, where NHF contributors, who already own their homes, are able to access up to N1 million to NHF to carry out necessary improvements and pay back over five years.
Additional unique FMBN partnership advantages include the provision for zero equity contributions for housing loans below N5 million and a maximum of 10 per cent for loans from N5 million to N15 million.
The FMBN MD/CEO added that it was, “on the strength of the visible improvements from ongoing reforms that the FMBN is keen to have Kano state back as a participant to the NHF so its citizens can take advantage of FMBN housing loans.
“Kano state is one of the leading states in the country and FMBN would be excited to engage in a stronger partnership that helps your excellency to increase access to affordable National Housing Scheme for your citizens.
“We therefore encourage Kano State under your dynamic leadership to re-join the NHF,” Dangiwa said.
In his remarks, Ganduje noted that he had observed a positive shift in the operations and management of FMBN.
He noted that based on this he was encouraged to reconsider Kano State government’s decision taken over 20 years ago to stop participating and contributing to the NHF scheme.
The governor expressed willingness of his administration to further engage FMBN towards consummating a mutually beneficial partnership after internal consultation with the labour unions and relevant stakeholders.