6% interest on NHF loan by FMBN

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa, has disclosed that the bank’s National Housing Fund– the individual mortgage loans granted at 6 percent interest is the lowest and most affordable in the country. Dangiwa noted that the bank was proud to be associated with a foremost profession like the NIM, commending its doggedness and commitment towards promoting efficiency and professionalism in the management of organizations’ human and material resources.


According to him, this is why the bank has continued to sponsor staff to NIM professional development programmes and continues doing this in order to enrich our human resources. He explained that  the FMBN was established to act and provide affordable mortgages to drive homeownership among Nigerian workers particularly the low and medium income earners who constitute over 80% of the population and it’s been done through national housing and fund scheme in which Nigerian workers both in the private or public sectors contribute 2.5% of their monthly income. Through the scheme, the bank has continued to provide affordable mortgages to Nigeria workers and construction finance to some of the developers for housing development. Our national housing fund which is the individual mortgage loans granted at 6% is the lowest and most affordable in the country. We also have the FMBN home renovation loans with conditions for easy access by Nigerian workers which is being run now to which many Nigerian workers are given the minimum of a million naira to renovate their own house. We have already developed a rental owned project that will soon be launched by management, we have estates in more than ten states that are being completed and we want to commence this rental own as a pilot scheme with them.

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In his remarks, the President of the Council NIM, Prof Olukunle Iyanda disclosed that aside from food, housing is next in terms of the importance of the well-being of the individual, adding that FMBN plays a very crucial role in promoting the well-being of Nigerians and making them proud owners of their own houses. He appealed to the Managing Director to pay the annual subscription of members of the FMBN who are in the institute in order to maintain discipline which is their code of conduct as professional institute so as to find the most scrupulous and economical ways of getting things done and to be personally themselves above any corruption, unethical practices and in the scope of their responsibilities to give no privileges or favors to anyone.

Source: This Day


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