Loan seekers with a stable income will now be able to access up to N5 million housing loan from the Federal Mortgage Bank of Nigeria without equity contribution.
This is one of the new conditions for accessing mortgage funds from the bank.
According to a statement by Zubaida Umar, the revised requirements are a 100% reduction in the equity contribution required of beneficiaries.
Previously, beneficiaries had to contribute 10% to access up to N5 million, 20% on N10 million and N30 million to access N15 million.
With the new conditions, an equity contribution of 10% will be needed for funds between N5 and N15 million for contributors to the National Housing Fund (NHF).
Ahmed M. Dangiwa, FMBN managing director, said the reduction is to help more Nigerian workers afford quality housing.
“I am delighted that we have been able to achieve this groundbreaking feat. It is a huge win for the Nigerian workers and particularly those that contribute to the NHF,” he said.
“It will go a long way towards reducing the financial burden of homeownership that contributors to the fund have been carrying for the past three decades. I am glad that today, we have been able to crash it by over 100%.”