It read, “948 subscribers got access to the NHF mortgage loan which allows the contributor to purchase a house through a licensed mortgage loan originator at the maximum loan amount of N15 million, at an interest rate of six per cent and the repayment period of up to 30 years.
“1,034 contributors under the rent-to-own arrangement got an FMBN-funded house as a tenant until rental he/she pays qualifies for ownership of the house with a maximum purchase price of N15 million and interest rate is seven per cent of the price of the property on an annuity basis for 30 years. “Also, 15,836 contributors got home renovation loans, a product that affords Nigerians an opportunity to access mortgage loans for the renovation or improvement of existing homes. While only 68 subscribers got access to the NHF individual construction loan,” it concluded.
Meanwhile, the bank has said it was considering alternative means to boost and diversify its funding mix through its five-year strategic blueprint. “The strategic imperative is to aggressively grow the NHF contribution, drive the recapitalisation agenda for the bank, raise affordable and long-term capital to fund growth initiatives; and develop innovative commercial products to grow the bank’s funding base.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
FMBN (1) How? (2) Who are the contributors? (3) And if there's anything like that, why are we the lower cadets in the private sectors not able to benefit from such programs? Or is it for the big men?
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