By Ade Iyamoye
The Federal Mortgage Bank of Nigeria (FMBN), has raised the National Housing Fund (NHF), mortgage loan ceiling from N15 million to N50 million to improve access to affordable housing, particularly for high-income private sector earners.
Announcing the increase at the 46th Kaduna International Trade Fair, FMBN Managing Director Shehu Usman Osidi, represented by Dr. Muhammad Sani Abdu, said the new limit has sparked renewed interest in the NHF scheme, with applications being processed more swiftly.
Osidi reaffirmed FMBN’s commitment to closing Nigeria’s housing gap, stating that new initiatives will address the needs of low-, middle-, and high-income earners.
He also emphasized FMBN’s competitive single-digit mortgage rates of 6-7% through products like the NHF Mortgage Loan, Construction Loan, Home Renovation Loan, and Rent-to-Own scheme.
Despite economic challenges, Osidi assured that affordable rates would be maintained to promote homeownership across Nigeria.
The announcement was made alongside commendations for the Kaduna Chamber of Commerce for fostering national development discussions through the trade fair.
