The Federal Government has launched the first mortgage scheme for 10,000 beneficiaries aimed at redressing the constraints posed by poor access to finance in the development of affordable housing in the country.
The Nigerian government’s Affordable Homes Programme is being implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Lands, Housing and Urban Development and the Nigeria Mortgage Refinance Company. Speaking at the rollout of the scheme the minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo Iweala said the scheme is expected to provide long term mortgage loans for 10,000 Nigerians at low interest rates and repayable within a duration of 15-20 years.
On January 16, 2014, the President launched the Nigerian Mortgage Refinancing Company with a view to making mortgage accessible to Nigerians to enable them purchase and own their own homes.
This scheme seeks to address the key barrier to developing accessible and affordable housing in Nigeria. It will be implemented with funding from the Central Bank of Nigeria with parallel funded projects in land registration and construction sectors by the Department For International Development, DFID and GIZ. Fourteen states of the country have expressed support towards implementation of the housing finance programme. The pilot states are Abia, Anambra, Bauchi, Bayelsa, Delta, Edo, Enugu, Ekiti, Gombe, Kaduna, Kano, Kwara, Ogun, Ondo and FCT – Abuja.
To qualify as a beneficiary of a mortgage under the scheme, the prospective home owner must be pre-qualified to look for a home to buy, within the limits of the mortgage provided. Interested mortgage applicants are required to access a dedicated online portal for the scheme – www.housingfinance.gov.ng to go through a checklist of eligibility requirements to verify his or her status as a tax-paying Nigerian, who is a first time home buyer with a regular income.
Once eligibility of the applicant has been established, he would be directed to complete and submit a form requesting his personal and employer’s details, state of origin and residence as well as salary range.
Must be able to make a down payment of 20% of total cost of the house selected.
Contribution to the Pension Scheme is an added advantage.
Other applications steps are as follows:
Once you meet the above eligibility requirements, proceed to the application.
Fill in all the fields of the application form.
Scan and upload your ID card (ID card must be one of the following (i) Valid International passport, (ii) Valid driver’s License and (iii) National ID card)
Applications are pre-numbered. You must secure the application number on top of your application form.
Submitted applications are reviewed by a Selection Panel and pre-qualified applicants are referred to Mortgage Lenders for mortgage financing.
Govt Launch first 10,000 Mortgage Scheme
The Federal Government has launched the first mortgage scheme for 10,000 beneficiaries aimed at redressing the constraints posed by poor access to finance in the development of affordable housing in the country.
The Nigerian government’s Affordable Homes Programme is being implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Lands, Housing and Urban Development and the Nigeria Mortgage Refinance Company. Speaking at the rollout of the scheme the minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo Iweala said the scheme is expected to provide long term mortgage loans for 10,000 Nigerians at low interest rates and repayable within a duration of 15-20 years.
On January 16, 2014, the President launched the Nigerian Mortgage Refinancing Company with a view to making mortgage accessible to Nigerians to enable them purchase and own their own homes.
This scheme seeks to address the key barrier to developing accessible and affordable housing in Nigeria. It will be implemented with funding from the Central Bank of Nigeria with parallel funded projects in land registration and construction sectors by the Department For International Development, DFID and GIZ. Fourteen states of the country have expressed support towards implementation of the housing finance programme. The pilot states are Abia, Anambra, Bauchi, Bayelsa, Delta, Edo, Enugu, Ekiti, Gombe, Kaduna, Kano, Kwara, Ogun, Ondo and FCT – Abuja.
To qualify as a beneficiary of a mortgage under the scheme, the prospective home owner must be pre-qualified to look for a home to buy, within the limits of the mortgage provided. Interested mortgage applicants are required to access a dedicated online portal for the scheme – www.housingfinance.gov.ng to go through a checklist of eligibility requirements to verify his or her status as a tax-paying Nigerian, who is a first time home buyer with a regular income.
Once eligibility of the applicant has been established, he would be directed to complete and submit a form requesting his personal and employer’s details, state of origin and residence as well as salary range.
To apply, simply visit www.housingfinance.gov.ng and click on APPLY NOW
N20 Million eligibility criteria
Other applications steps are as follows:
Submitted applications are reviewed by a Selection Panel and pre-qualified applicants are referred to Mortgage Lenders for mortgage financing.
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