The Federal Mortgage Bank of Nigeria’s (FMBN)-rent-to-own housing loans have funded estates across 23 states.
The scheme, still at its pilot stage, was introduced to reduce the housing deficit in the country.
FMBN Managing Director Ahmed Dangiwa, who disclosed this, said the bank also granted construction finance to cooperative societies and housing corporations at 10 per cent to increase housing stock.
He spoke in Abuja during a visit by Brekete Family Sites and Services Ltd.
“We are glad to hear the formation of Brekete Family Sites & Services Limited and the Brekete Family Smart City whose purpose is to help in closing the housing deficit gabs in Abuja and environments.
“As you are aware, the FMBN was established to provide affordable mortgages to drive home ownership among workers, particularly low and medium income earners. This is being done through the National Housing Fund scheme, into which workers both in the public and private sectors contribute 2.5 per cent of their monthly income.
“Through the scheme, the bank has continued to provide affordable mortgages to workers and construction for housing development. Our National Housing Fund (NHF) individual mortgage loans, granted at six per cent, is the most affordable in the country,’’ he said.