The Federal Mortgage Bank of Nigeria (FMBN) has expressed interest in assisting the Kebbi State University of Science and Technology (KSUST) in its efforts to provide staff with affordable housing.
Madu Hamman, Managing Director/Chief Executive of FMBN, disclosed this recently when he hosted a delegation led by the University’s Vice Chancellor, Professor Bala Aliero, at the Bank’s head office in Abuja.
Hamman stated that the expanded engagement with the university will enable employees who are registered contributors to the National Housing Fund (NHF) Scheme to take advantage of FMBN’s extensive portfolio of affordable housing solutions and own their homes.
“This includes the Cooperative Housing Development Loan (CHDL), which allows organized groups with land to construct houses for their members. FMBN provides housing finances to respectable developers under the CHDL at a 10% interest rate with payment periods of up to 24 months. On project completion, the Bank gives home loans to profiled beneficiaries to enable them off-take the homes”, he added.
According to the FMBN MD/CE, university workers, as individual donors to the NHF Scheme, benefit from FMBN’s NHF Mortgage and Individual Construction loans.
He said that the two products would allow consumers to access up to N15 million to purchase an FMBN-funded property or develop on land they own.
He also mentioned the FMBN Rent-To-Own Housing Scheme, which would allow university workers to move into completed FMBN-funded homes in Kebbi as tenants and pay towards ownership in monthly or annual installments for up to 30 years at a 7% interest rate.
He stated that employees with homes might take advantage of the home renovation loan, which gives up to N1 million to carry out upgrades.
The Vice Chancellor of KSUST, Professor Aliero, in his remarks, thanked the FMBN Management for the audience and willingness to support the university’s staff housing plan.
He urged FMBN, a leading housing development finance institution, to also explore possible ways to help the university tackle the shortage of student hostel accommodation.
