The Federal Mortgage Bank of Nigeria (FMBN) has been mandated to grant zero per cent equity to Nigerians who wish to obtain housing loans not exceeding N5 million. Minister of Works, Power and Housing, Mr. Babatunde Raji Fashola disclosed this while speaking at the 7th National Council on Lands, Housing, and Urban Development, in Gombe state.
He also disclosed that for housing loans costing between N6 and N15 million, it has approved for the FMBN to allow Nigerians deposit only 10 per cent equity to it to be able to access the loan.
The text of the minister’s speech which was made available to journalist in Abuja said that the new mandate to the bank was in addition to a planned re-capitalisation of the FMBN and the opening of the National Housing Fund (NHF) to non-government employees.
The minister added that between May 2015 and July 10, 2018 the FMBN has issued 3,862 mortgages to Nigerians to acquire their own homes.
Fashola said his ministry was working with the Ministry of Petroleum Resources to develop standards for pipes and installations that will facilitate domestic use of gas for cooking and heating.
He said the initiative has become necessary because the country is at the moment under utilizing its gas resources especially in the area of domestic use for cooking and heating.