Mortgage: FG to allocate 2,408 houses soon

By Favour Nnabugwu
The Federal Government has announced that it has started allocating 8,925 houses to deserving applicants across the country under the National Housing Programme (NHP).
Out of a total of 8925 applications that were received, 2408 for mortgage; 1,294 were for outright payment; 2184 for rent to own and 3039 were for instalment payment modes,” he said.
The National Housing Fund (NHF) is a scheme established by the Federal Government of Nigeria that provides low-interest, government-funded loans to all Nigerians who are above 21 years of age and employed.
Members of the scheme are required to contribute 2.5 percent of their monthly salary to the fund through the Federal Mortgage Bank of Nigeria.
The Permanent Secretary of the Ministry of Housing and Urban Development, Mr. Marcus Ogunbiyi, made this announcement in a statement released on Monday in Abuja.
On November 1, 2023, the federal government set aside N50 billion to finance the construction of 40,000 units of housing under the “Renewed Hope” agenda.
The first batch of the allocation process has already been completed after conducting a thorough review of the conditions and procedures involved in the sale of houses under the NHP.
“The offer of new provisional allocation letters for the first batch of successful applicants under the outright payment mode are now ready.
The successful subscribers would be contacted by the federal controllers of housing and urban development in the states as well as the chairman/CEO, Nigerians in Diaspora Commission (NIDCOM) from Thursday for collection
Ogunbiyi also said applicants under the mortgage, rent to own and instalment payment modes who should be subscribers to the NHF were presently undergoing profiling.
The Permanent Secretary added that there were no completed houses in Abia, Lagos, Bayelsa, Rivers States and the FCT.
He said the allocation of houses in the listed states would be done after the completion of the housing units later in the year.
Previously, the maximum amount obtainable under the NHF was N5 million, but it has now been increased to N15 million. The borrowed capital is repayable over a period of 30 years, with an interest rate of six percent.