FG Reduces Mortgage Equity Contribution To 0%

The Federal Mortgage Bank of Nigeria (FMBN) has reduced equity contribution from 5 per cent to 0 per cent for those seeking mortgage loans of up to N5 million.

For those seeking loans of over N5 million will have their equity contribution reduced from 15 per to 10 per cent.

The policy which was announced, in Abuja, by the Minister of Works and Housing, Mr Babatunde Fashola, at the commemoration of World Habit Day.

The program is aimed at helping to ease access to housing.

Fashola also disclosed that the Federal Housing Authority (FHA) has a total of 2,382 housing units under construction from January 2022 till date and out of this number, a total of 1,462 housing units have so far been delivered across the nation.

“In the course of providing these houses, and the construction process associated with it, jobs in the construction value chain translating into 46,420 employments for Nigerians were created.

“Apart from stimulating the economies of the 35 states and the FCT in the communities where work is being undertaken for the construction of houses, by providing work for artisans, builders, engineers, and other skilled persons in the building industry, the construction sites have been and remained centres of supply for building materials and other commodities”, he said.