FMBN Jerks Up Mortgage Loan Threshold to N50m

The Federal Mortgage Bank of Nigeria (FMBN) has officially approved an increase in the National Housing Fund (NHF) Mortgage Loan threshold from N15 million to N50 million per applicant. This decision was made in response to growing demands, especially from high-income earners, primarily in the private sector.

Shehu Usman Osidi, the Managing Director/Chief Executive of FMBN, announced this during a goodwill message delivered by Dr. Muhammad Sani Abdu, the Bank’s Executive Director of Loans and Mortgage Services, at the FMBN Day Celebration at the ongoing 46th Kaduna International Trade Fair.

Osidi explained that the increase in the loan threshold was part of the bank’s commitment to enhance housing finance and broaden access to mortgages, especially to help reduce Nigeria’s housing deficit. He mentioned that this change has already generated renewed interest in the NHF scheme, with the Bank ensuring that every request is promptly attended to.

The Managing Director emphasized that FMBN remains committed to providing affordable housing finance, not just to low- and medium-income earners, but also to high-income groups. He pointed out that the bank continuously evolves its business operations and develops new products that cater to the diverse needs of its contributors.

“In this respect, a number of initiatives and products are currently being rolled out to meet the yearnings and needs of the diverse people who are contributors to the National Housing Fund (NHF),” Osidi added.

He also highlighted that FMBN is the only financial institution in Nigeria offering affordable mortgages at a single-digit interest rate, ranging between 6% and 7%. This is facilitated through various products such as the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and the Rent-to-Own product.

Despite ongoing inflationary pressures, Osidi reassured that FMBN would continue to develop affordable housing products to ensure Nigerians have access to homeownership. He commended the Kaduna Chamber of Commerce, Industry, Mines & Agriculture (KADCCIMA) for organizing the trade fair and expressed optimism that the event would continue to foster national development through constructive engagement.