Nigerian government rolls off low-income housing mortgage scheme for 10,000 beneficiaries

22 Comments » July 31st, 2014 posted by // Categories: Nigeriawatch



 

 

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The minister said with the inauguration of the Nigerian Mortgage Refinance Company NMRC in January and its subsequent take off in June, the key barrier of finance to develop accessible and affordable housing in Nigeria had been removed.

She said, “We want Nigerians to own their houses at affordable costs. The NMRC’s mission is to provide long-term funding for the housing sector.

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The scheme, she said, was aimed primarily at the first time home buyer who is in the market for mortgages to purchase a home costing between N2 million and no more than N20 million. To qualify as a beneficiary of a mortgage under the scheme, the prospective home owner must be pre-qualified to look for a home to buy, within the limits of the mortgage provided. Interested mortgage applicants are required to access a dedicated online portal for the scheme – www.housingfinance.gov.ng to go through a checklist of eligibility requirements to verify his or her status as a tax-paying Nigerian, who is a first time home buyer with a regular income. Once eligibility of the applicant has been established, he would be directed to complete and submit a form requesting his personal and employer’s details, state of origin and residence as well as salary range. The completed form would then be printed or directed online to a mortgage lender of his choice for further processing for prequalification.
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Findings revealed that under the scheme, a unit of two-bedroom apartment might be sold for between N4.5m and N7.5m, depending on the location; while the three-bedroom apartment would be sold from N8m.

For instance, she said that under the new framework, the processing time for application for the mass housing project had been reduced from between six and 18 months to just six weeks.

“Since the ability of banks in providing mortgages is limited by the fact that 80 per cent of all the deposits are on 30-day period, which does not ensure great level of sustainability in providing resources for the housing sector, the NMRC is here to ensure greater access to financing of up to 10 to 15 years.

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PREMIUM TIMES

Nigerian government rolls off mortgage scheme for 10,000 beneficiaries

Abuja housing

Nigerians now have the chance to realize their dream of owning a home.

The Federal Government on Thursday launched the first mortgage scheme for 10,000 beneficiaries aimed at redressing the constraints posed by poor access to finance in the development of affordable housing in the country.

The Minister of Finance, Ngozi Okonjo-Iweala, said at the formal roll-off of the scheme in Abuja that the scheme was in fulfillment of President Goodluck Jonathan’s pledge at the launching of the Nigeria Mortgage Refinance Company, NMRC in January to deliver the first 10,000 mortgages before the third quarter of 2014.

The NMRC is a re-financing vehicle set up to provide mortgage lending institutions with increased access to liquidity and long-term funds to augment the limited capacity of banks to deliver mortgage services to Nigerians.

Under the scheme, the NMRC is guaranteed to provide Nigerians access to finance by lender for tenors of up to 20 years to help accelerate the growth of the mortgage market for all income levels in the country.

With the launch of the scheme, Mrs. Okonjo-Iweala said Nigerians now have the chance to realize their dream of owning a home and looking forward to improved socio-economic conditions.

The scheme, she said, was aimed primarily at the first time home buyer who is in the market for mortgages to purchase a home costing between N2 million and no more than N20 million.

To qualify as a beneficiary of a mortgage under the scheme, the prospective home owner must be pre-qualified to look for a home to buy, within the limits of the mortgage provided.

Interested mortgage applicants are required to access a dedicated online portal for the scheme – www.housingfinance.gov.ng to go through a checklist of eligibility requirements to verify his or her status as a tax-paying Nigerian, who is a first time home buyer with a regular income.

Once eligibility of the applicant has been established, he would be directed to complete and submit a form requesting his personal and employer’s details, state of origin and residence as well as salary range.

The completed form would then be printed or directed online to a mortgage lender of his choice for further processing for prequalification.

Mrs. Okonjo-Iweala said new mortgage underwriting standards prescribed by the NMRC has cut down the processing time for prequalification from between 6 and 12 months to an average of 3 and 6 weeks, subject to the level of risk analyses by the mortgage lender.

“Making home ownership an accessible dream for many more Nigerians can only impact positively on our economy,” the minister said. “It will lead to the increased contribution of housing to GDP from the current negligible 3.1 per cent of our rebased GDP to the high teens of emerging and developed economies such a Malaysia and the United States.”
Besides, she said, the scheme would facilitate the creation of more jobs and greater economic inclusion, as an estimated three new direct and eight indirect jobs would be created from every new house built.

“Unlocking the housing sector will mean the creation of thousands of jobs for architects, builders, plumbers, welders, electricians, painters and other artisans in allied small and medium scale industries,” the minister said.

To further enhance access to the scheme, the Minister said the Federal Government has reviewed other key constraints to home ownership, namely land availability, simplifying the processes for obtaining a Certificate of Occupancy and property registration.

To minimize the bureaucracy associated with these processes, she said government has initiated a pilot scheme in the states, with the support of some state governors and the Minister of the Federal Capital Territory, FCT.

The scheme, which is in support of the NMRC initiative to create the environment for mortgage refinanced by NMRC, involves property registration, enforcement of mortgage property and access to serviced land.

The Minister of Lands, Housing and Urban Development, Akon Eyakenyi, said increased land data base would help government equate the population to determine the gap in the housing sector.

She said government was also considering the training of young people, particularly artisans involved in the development of the sector as a strategy for job creation.

– See more at: http://www.premiumtimesng.com/news/165874-nigerian-government-rolls-off-mortgage-scheme-for-10000-beneficiaries.html#sthash.UdOG3ZM0.dpuf


PUNCH

FG’s 10,000 low-cost housing scheme takes off

AUGUST 1, 2014 BY IFEANYI ONUBA 2 COMMENTS

Minister of Finance, Dr. Ngozi Okonjo-IwealaMinister of Finance, Dr. Ngozi Okonjo-Iweala

The Federal Government on Thursday officially commenced the first phase of its 10,000 housing units under the Affordable Home Ownership Scheme.

The project, to be spearheaded by the newly established Nigerian Mortgage Refinancing Company, will enable the citizens to own their houses at affordable rates.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, while speaking at the inauguration of the scheme in Abuja, said with the commencement of the project, low income earners would begin to have the opportunity to own their houses under a flexible payment package.

Findings revealed that under the scheme, a unit of two-bedroom apartment might be sold for between N4.5m and N7.5m, depending on the location; while the three-bedroom apartment would be sold from N8m.

Okonjo-Iweala said unlike in the past when it was difficult for Nigerians to own their houses through affordable mortgages; the process had now been simplified.

For instance, she said that under the new framework, the processing time for application for the mass housing project had been reduced from between six and 18 months to just six weeks.

The minister said with the inauguration of the NMRC in January and its subsequent take off in June, the key barrier of finance to develop accessible and affordable housing in Nigeria had been removed.

She said, “We want Nigerians to own their houses at affordable costs. The NMRC’s mission is to provide long-term funding for the housing sector.

“Since the ability of banks in providing mortgages is limited by the fact that 80 per cent of all the deposits are on 30-day period, which does not ensure great level of sustainability in providing resources for the housing sector, the NMRC is here to ensure greater access to financing of up to 10 to 15 years.

“So, instead of people not being able to own houses as they would have to pay up in 12 or 18 months; we are changing that now so that for 10 to 15 years, people can be able to pay for their own houses.”

Also speaking at the event, the Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, said the commencement of the scheme was a significant step in the Federal Government’s bid to reduce the housing deficit in the country.

She said apart from the mortgage housing project being spearheaded by the NMRC, the ministry was implementing other complimentary projects to help provide affordable houses for Nigerians.

 



 

 

 

 

 

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22 Responses to “Nigerian government rolls off low-income housing mortgage scheme for 10,000 beneficiaries”

  1. oyetunde idowu Ige says:

    I want to apply for house financing but i could not get your form to fill,how would iget the form to fill. thank you, i have check through the website i could not see it.I watched the programme on TV yesterday by minister of finance.

  2. ZUMA says:

    Good morning, please how do I apply for this Federal Government low-income housing mortgage scheme?

    Thank you

  3. Oche-Martin Ejembi says:

    I commend the Honorable minister for this initiative,this program will, bring succour to Nigerians,We ve looked forward to genuine mortgages like this coming on board.Question is how does one get the check list to assess qualification and of-course the application forms to complete.This appears not to have been made available.Iam quite interested.

    • Francis D Oladapo says:

      Good job Honorable Minister,how about we in diaspora who do not have a 3yr Nig. tax clearance? Any am very interested in this scheem

  4. We are unable to access this housing form . how do we Nigerians down load this form(s)

  5. INNOCENT CHUKWUMA OBI says:

    I have gone through the eligibility form as enunciated in NMRC mortgage process and discovered that i am very much eligible to apply. What’s the next step? Where do we get the form? Is there any other condition (s) that ought to be met before applying?

  6. INNOCENT CHUKWUMA OBI says:

    I hope this noble project well articulated by our amiable and ever smilling Finance Minister with extra intelligent will not go the way Abacha/Jakande Federal Housing scheme went. In that moribund scheme, people were asked to pay up certain percentage value of the project which they did comply, but uptill today, that equity contributions were lost by the contributors and the houses were not delivered as promissed.

  7. Aisha Dauda Umar says:

    Thanks to the president, please we need more information thanks

    .

  8. Aisha dauda umar says:

    I want to apply for house financing please can I get the website.

  9. Nzeh Gloria Ndidiamaka says:

    I want to apply but could not get the form to fill, please how will I get the form to fill. I used the website given to me and even watched the Minister speaking on this programme on Television yesterday, but the form is no where to be found, please help me out.

    Thanks

  10. Abbas Audi says:

    If you want to apply log on http://WWW.housingfinance.gov.ng check whether you are eligible. If you are eligible select yes down the page you will see fill the form then click it you will see where to apply.

  11. Marriageboy says:

    This is a great news for Nigerians and a welcome development,i prayed it see the light of day.
    #Nzeh Gloria Ndidiamaka
    The form is not downloadable ,you need to fill it online and submit,then a replica copy will be send to your mail box.
    you can visit the website my click this link https://www.housingfinance.gov.ng/mortgage/
    And the website is relative fast.

  12. Marriageboy says:

    Is that the replica of the House?

  13. ACHINIKE KC says:

     Good work and kudos to Mr. President and his team

  14. Angela says:

    I thank God for this kind gesture from our Fg govt. I pray that God will give them more wisdom and power to do more for us. Somebody disguised himself to be Minister Ngozi okonjo Iweala, In the facebook, duping people of their hard-earn money ,of which I’m a victim, in the name of given us loan from CBN. I plead that they should be tracked down and brought to book before they drag the names our leaders to mud, hence I still need fg loan to start a business to cater for my family. Also i’m interested in the low income mortgage houses. FG should mapped out ways and means to reach the grassroot citizens that do not belong to any society, for we are prey to hungry lions. Thanks

  15. ayodele adebanjo says:

    l am a civil servant l cant find the form online as directed by the Honourable minister of Housing and Hon minister of finance , kindly send me the form, thanks

  16. Prince Chukwuemeka says:

    When will this roll off and when will those that subscribed hear from FG?

  17. Jeremiah says:

    Can a young entrepreneur apply too,because I don’t have a constant source of income but I can afford to service the loan.

  18. aurah says:

    any hope of getting the forms filled online?

  19. Emma N N says:

    I’m interested in the housing scheme, pls, I need more information on how to get the form.

  20. Tosin M A says:

    I am interested in the housing scheme how do i get registered

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