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Own a Home With The 10,000 Mortgages Project (Affordable Homes Programme)

The Federal government this afternoon commenced the rollout of the first phase of a 10,000 mortgage scheme, Affordable Homes Programme. The programme is being implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Lands, Housing and Urban Development and the Nigeria Mortgage Refinance Company.
This scheme seeks to address the key barrier to developing accessible and affordable housing in Nigeria. It will be implemented with funding from the Central Bank of Nigeria with parallel funded projects in land registration and construction sectors by the Department For International Development, DFID and GIZ. Fourteen states of the country have expressed support towards implementation of the housing finance programme. The pilot states are Abia, Anambra, Bauchi, Bayelsa, Delta, Edo, Enugu, Ekiti, Gombe, Kaduna, Kano, Kwara, Ogun, Ondo and FCT – Abuja.
To apply, simply visit www.housingfinance.gov.ng and click on APPLY NOW.

The Mortgage Scheme is for Houses N20 Million and below with eligibility criteria as follows:
  • Must be a Nigerian citizen.
  • Must be an Owner Occupier property.
  • Must be at least 21 years of age.
  • Must be earning regular income.
  • Must be tax compliant.
  • Must be able to make a down payment of 20% of total cost of the house selected.
  • Contribution to the Pension Scheme is an added advantage.

Other applications steps are as follows:
  • Once you meet the above eligibility requirements, proceed to the application.
  • Fill in all the fields of the application form.
  • Scan and upload your ID card (ID card must be one of the following (i) Valid International passport, (ii) Valid driver’s License and (iii) National ID card)
  • Applications are pre-​numbered. You must secure the application number on top of your application form.

Submitted applications are reviewed by a Selection Panel and pre-​qualified applicants are referred to Mortgage Lenders for mortgage financing.
Speaking at the rollout of the scheme today in Abuja, the minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo Iweala said the scheme is expected to provide long term mortgage loans for 10,000 Nigerians at low interest rates and repayable within a duration of 15-20 years.
For more information, visit www.housingfinance.gov.ng

Private Property Reporter

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