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Home Sectors Real Estate and Construction

CBN approves N200 billion housing loan for 300,000 households at 5% per annum

Chike Olisah by Chike Olisah
September 16, 2020
in Real Estate and Construction, Spotlight
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CBN Governor, Godwin Emefiele

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The Central Bank of Nigeria (CBN) has approved the sum of N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and targeted at low income earners.

According to a circular, which was issued by the CBN and seen by Nairametrics, this financing initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it is introduced to support the Federal Government’s Economic Sustainability programme.

READ: Nigeria to begin gold production in 2021 with the Segilola Gold Project

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This fund is to fast track the construction of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to 1.5 million jobs in 5 years.

In addition to the 1.5 million direct construction sector jobs particularly young people on a low income, the programme also has the potential to create further 1 million jobs through its supply chain.

READ: FG meets group to access AfCFTA’s $650 billion market

The CBN in the circular stated, ‘’The programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes. Most of these would currently live in informal settlements with shared facilities in unsanitary environments. Towards targeting people on low-income level across the country.’’

(READ MORE:has approved the sum of N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and targeted at low income earners.

READ: Banks’ loans to private sector increase by N3.50 trillion in one year – CBN

On boosting local manufacturing, the apex bank stated, ‘’The programme is designed to utilize at least 90% locally manufacturing inputs and as a result conserve foreign exchange.

“In that regard the programme will deliberately aim to revitalize local manufacture of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks etc. for example, it is estimated that the programme will require up to 1.7 m doors, 7m door hinges and locks etc.’’

READ: FG meets group to access AfCFTA’s $650 billion market

The funds, which would be released to the Family Home Funds (FHF) by CBN on a project basis is subject to the cumulative maximum limit of N200 billion. The facility type which would be a term loan is to enable FHF finance the construction of social housing units for low-income earners and is for a 3-year tenor from the date of disbursement.

The facility, which is expected to be repaid in not more than 3 instalments within the tenor of the facility, has an interest rate of not more than 5% per annum.


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Tags: CBNFamily Home Funds (FHF)Federal Government’s Economic Sustainability programme.Nigeria News
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 21

  1. Princess uwari says:
    September 16, 2020 at 3:36 pm

    Where can i see this (FHFL) family homes fund limited

    Reply
  2. john says:
    September 16, 2020 at 7:16 pm

    3-year tenor from the date of disbursement ? unbelievable !!!

    Reply
    • Kay says:
      September 17, 2020 at 8:12 am

      Really amazing! For low income earners to repay mortgage in 3 years is absurd to say the least.

      Reply
  3. Olise Ikechukwu says:
    September 17, 2020 at 1:16 am

    Please how can so one apply for this loan

    Reply
    • Peterlife Edemeka says:
      September 22, 2020 at 11:46 am

      Please let no one disrupt this wonderful initiative I thanks those that had this wonderful wisdom.from Arc Peterlife Edemeka…

      Reply
  4. Malachy says:
    September 17, 2020 at 3:29 am

    How can I apply for the fund
    Please assist me.

    Reply
  5. Ezekwem odigbo says:
    September 17, 2020 at 7:20 am

    how can one apply for this loan

    Reply
    • Solabomi says:
      September 17, 2020 at 12:48 pm

      Thanks for the awareness and update.
      How can I apply for this loan?
      What’s the interest rate?

      Reply
  6. Anonymous says:
    September 17, 2020 at 8:10 am

    How do we apply for this pls?

    Reply
  7. Israel says:
    September 17, 2020 at 8:47 am

    More details please on how construction companies or estate developers can access the loan

    Reply
  8. YAKUBU DANYARO RIBAH says:
    September 17, 2020 at 12:40 pm

    when is the start date for the application,and whatare the condition for qualification.

    Reply
  9. Naija says:
    September 17, 2020 at 2:18 pm

    Monies that never get to the real intended… Mecheeeew

    Reply
  10. Dee says:
    September 17, 2020 at 7:57 pm

    Please how can I apply for the loan, I’m so much interested

    Reply
  11. Anonymous says:
    September 17, 2020 at 10:22 pm

    How can I apply for this please?

    Reply
  12. Ngozi nzeamaka says:
    September 18, 2020 at 8:31 am

    I pray I will be a beneficiary

    Reply
  13. Abubakar Aminat olaide says:
    October 11, 2020 at 3:23 pm

    Pls am interested in this loan i have home to develop and i need money to start it in lagos.

    Kindly regards

    Thanks

    Reply
  14. Abubakar Aminat olaide says:
    October 11, 2020 at 3:23 pm

    Pls am interested in this loan i have home to develop and i need money to start it in lagos.

    Kindly regards

    Thanks

    Reply
  15. Bukky says:
    October 27, 2020 at 2:54 pm

    Please is this still available and how can I apply for this fund

    Reply
  16. Ugochukwu Amadigwe says:
    January 5, 2021 at 8:37 am

    Please what type of houses are you constructing? Is it semi-detached bungalows or fully detached bungalows.

    Also, what is the square meter for each of the plot?

    Reply
  17. Ani Benahi.M says:
    May 31, 2021 at 9:38 pm

    I need loan funds please nigeria

    Reply
  18. Ani Benahi says:
    May 31, 2021 at 9:42 pm

    I will be very grateful if I will be favour with this to build my house. Thanks

    Reply

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