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Business

National Housing Fund: FG inaugurates scheme’s first estate in Lagos

The FG has inaugurated its first estate under the National Housing Fund (NHF) Loan Scheme in Lagos.

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The Federal Government has launched its first estate under the National Housing Fund (NHF) Loan Scheme in Lagos and handed over keys to the beneficiaries of the programme.

This was disclosed by Sen. Gbenga Ashafa, Managing Director, Federal Housing Authority (FHA), during the inauguration of the Silvercrest Oakwood Estate in Lekki, on Friday.

The MD disclosed that the estate contains 38 units of 3-4 bedroom apartments and would be the first of its kind in Lagos under the Housing scheme.

READ: Thinking Of Getting A Mortgage In Nigeria? 10 Important Things You Must Know

He urged income-earning Nigerians to make six months contributions to the National Housing Fund (NHF) to qualify for a mortgage as large as N15 million with just a 6% interest rate.

“The problem is that a lot of people do not know that this kind of interest rate exists, you can only get it in Europe,” he said.

“My advice to Lagos residents is that you don’t have to have that money in bulk, look for your primary institution like the foremost primary institution on housing, FHA Mortgage Bank.

“They will listen to you, they will profile you and they will assist you. They can give you as much as N15 million after looking at your profile and assessing you as an individual who is working to ascertain you have a sustainable income,’’ he added.

READ: Bill to regulate real estate scales through 2nd reading in Lagos Assembly

Managing Director, FHA Mortgage Bank, Mr Hayatuddeen Awwal, disclosed that the estate is the 4th estate the fund has supported since the start of the year so far.

“We have done 44 houses in Kano, through an estate fully funded by Federal Mortgage Bank of Nigeria(FMBN). We have done 27 houses in Katsina District of Abuja; we have done 40 in Kuje District of Abuja and here we are in Lagos, handing over keys to seven beneficiaries of the National Housing Funds,” Awwal said.

What you should know

  • The newly launched estate is part of a scheme launched by the  Federal Government to construct 300,000 homes across Nigeria for low-income earners under its National Social Housing Programme (NSHP).
  • Nairametrics earlier reported in November 2020 that a total of N265billion has been disbursed by the Federal Mortgage Bank of Nigeria (FMBN) under the National Housing Fund (NHF).

2 Comments

2 Comments

  1. No need

    February 6, 2021 at 1:24 pm

    We need to b inaugurated in west African seasoning company @ 37 Creek road Apapa Lagos

  2. Ogbole Francis

    February 6, 2021 at 8:27 pm

    As we are seeing it on air now is look so interesting but we have been trying to get the NHF loan but no way,please we need the flexibility of this loan to a low income earners.

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