FMBN Set To Construct 3,600 Housing Units Nationwide

The Federal Mortgage Bank of Nigeria (FMBN) disclosed that it has concluded plans to construct over 3,600 new low-cost housing units across the 36 states of the federation.

Managing Director of the bank, Ahmed Dangiwa, stated this in Abakaliki, Ebonyi State capital, during the inauguration of the bank’s new office complex in the state.

According to Dangiwa said; “The President of the country has ordered us to build 100 houses in every state of the federation. Once we are given land in every state, we will build 100 bungalows for the state.

“There is what is called home renovation loan; we give it to only those who contribute 2.5% of their monthly income.

“We have a lot of packages for civil servants, indigent persons and private sector people in the state. We have given up to N622m to support these sets of people in the state who have houses and want to renovate them.

“Our National Housing Fund loans granted at 6% is the most affordable in the country. We also have the FMBN Home Renovation Loan with liberalized conditions for easy access by Nigerian workers while the rent-to-own product and individual construction loans have also been introduced to further facilitate homeownership for Nigerians particularly civil servants,” he said.

“The bank has also advanced N621.35m to 1,050 members of Ebonyi State workforce under the FMBN Home Renovation Loan product,” he said.