Mrs. Akon Eyakenyi, Minister of Lands, Housing and Urban Development.
Following the launch of the first Mortgage Scheme for 10,000 beneficiaries by the Federal Government to reduce the constraints of poor access to mortgage loans, Management of FUO has pledged support for staff willing to apply for the scheme.
Referring to the speech by the Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi during the launching where she revealed that the Federal Government has reviewed other vital factors to home ownership like land availability, simplifying the processes for obtaining a certificate of occupancy and property registration, Prof. Mobolaji Aluko assured that the University will do whatever it can to make it easy for members of staff who wish to access the scheme, so that they can own their houses at affordable rates and conditions.
He further stated that staff should not relent or be discouraged as Bayelsa State is among the fourteen states that have pledged support towards the implementation of the Housing Scheme.
FUO media Team gathered that, the Scheme is a re-financing vehicle set-up by the Nigeria Mortgage Refinance Company (NMRC) which was launched in January 2014 by President Goodluck Jonathan to provide Nigerians access to liquidity and long term funds to deliver mortgage services.
Also, that the scheme is aimed primarily at first time home buyers who require mortgages to purchase a home costing between N2 Million to N20 Million with the hope of improving their socio-economic conditions.
Criteria for accessing the loan stipulate that prospective beneficiaries must attain a level of eligibility which includes: Nigerian citizenship, be an owner occupier property status, be at least 21 years of age, earn a regular income, be tax compliant and be able to make a down payment of 20 percent of total cost of the house of choice.
Having met the above listed criteria, applicants are advised to access a dedicated online portal- www.housingfinance.gov.ng to complete the application process.
It was also revealed that NMRC is also involved in Property Registration, Enforcement of Mortgage Property and Access to Service Land.
Meanwhile, Minister of Finance, Dr. Ngozi Okonjo Iweala says the inauguration of the NMRC in January and its subsequent take-off in June has removed the key barrier of finance as major catalyst in developing accessible and affordable housing in Nigeria.
The Minister who was speaking at the inauguration of the scheme in Abuja said under the new framework, the processing time for application for the Mass Housing Project had been reduced from between six and eighteen months to just six weeks.
“We want Nigerians to own their own houses at affordable costs. The NMRC’s mission is to provide long term funding for the housing sector’’ she said.
She also disclosed that the Ministry of Lands, Housing and Urban Development is planning on implementing other complimentary projects to help provide affordable houses for Nigerians.