The Federal Mortgage Bank of Nigeria (FMBN) has raised the maximum National Housing Fund (NHF) Mortgage Loan from N15 million to N50 million per applicant to enhance access to affordable housing, particularly for high-income earners in the private sector.
FMBN’s Managing Director/Chief Executive, Shehu Usman Osidi, announced the development in a goodwill message delivered by the Bank’s Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, during the 46th Kaduna International Trade Fair.
Osidi stated that the increased loan ceiling has generated fresh interest in the NHF scheme, with applications now being processed more efficiently.
He reaffirmed FMBN’s commitment to bridging Nigeria’s housing deficit, emphasizing that the bank will continue evolving its mortgage products to cater to all income brackets—low, middle, and high earners.
“In this regard, several initiatives and products are being introduced to meet the diverse needs of NHF contributors,” he stated.
He highlighted FMBN’s unique position as the only institution offering single-digit mortgage interest rates of 6-7%, through products such as the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and Rent-to-Own scheme.
Despite economic challenges, he assured that FMBN would maintain affordable mortgage rates to sustain homeownership opportunities for Nigerians.
Osidi also commended the Kaduna Chamber of Commerce, Industry, Mines & Agriculture (KADCCIMA) for organizing the Trade Fair, describing it as a vital platform for advancing discussions on national development.
Dr. Abdu was joined at the event by FMBN’s Group Head of Corporate Communications, Mrs. Virginia Jang, Kaduna Zonal Manager, Mr. Abubakar Ahmed, Kaduna Branch Manager, Mrs. Hadiza Hamidu, and other staff from the Bank’s headquarters and Kaduna branch.
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