The scheme, known as My Own Home, is also expected to provide awareness, education and practical tips to assist prospective homeowners in need of long-term housing finance.
The public-private partnership project is backed by the World Bank, Federal Ministry of Finance, Federal Ministry of Power, Works and Housing, Federal Ministry of Justice, Mortgage Banking Association of Nigeria, as well as primary mortgage banks through equity in the Nigeria Mortgage Refinance Company.
CBN’s Housing and Mortgage Finance Consultant on the Nigeria Housing Finance Programme, Mrs. Adenike Fasanya-Osilaja, explained that the initiative would provide mortgages, mortgage guarantee and insurance as well as housing microfinance to every Nigerian in need of a home.
“Every Nigerian has a right to own a home through mortgage. There seems to be a fear of taking mortgages but this programme seeks to dispel the style of building block by block.
“Nigerians should go to their banks and ask questions because this is a scheme to help every Nigerian who needs a home,” Fasanya-Osilaja said.
According to her, the initiative will provide housing finance to Nigerians who are up to the age of 21 and meet the borrowing requirements of a mortgage originating bank or a housing microfinance bank.
She however noted that the scheme would not provide ready-made houses but was designed to jumpstart the housing finance market.
“Once it starts, the banks will take over to give loans, which will help aspiring homeowners. All they need to do is ask participating mortgage originating banks or housing finance institutions for requirements to participate”.
“It is an industry-driven programme and the industry will remain the same irrespective of government and political parties in power. The scheme does not have its base in social housing and so sustainability is assured; it does not discriminate on the basis of income.
“If you are able to pay your rent, then, you can subscribe to the scheme. It is a paradigm shift for homeownership in Nigeria and we will spread the initiative to all parts of the country.” PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> How I Made Me =N=2.5 MILLION In 7 Days from 2 Common Product I Imported and how you can do the same. Click HERE FOR FREE Details right now Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them Secret Fruits that increased my Manhood and makes me last 55 minutes+ all time - Click here to get it Warning: Got Arthritis? 3 Simple Ways To Get Cured And Be Permanently Free From Joint Pains. Click Here To See Them REVEALED!! Reduce Your Blood Sugar Level And Reverse Diabetics Within A Short Period Of Time. Click Here To See How MIDNIGHT,Pressed Mr Kilanko Suddenly Couldn't Urinate. Shrink your Enlarged Prostrate Here! Click Here Now