FG Starts Allocation Of 8,925 Houses Under National Housing Programme

Firm Issues N10bn Sukuk Bond For Housing Projects
Firm Issues N10bn Sukuk Bond For Housing Projects

Under the National Housing Programme (NHP), the Federal Government has announced that 8,925 dwellings would be distributed to eligible candidates across the country.

A statement released under the national housing initiative includes this information. The Permanent Secretary of the Ministry of Housing and Urban Development in Abuja is Dr. Marcus Ogunbiyi.

Ogunbiyi stated that following an examination of the terms and processes pertaining to the sale of homes under the NHP, the first round of the allocation process was completed.

“Of the 8925 applications that were received, 1,294 were for full payment, 2408 for mortgages, 2184 for rent-to-own, and 3039 for installment payment alternatives.

“New Provisional Allocation Letters are now available for the first group of qualified candidates under the Outright Payment option.

“The successful subscribers would be contacted by the Federal Controllers of Housing and Urban Development in the states as well as the Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM) from Thursday for collection.”

Ogunbiyi said that applicants under the mortgage, rent-to-own, and installment payment modes who should be subscribers to the National Housing Fund (NHF) were presently undergoing profiling.

The permanent secretary noted that there were no completed houses in Abia, Lagos, Bayelsa, Rivers States, or the FCT. Later in the year, when the housing units are completed, he said, the houses in the listed states will be allocated.

Under the NHF, a Federal Government program, any Nigerian who is employed for pay and is over 21 years old is eligible for a low-interest loan that is funded by the government. Naira to Appreciate to N1200 vs US Dollar -Goldman Sachs

Participants in the program pay 2.5 percent of their monthly income into the fund via the Federal Mortgage Bank of Nigeria. The maximum amount obtainable under the NHF used to be N5 million but has since been increased to N15 million. The borrowed capital is repayable over a maximum of 30 years at a rate of six percent interest.

Leave a Reply