{"id":11381,"date":"2018-08-12T20:55:54","date_gmt":"2018-08-12T20:55:54","guid":{"rendered":"https:\/\/everyday.ng\/?p=11381"},"modified":"2018-08-12T20:55:54","modified_gmt":"2018-08-12T20:55:54","slug":"mortgage-bank-begins-rent-to-own-housing-scheme","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=11381","title":{"rendered":"Mortgage Bank begins “Rent to Own” housing scheme"},"content":{"rendered":"
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\nBy NAN<\/strong>.
\nThe Federal Mortgage Bank of Nigeria (FMBN) Board has approved the implementation of the \u2018Rent-To-Own\u2019 pilot housing scheme to begin with 3000 houses nationwide.
\nA statement signed by Mrs Zubaida Umar, FMBN Corporate Communications Group Head, on Sunday in Abuja, stated that the scheme was a strategic move designed to make home ownership more accessible and affordable for Nigerian workers.
\nThe FMBN \u2018Rent-to-Own\u2019 scheme is an innovative affordable housing product, which provides an easy and convenient payment plan towards home ownership for Nigerian\u2019s workers.
\nThe scheme is designed for workers to move into FMBN homes as tenants, pay for and own the properties through monthly or yearly rent payments spread over periods of up to 30 years.
\nUmar noted that the properties would also attract a single digit interest rate of nine per cent on the price of the property on an annuity basis to increase affordability.
\n\u201cThe product will cover properties with the maximum value of N15million.
\n\u201cThe rent-to-own housing product targets Nigerian workers who are contributors to the National Housing Fund (NHF) and will be implemented in phases. About 3000 houses are planned for the pilot phase with 3000 beneficiaries.
\n\u201cTo deliver on the rent-to-own housing scheme, FMBN will partner with reputable estate developers for the construction of cost-effective housing stock nationwide.
\n\u201cPayments for the houses will be domiciled with the CBN through the Treasury Single Account (TSA).
\n\u201cProperties that are planned for the rent-to-own scheme are Existing Estates that are funded by FMBN nationwide and non-funded estates,\u201d She said.
\nSpeaking on the development, FMBN Managing Director, Mr Dangiwa Ahmed, was quoted as saying that the rent-to-own was another groundbreaking initiative targeted at increasing access to affordable housing by workers in the low-medium income brackets.
\n\u201cThe rent-to-own housing product is designed to make sure that any worker who collects salary should be able to live in his own home and pay conveniently over periods as long as 30-years!
\n\u201cThis is a massive relief especially given how little workers earn.
\n\u201cI am delighted that we have successfully added this product to the many other initiatives that we have made possible to make home-ownership a lot easier for Nigerian workers\u201d.
\nAhmed commended President Muhammadu Buhari for his commitment to the development of housing and the Minister of Power, Works and Housing, Babatunde Raji Fashola for his continual support on the ongoing reforms to re-position FMBN.
\nHe added that the scheme would eliminate the burden of equity contributions by workers for housing loans, complement its existing products and help the bank to utilise abandoned estates that were to be transferred to the scheme.\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By NAN. The Federal Mortgage Bank of Nigeria (FMBN) Board has approved the implementation of the \u2018Rent-To-Own\u2019 pilot housing scheme to begin with 3000 houses nationwide. A statement signed by Mrs Zubaida Umar, FMBN Corporate Communications Group Head, on Sunday in Abuja, stated that the scheme was a strategic move designed to make home ownership […]<\/p>\n","protected":false},"author":7,"featured_media":11382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11381","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/11381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11381"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/11381\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}