FG launches affordable homes mortgage scheme

The Federal Government has launched the first 10,000 Affordable Housing Mortgage Scheme under the Nigerian Housing Finance Programme in an effort to help bridge the housing deficit in the country. The launching, which is expected to alleviate constraints to a rapid housing development in the country, kicks off the pre-qualification of people for an initial 10,000 mortgages to be provided by lenders. The scheme is designed to enable Nigerians who meet specific eligibility requirements to be registered for the 1st 10,000 mortgages for houses valued at between N2 million and N20 million for mortgages over a period of up to 20 years. Minister of Finance & Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, launched the programme last week, in Abuja. She said it was an actualisation of President Goodluck Jonathan’s promise of delivering affordable housing before the end of the year.