Nigeria's Federal Mortgage Bank Increases Loan Limit to ₦50 Million to Support Homeownership

The Federal Mortgage Bank of Nigeria (FMBN) has significantly increased the maximum loan amount available under the National Housing Fund (NHF) Mortgage Loan, raising it from ₦15 million to ₦50 million. This policy adjustment is designed to enhance access to affordable housing, particularly benefiting higher-income earners in the private sector.

FMBN’s Managing Director, Shehu Usman Osidi, announced this development through the bank’s Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, at the 46th Kaduna International Trade Fair.

Osidi highlighted that the revised loan cap has generated renewed interest in the NHF scheme, with applications now being processed more efficiently. He reaffirmed FMBN’s dedication to addressing Nigeria’s housing shortfall and ensuring that its mortgage offerings remain accessible to individuals across different income brackets, including low, middle, and high earners.

Notably, FMBN remains the only financial institution in Nigeria that offers single-digit mortgage interest rates ranging between 6% and 7%. These rates apply to multiple loan products, such as the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and Rent-to-Own scheme.

Despite current economic difficulties, Osidi assured that the bank would continue to provide affordable mortgage solutions to facilitate homeownership for Nigerians.

Additionally, he commended the Kaduna Chamber of Commerce, Industry, Mines & Agriculture (KADCCIMA) for organizing the trade fair, recognizing it as an essential platform for fostering discussions on national economic growth and development.