The Federal Government has announced the allocation of 8,925 houses to deserving applicants nationwide under the National Housing Programme.
The Federal Government has commenced the allocation of 8,925 houses nationwide through the National Housing Programme (NHP). The Ministry of Housing and Urban Development revealed that no completed houses were available in Abia, Lagos, Bayelsa, Rivers states, and the Federal Capital Territory (FCT).
Dr. Marcus Ogunbiyi, the Permanent Secretary of the Ministry, made this announcement in Abuja. The NHP is a government initiative that provides low-interest, government-funded loans to employed Nigerians above 21 years old. Participants contribute 2.5% of their monthly salary to the Federal Mortgage Bank of Nigeria.
Previously, the maximum loan amount under the NHP was N5 million, but it has been increased to N15 million. Borrowers can repay the capital over a maximum of 30 years at a 6% interest rate.
Ogunbiyi stated that the allocation process for the first batch was completed after reviewing the conditions and procedures for selling houses under the NHP. Out of 8,925 applications received, 1,294 were for outright payment, 2,408 for mortgage, 2,184 for rent-to-own, and 3,039 for installment payment modes.
New provisional allocation letters for successful applicants under the outright payment mode are ready for distribution. The Federal Controllers of Housing and Urban Development in the states, along with the Chairman/CEO of the Nigerians in Diaspora Commission (NIDCOM), will contact successful subscribers for collection starting Thursday.
Applicants under the mortgage, rent-to-own, and installment payment modes, who must be subscribers to the National Housing Fund, are currently undergoing profiling. However, completed houses are not available in Abia, Lagos, Bayelsa, Rivers states, and the FCT. Allocation in these states will occur after the completion of housing units later this year.
In summary, the Federal Government has begun the allocation of 8,925 houses through the NHP, aiming to provide affordable housing solutions to Nigerians across various payment modes. The process involves thorough review and coordination to ensure fairness and transparency in the allocation process.
Punch News
The Federal Government has announced the allocation of 8,925 houses to deserving applicants nationwide under the National Housing Programme.
