FG raises mortgage ceiling to N85m, targets 2,000 loans annually

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The Nigerian Federal Government has raised the mortgage ceiling to N85 million to enable the Federal Mortgage Bank of Nigeria to approve approximately 2,000 loans annually. Contributors to the National Housing Fund can also access up to 25% of their retirement savings for home equity.

According to Darma, the new ceiling is expected to enable the Federal Mortgage Bank of Nigeria, FMBN, to approve at least 2,000 mortgages annually. It will also allow contributors to the National Housing Fund, NHF, to access up to 25 percent of their retirement savings accounts as equity for home ownership. The post FG raises mortgage ceiling to N85m, targets 2,000 loans annually appeared first on Vanguard News.