The Federal Mortgage Bank of Nigeria said it has increased the maximum housing loan for participants to N50m.
But the review is exclusively for higher income earners that subscribed to the scheme.
The disclosure was made by the Chairman of the Board of Directors of FMBN, Ayodeji Gbeleyi during the commissioning of the 72-unit Lagos State Development and Property Corporation Staff Millennium Mission Planning and Control Station Ltd Estate at Emuren axis in Sagamu.
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Prior to the review, the FMBN had pegged the maximum credits for housing at N15m per applicant but high income subscribers had appealed for a review.
Gbeleyi said the the Board took the decision after high earning Nigerian workers who contribute to the National Housing Fund scheme sought for an upward review of the credit limit.
The FMBN Chairman said, “The scheme, established in 1992, enables workers to contribute 2.5 per cent of their monthly income and access loans to cater for their housing finance needs, such as outright purchase, self-construction, home renovation, and rent-to-ownership.
“More recently, the Board of Directors approved an increase in the NHF mortgage loan limit from N15m to N50m per applicant in response to requests by the higher income earning segment of NHF subscribers.
“The maximum loan limit, however, is subject to affordability based on the monthly development, I want to assure you of the monthly income of an applicant.”
Madu Hamman, Managing Director/Chief Executive of FMBN, said the 72-unit project was fully funded by FMBN in fulfillment of the commitment to the dreams of Nigerian workers who want to own homes and are contributors to the National Housing Fund (NHF) Scheme.
Hamman reiterated the commitment of FMBN to fund housing constructions for housing cooperative societies and also fund the acquisition of the houses developed for cooperative members through regular Individual NHF loans under the Cooperative Housing Development Loan Scheme (CHD)