By Tony Edike

The Federal Mortgage Bank of Nigeria, FMBN has reiterated its commitment to providing loans to contributors of the National Housing Fund to enable them purchase their individual houses without encountering any difficulty.

The FMBN also said that it would not renege on its initial loan plan for NHF contributors, and prospective contributors, as it would continue to grant loans which repayment spans a maximum of 30 years.

Executive Director of the bank on Policy and Strategy, Mr. Mike Nwogbo, made this assertion while inspecting two Housing Estates in Enugu State – Elim and Vivian Estates.

Surveyors Ugo Chime (Elim) and Leo Ugwu (Vivian) are the private developers of the two estates, which are located along Enugu-Ugwuogo-Opi Road.

Nwogbo, who also oversees the bank’s Loan Set-Up and Pay Off unit of the bank, commended the private developers of the two estates, saying, “I am really excited with the level of work I am seeing here. It is all quality, finesse and they don’t look like  commercial houses.”

He also said, “The bank is doing quite a lot to encourage private developers, especially in the South-East zone, to ensure that the purpose of the Federal Mortgage Bank of Nigeria is really felt in this country.

According to him, “The bank Is working hard to deliver 5,000 units of housing annually to reduce the 17 million housing deficit in the country.”

Nwogbo, however, noted that, “Only contributors to the National Housing Fund in both the private and public sectors are qualified to buy the houses through their Primary Mortgage Institutions.”

He added that the bank monitored the pricing of the houses to ensure that the developers did not fleece their customers.

Conducting the FMBN executive director and his team round his estate , the developer of Elim Estate, Surveyor Ugo Chime, said it contained 78 three-bedroom bungalows, 121 two-bedroom flats and 128 one-bedroom flats. Chime also said that the estate has provisions for a nursery/primary school, a shopping mall and a police post.

He commended the FMBN for supporting private real estate developers saying more Nigerians would be provided shelter with improved funding from the bank.

The developer of Vivian Estate, Mr. Leo Ugwu, said his comprises 125 units of three-bedroom bungalows and that it cost him about N1 billion to develop.

He promised that the houses would be ready for occupation before February next year and thanked the FMBN for supporting the project.