The Federal Government has launched the first 10,000 mortgages for affordable homes scheme.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, who spoke at the launch in Abuja yesterday, said that the Federal Government’s 10,000 mortgage system was inspired by President Goodluck Jonathan’s pledge earlier this year in January, when he launched the Nigerian Mortgage Refinancing Company (NMRC) to enable Nigerians purchase and own their own homes.
“Nigerians can now apply and be pre-qualified for 10,000 mortgages to be provided by lenders most of whom are here present with us. They will now be able to provide many more mortgages because of the NMRC,” she said.
According to her, the scheme will help tackle the country’s 17 million housing deficit in a comprehensive and sustainable way.She added that unlike the existing mortgage scheme, where tenor is not more than 36 months, mortgage subscribers can now pay back in up to 20 years.
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