The Federal Housing Authority (FHA) Mortgage Bank Limited has urged civil servants to utilise the opportunity given by the National Housing Fund (NHF) scheme to secure loans to acquire or renovate their homes.
Edak Atokolo, Business Executive Officer, FHA Mortgage Bank, gave the advice, on Wednesday, during the bank’s loans scheme sensitisation at the News Agency of Nigeria (NAN), Abuja.
The FHA Mortgage Bank Ltd is a Primary Mortgage Bank (PMB) saddled with the responsibility to provide mortgage facilities to civil servants towards financing, acquisition, renovation and development of dwelling houses.
Atokolo explained that a civil servant must be a contributor to the National Housing Fund (NHF) scheme to qualify for its loan package with six per cent interest rate.
“Housing is one issue that civil servants worry about because of the huge cost of securing properties, especially in Abuja, so with a loan of this sort at six per cent interest, a worker can secure a house.
“The major requirement for NHF loan, as a civil servant, is to have a current account with a minimum of N10,000, two current passport, an identity card, PHCN or water bill and Bank Verification Number (BVN).
“The loan provides the opportunity for staff to finance, acquire, renovate and develop houses in more than 10 different locations of your choice depending on your salary,’’ she said.
She said in an attempt to make loans accessible to civil servants, FHAMB had made provision for partnership payment.
“If your salary cannot accommodate your payment, your spouse can come in to help out in the repayment plan,’’ she said.
She said that FHA loan is reliable, because the bank would never defraud any civil servant, adding that if due process was not followed, the bank would have to make refunds to the person concerned.
“NHF loan is grouped into three: N1 million to N5 million, which requires 10 per cent equity, above N5 million to N10 million with 20 per cent equity and above N10 million to N15 million has 30 per cent equity to be contributed.
“ We have houses and land that our developers are working on and would be available to civil servants in different locations in Nigeria particular Abuja,’’ she said.
According to her, the NHF loan could be processed within six months after opening an account and details of workers profiled by the bank.
She encouraged staff to participate in the loan scheme to acquire, renovate and develop their own houses to avoid unnecessary embarrassment from landlords.
