FG Begins Allocation of 8,925 Houses Under National Housing Programme
The Federal Government has announced the allocation of 8,925 houses to deserving applicants nationwide under the National Housing Programme (NHP).
This is contained in a statement issued by through the national housing programme. Dr Marcus Ogunbiyi, the Permanent Secretary of the Ministry of Housing and Urban Development in Abuja .
Ogunbiyi said the first batch of the allocation process was concluded after a review of the conditions and procedures for the sale of houses under the NHP .
“Of the 8925 applications received, 1,294 were for outright payment, 2408 were for mortgages, 2184 were for rent-to-own, and 3039 were for payment options by installments.
“The offer of New Provisional Allocation Letters for the first batch of successful applicants under the Outright Payment mode are now ready.
“The successful subscribers would be contacted by the Federal Controllers of Housing and Urban Development in the states as well as the Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM) from Thursday for collection.”
Ogunbiyi said that applicants under the mortgage, rent-to-own, and installment payment modes who should be subscribers to the National Housing Fund (NHF) were presently undergoing profiling.
The permanent secretary noted that there were no completed houses in Abia, Lagos, Bayelsa, Rivers States, or the FCT.
Later in the year, when the housing units are completed, he said, the houses in the listed states will be allocated.
Under the NHF, a Federal Government program, any Nigerian who is employed for pay and is over 21 years old is eligible for a low-interest loan that is funded by the government. Naira to Appreciate to N1200 vs US Dollar -Goldman Sachs
Participants in the program pay 2.5 percent of their monthly income into the fund via the Federal Mortgage Bank of Nigeria.
The maximum amount obtainable under the NHF used to be N5 million but has since been increased to N15 million.
The borrowed capital is repayable over a maximum of 30 years at a rate of six percent interest.
