FMBN increases mortgage ceiling to N50m, boosts affordable housing access

The Federal Mortgage Bank of Nigeria (FMBN) has raised the ceiling for its National Housing Fund (NHF) Mortgage Loan from N15 million to N50 million, a strategic move aimed at expanding access to affordable housing and helping more Nigerians achieve homeownership.

The announcement was made during the FMBN Day Celebration at the 46th Kaduna International Trade Fair, where the Bank reaffirmed its commitment to bridging the Country’s housing deficit and stimulating economic growth.

Speaking at the event, Shehu Osidi, FMBN’s Managing Director/Chief Executive, represented by Muhammad Abdu Executive Director of Loans and Mortgage Services, highlighted the Bank’s dedication to deepening housing finance and making mortgage access more inclusive.

He noted that the increase in the NHF Mortgage ceiling was driven by growing demand from high-income earners, particularly in the private sector, while still catering to low- and middle-income contributors.

“This development has led to renewed interest in the NHF scheme, and every request is being promptly attended to,” Osidi stated.

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He added that FMBN remains the only institution in Nigeria offering affordable mortgage loans at single-digit interest rates between 6% and 7%.

He emphasised that the Bank’s wide range of products—including the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and Rent-to-Own scheme—are tailored to meet the diverse needs of Nigerians across all income brackets.

Despite inflationary pressures, Osidi assured that FMBN would continue to develop innovative and affordable mortgage products to keep rates competitive.

Commending the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) for organising the trade fair, Osidi expressed optimism that the event would foster dialogue and partnerships that drive national development.

Abdu was accompanied at the event by Virginia Jang, FMBN’s Group Head of Corporate Communications, Abubakar Ahmed, Kaduna Zonal Manager, Kaduna Branch Manager, Hadiza Hamidu, and staff from both the head office and Kaduna branch.