The Managing Director/CE of the Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Dangiwa has said that the bank under his supervision has so far disbursed a total sum of N15.7 billion to 19, 169 beneficiaries across the country under the Home Renovation Loan window.
Arc. Dangiwa made the disclosure in Abuja on Wednesday, at the presentation of N640 million cheques to 640 FRSC beneficiaries of the FMBN homes renovation loan.
According to the MD, the homes renovation loan window afford Nigerians who are contributors to the National Housing Fund, an opportunity to access mortgage loans to renovate or improve existing properties either personally or family owned.
He explained that unlike the regular mortgage, the process includes the signing of a Memorandum of Understanding(MoU) and execution of letters of an undertaking by the various State governments, collaborating agencies and employers for the deduction and remittance of loan payments to the bank.
While stressing its mandate, which is to provide a cheap source of loanable funds to facilitate affordable home ownership for the low and medium income group in the country, he said the bank developed concessionary loan windows to enable Nigerians access mortgages.