CBN Reveals How Nigerains Can Own A House And Pay Within 15-25 Years

CBN Reveals How Nigerains Can Own A House And Pay Within 15-25 Years. The new scheme introduced by The Central Bank of Nigeria (CBN) is to create more opportunities to Nigerains to own a house and also have enough time to pay off the stipulated amount of the house.

The number of years given to pay off the cost of the house is between 15 to 25 years, depending on the age of the borrower, their income their desired tenor and will be made available to eligible applicants with insufficient or no equity contribution.

According to the a CBN consultant of on Housing and Mortgage Finance on the Nigeria Housing Finance Programme, Mrs. Adenike Fasanya-Osilaja, she said;

“Every Nigerian has a right to own a home through mortgage. There seems to be a fear of taking mortgages but this programme seeks to dispel the style of building block by block.

“Nigerians should go to their banks and ask questions because this is a scheme to help every Nigerian who needs a home,”Fasanya-Osilaja, said.

She also revealed that the scheme will make available housing finance to Nigerians who are up to the age of 21 and meet the requirements of a mortgage originating bank or a housing microfinance bank.

She also said;

“Once it starts, the banks will take over to give loans, which will help aspiring homeowners. All they need to do is ask participating mortgage originating banks or housing finance institutions for requirements to participate”.

“It is an industry-driven programme and the industry will remain the same irrespective of government and political parties in power. The scheme does not have its base in social housing and so sustainability is assured; it does not discriminate on the basis of income.

“If you are able to pay your rent, then, you can subscribe to the scheme. It is a paradigm shift for homeownership in Nigeria and we will spread the initiative to all parts of the country.”