5 Tips about FMBN’s Rent-to-Own Housing Product
Affordable housing means market‐quality for formal housing that can be consumed by households that cannot afford the typical market price. In developed countries, housing is considered “affordable” if families spend not more than 30 percent of their income on rent, mortgage services plus other housing costs.
This innovative and affordable housing product provides an easy and convenient payment plan. This contributes toward homeownership for contributors to the National Housing Fund ( NHF ) Scheme. The Federal Mortgage Bank of Nigeria ( FMBN ) administers and manages the fund as a source of long-term finance. It is to power the Bank’s affordable suite of housing products.
FMBN’s RENT-TO-OWN HOUSING
It is a timely and necessary intervention to tackle the housing affordability challenge in Nigeria. The housing enables eligible contributors of NHF to move into FMBN homes located nationwide as tenants.
Applicants don’t have to cough out any upfront payments that only a few can afford. It allows beneficiaries the convenience to pay for and own the properties through monthly or yearly rent payments.
These payments could be spread over periods of 30 years. applicant to present a verifiable steady income from his bank. Contributors of the NHF scheme can apply for FMBN housing loans. This is after six months of consecutive contributions of 2.5 percent of their monthly income.
- To begin with, the basic requirements for interested workers are pay slip. The evidence shows the applicant is a contributor to the National Housing Fund (NHF).
- Secondly, three agreements are expected to be entered into by every applicant and FMBN management. They are the
- Firstly, the tenancy agreement,
- Secondly, mortgage,
- Lastly, employer guarantee.
- Also, as a contributor to the NHF scheme; You do not need to pay any upfront fees, down payment, or mortgage perfection fees to take ownership of the building.
- Thus, FMBN’s introduction of the rent-to-own product is a timely social housing intervention. Also, it is to sustain and scale as an institutional path to homeownership for low and medium-income tenants.
The combination of affordable terms, that is rental payments, zero equity payments, single-digit interest rates, and the 30-year payment plan, depending on an applicant’s age and the number of years in service makes the FMBN rent-to-own housing window a great enhancer of housing affordability.
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