National housing programme: FG begins allocation of 8,925 houses to applicants

“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.”

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Ogunbiyi also said applicants under the mortgage, rent to
own and instalment payment modes who should be subscribers to the NHF were
presently undergoing profiling.

The permanent secretary added that there were no completed
houses in Abia, Lagos, Bayelsa, Rivers States and the FCT.

He said the allocation of houses in the listed states would
be done after the completion of the housing units later in the year.

The NHF is a federal government scheme, which entitles all
Nigerians above the age of 21 years in paid employment to a low-interest,
government-funded loan.

Members of the scheme contribute 2.5 percent of their
monthly salary to the fund through the Federal Mortgage Bank of Nigeria.

The maximum amount obtainable under the NHF was N5 million
but now N15 million.

The borrowed capital is repayable over a maximum of 30 years
at the rate of six percent interest.