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Business & EconomyNews

CBN okays N200b housing loan for low income earners

written by Taiwo Adediran September 16, 2020
CBN okays N200b housing loan for low income earners

THE Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF).

The fund is   for  the  building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory.  It is also expected to  help create up to 1.5 million jobs in five years.

The CBN framework for the implementation of the Family Homes Financing Scheme released yesterday indicates  that  the fund  would be released to FMF on project basis, subject to the cumulative maximum limit of N200 billion.

According to the framework,  the three-year  term loan will  enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive).

The apex bank said it introduced the financing initiative to support the Federal Government’s Economic Sustainability Programme.

The  bank added that  the programme was  designed to utilise, at least, 90 per cent locally manufactured inputs  so as to  conserve foreign exchange.

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