FG commences allocation of 8,925 houses to applicants nationwide

The Federal Government has commenced the allocation of 8,925 houses it built to eligible subscribers nationwide under the National Housing Programme (NHP).

Dr. Marcus Ogunbiyi, Permanent Secretary, Ministry of Housing and Urban Development, made this announcement on Monday in Abuja.

According to a statement, out of the 8,925 applications received, 1,294 were for outright payment, 2,408 for mortgage, 2,184 for rent-to-own, and 3,039 were for installment payment modes.

According to Persecondnews, the NHPF is a federal government scheme that entitles all Nigerians over the age of 21 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 NHF now allows for a maximum of N15 million instead of the previous N5 million.

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

Ogunbiyi stated that a review of the terms and procedures for the sale of houses under the NHP concluded the first batch of the allocation process.

Out of a total of 8925 applications that were received, 1,294 were for outright payment, 2408 for mortgage, 2184 for rent-to-own, and 3039 were for installment payment modes.

“The offer of new provisional allocation letters for the first batch of successful applicants under the outright payment mode is 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) as from Thursday this week for collection.

Ogunbiyi said that applicants under the mortgage, rent-to-own, and installment payment modes who should be subscribers to the National Housing Fund were presently undergoing profiling.

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

He stated that the completion of the housing units later in the year would precede the allocation of houses in the listed states.