- The First City Monument Bank (FCMB) is floating a mortgage loan in which everyone can qualify in order to own a house
- The bank said its N75 million mortgage facility is targeted at both business owner and salary earners
- According to the bank, the plan is in line with its goals of contributing to the Sustainable Development Goals
The First City Monument Bank FCMB is floating a N75 million mortgage loan and tells depositors “anyone can qualify,” as it seeks to contribute to the gapping housing needs in Nigeria.
According to a report by the Central Bank of Nigeria (CBN), about 700,000 housing units are needed every year for the next 20 years to accommodate the increasing population now said to be above 200 million and predicted to double by 2050.
FCMB asked customers to get money to acquire land and build a home at a reasonable interest rate with monthly or quarterly options.
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The bank’s Personal Banking Divisional Head Shamsideen Fashola stressed in a statement said that one of the most crucial accomplishments of a person is homeownership.
What the bank said:
“Homeownership is one of the most important accomplishments of an individual as it goes a long way to secure the future,”.
Lending a hand to customers to become landlords
“As a responsive and customer-centric institution, our mortgage loan product is tailored towards helping our customers become landlords, thereby making them secure, accomplished, and fulfilled. The mortgage loan is easy to obtain, and repayment is flexible. We want to be part of the success story of our customers. We will continue to support our customers’ dreams and that of Nigerians by giving them the financial support they need to be homeowners when it matters most. We, therefore, advise them to take advantage of the opportunities we offer in the mortgage segment.”
Commitment to post-pandemic recovery
The bank said it is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.
According to a report by The Punch, FCMB Group Chief Executive Ladi Balogun added that the intervention of the bank in the housing sector agrees with plan 11 of the Sustainable Development Goals, concentrated on making cities and human settlements inclusive, safe, resilient, and sustainable.
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Legit.ng has reported that the housing deficit in Nigeria is so wide that the Nigerian government has welcomed private initiatives by individuals or corporate bodies to fill the gaping space left by decades of inadequate housing in the country.
Statistics from the Central Bank of Nigeria (CBN) says Nigeria has experienced tremendous growth in its housing sector, as captured by the real estate sector, with the housing market estimated to have grown to about 20.0 per cent in terms of asset prices.
That said, the housing sector in Nigeria still accounts for only 3.0 per cent of Nigeria’s GDP and the current housing construction stands at about 100,000 units a year for a country of over 190 million people.