The Federal Government on Thursday launched what it called 10,000 Affordable Mortgage Housing Scheme as part of effort to cover the housing needs of Nigerians.
The World Bank estimates that there are 17 million housing deficit in Nigeria and that it will take N59.5 trillion to cover the deficit.
Speaking at the event in Abuja, Minister of Finance Dr. Ngozi Okonjo-Iweala said that launch of the project actualizes President Goodluck Jonathan’s promise to deliver affordable housing before the end of the year.
She said the launch will pre-qualify Nigerians for the initial 10,000 mortgages to be provided by lenders.
“We’ve tried to aim this scheme primarily at the first time home buyer who is in the market to purchase a home costing between 2 million and 20 million Naira. So, we tried to keep it low to address our first time buyers and above all, our young people.
“There will be a step by step presentation as to how the scheme works but essentially, what we’ve done is develop an online portal specially for this scheme; www.housingfinance.gov.ng and you need to access this online portal”, she said.
She explained that those who log onto the portal will be asked to go through a checklist of requirements to verify tax compliance.
She said that the mortgage scheme is a public-private partnership which would help to deepen Nigeria’s mortgage market and make housing more affordable for those who need it.
She explained that those who qualify will be required to deposit 20 percent of the total cost and pay the remaining over a period of time.
