CBN recently shifted by six months the deadline for the recapitalization of PMIs in
Well, that has to do with what the regulatory body thinks is good for the economy -- what will bring positive results in terms of housing delivery and mortgage processing. But I think it's a very good policy. The extension is twofold. One is those primary mortgage institutions that have been given up to 31st of June to do certain things to meet up with the requirements of CBN.
The second extension is for those PMIs that are owned by the state governments who were given up till the end of July to do certain things as well. So I think it is going to significantly affect the mortgage industry because those of them that are going down will now have to be micro finance banks (MFBs).
You know Micro Finance Banks are not allowed to carry out mortgage business. Fortunately, we have already started discussing with
How many PMIs are we looking at?
The PMIs are categorized into three: there are those that can do national operations for the time being. Only seven PMIs or PMBs have been licensed to do national mortgage operation. We have state PMBs and I think they are 16 in number. The remaining, we're still waiting for the guideline and the listing from the CBN.
What about the
What I know is that
The purpose of this is to put it in a guarantee form for those who will be taking mortgages. But we don't have the capacity. We're still working with the
We're working together with the
How true is it that a Chinese loan has also been obtained by FMBN?
The Chinese offer of
At what interest rate?
We are taking the loan at 2.5 percent and will be given out to beneficiaries at our normal rate of 6 percent.
What projects have FMBN commissioned recently?
The quality of work by the developer is commendable. Developers should emulate them and deliver projects in record time and at required quality.
The commissioning of the Enugu estate, named Elim, is another visible and verifiable pointer to the success of housing delivery initiative the present administration commenced about four years ago.
FMBN has commenced the packaging of loans to workers in Enugu State and we urge those who have not yet embraced the fund to do so in order to partake of the inherent benefits.
Only recently, President Jonathan also launched National Housing Fund NHF e-Card and commissioned the
The estate which covers a land mass of 11.9 hectares comprises a total of 270 housing units of 144 units of two-bedroom flats, 50 units of three-bedroom semi-detached bungalows and 76 units of three-bedroom detached bungalows.
Another of the several positive outcomes of the activities of the NHF was the recent commissioning of 1,000 housing units for the rank and file and officers of the
The 1,000 housing estate, named after former police boss
The estate, named
We also funded mortgages that the
How much has FMBN collected from subscribers and how much loans have been recovered from defaulters?
FMBN has collected N134billion from subscriptions and other sources and also has upped loans recovery from individuals that took facilities from the company and refused to pay in the past; stretched participation to 30 states; earns N41 million from contributions every month; and recovered N2.4 billion in loans owed in the past and also pays adequately all contributors that have retired from service within this period.
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