FCMB floats mortgage scheme to help bridge housing deficit
By Jeph Ajobaju, Chief Copy Editor
First City Monument Bank (FCMB) has floated up to N75 million in mortgage loan and says “anyone can qualify” for it as part of its contribution to Abuja’s drive to bridge federal housing deficit.
Business people and salary earners alike should embrace the convenient and flexible mortgage loan product to fulfill their homeownership dream, the bank said.
A report by the Central Bank of Nigeria (CBN) says about 700,000 housing units are required annually for 20 years to accommodate a rising population now estimated at 206 million and expected to double by 2050.
FCMB urged customers to get funds to buy land and build a home at an affordable interest rate with monthly or quarterly payment options, depending on their income.
“Homeownership is one of the most important accomplishments of an individual as it goes a long way to secure the future,” FCMB Personal Banking Divisional Head Shamsideen Fashola stressed in a statement.
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Helping customers become landlords
Fashola said: “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 is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses,” FCMB Group Chief Executive Ladi Balogun added, reported by The PUNCH.
“The intervention of FCMB in the housing sector aligns with goal 11 of the Sustainable Development Goals, focused on making cities and human settlements inclusive, safe, resilient, and sustainable.”
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