HOUSING FOR ALL

The Central Bank of Nigeria (CBN) is spearheading a new scheme targeted at providing improved access to housing finance to aspiring homeowners. The initiative would have a tenor of 15 years to 25 years, depending on the age of the borrower, their income and desired tenor and would be available to eligible applicants with insufficient or no equity contribution.

 The scheme, known as My Own Home, is also expected to provide awareness, education and practical tips to assist prospective homeowners in need of long-term housing finance. The public-private partnership project is backed by the World Bank, Federal Ministry of Finance, Federal Ministry of Power, Works and Housing, Federal Ministry of Justice, Mortgage Banking Association of Nigeria, as well as primary mortgage banks through equity in the Nigeria Mortgage Refinance Company

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