First City Monument Bank has announced homeownership loan, otherwise called mortgage loan for Nigerians who want to own their homes.
According to a statement, the bank is offering Nigerians homeownership loan of up to N75m each, and anyone can qualify.
Why Homeownership Loan for Nigerians?
Citing a Central Bank of Nigeria, CBN report, it says Nigeria requires about 700,000 housing units annually for 20 years to accommodate the rising population.
FCMB urged Nigerians, including salaried individuals, to take advantage of its convenient and flexible mortgage loan product to fulfill their homeownership dream.
How Does the FCMB Homeownership (Mortgage) Loan Works?
It says customers could get the funds needed to finance the cost of buying land to build a home quickly at an affordable interest rate with monthly or quarterly payment options, depending on their income.
The Divisional Head, Personal Banking of the bank, Mr Shamsideen Fashola, said, “Homeownership is one of the most important accomplishments of an individual as it goes a long way to secure the future. 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.”
Covid 19 and Homeownership Loan Accessibility for Nigerians
According to the statement, the bank’s decision to make the mortgage loans easily accessible to Nigerians directly responds to the impact COVID-19 has had on personal and household incomes and business.
The Group Chief Executive, FCMB, Mr Ladi Balogun, said, “The bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.
“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.”