This is a cheering news for Nigerians, especially the low income earners. Did you know that you could own a house of your own without breaking the bank? The answer is Yes, with the Renewed Hope Housing Project of the Federal Ministry of Works and Housing.
The plan is to build houses for low income earners and sell to them through a mortgage arrangement. Meaning that you have several years of up to 30years to pay up for the property even while already living inside it. Is that not awesome?
According to the ministry, “Under Phase One, we plan to deliver a total of 50,000 housing units across Nigeria. The Cities will have 1,000 housing units per site in one location in each of the six geo-political zones in the country and FCT, while the Estates will have 500 housing units per site in the remaining thirty (30) States.
“We have conceptualized the Renewed Hope Estates to cater to low- and medium-income earners. They comprise one-, two-, and three-bedroom semi-detached bungalows. To enhance affordability and ease of offtake, we used organic designs where one bedroom can be expanded to two bedrooms and three bedrooms as the income of beneficiaries increase over time.
“The funding for these projects will come from a mix of sponsors comprising the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public Private Partnerships with reputable developers. Your Excellency would recall has graciously approved the total sum of 126.5bn from the 2023 supplementary budget and 2024 budget for these projects, including slum upgrade and urban renewal
“The program aims to address social inequality by providing a broad range of affordable ownership options. This includes single digit and up to 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria, Rent-to-Own options where beneficiaries can move in and pay towards homeownership in monthly, quarterly, or annual instalments and Outright Purchase for high income earners” it stated.
How to Apply
To take advantage of this initiative, applicants are expected to create an account fill out a form HERE.
In that form, you will be expected to supply your name in full, email address, phone number, country of residence and create a password. Fill amd submit.
A code will be sent to your email inbox. Fill it in, into the website. Check spam folder if not available in the main inbox.
You will asked for your date if birth and a means of identification.
And then, you will have to provide data about your employment details including your salary figure and Pensions Account details.
That is it!
Next is to be shown available properties for subscription. You can choose location and prices that you can afford to pay.
You will be shocked how affordable these are.
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