The recent decision by the Federal Mortgage Bank of Nigeria (FMBN) to raise the maximum National Housing Fund (NHF) loan read more FMBN N50m loan treshold excites contributors as affordability concerns deepen
The FMBN's increase of the NHF loan limit to ₦50 million excites contributors, particularly high-income earners, but affordability remains a concern for low- and middle-income Nigerians despite the single-digit interest rates. Eligibility depends on equity contribution, property value, and income level, with experts emphasizing that many contributors may not qualify due to the high repayment amounts relative to average salaries, even though theoretically, someone earning ₦800,000 could afford the monthly repayments.
