New FCMB 75m Naira mortgages ‘for everyone’ excite customers

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  • First City Monument Bank (FCMB) Launches Mortgage Anyone Can Qualify To Own A Home
  • The bank said its N75 million mortgage facility is aimed at both business owners and employees.
  • According to the bank, the plan is in line with its objectives of contributing to the Sustainable Development Goals

First City Monument Bank FCMB is issuing a 75 million naira mortgage and telling depositors that “anyone can qualify” as it seeks to contribute to the insufficient housing needs in Nigeria.

A report by TheNiche said business owners and employees should also take advantage of the convenient and flexible mortgage facility to meet their desires to own homes, the bank said.

FCMB CEO Ladi Balogun
Source: Getty Images

According to a report by the Central Bank of Nigeria (CBN), around 700,000 homes are needed each year for the next 20 years to accommodate the growing population which is now believed to be over 200 million and is expected to double by 2050.

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FCMB asked clients to get money to buy land and build a house at a reasonable interest rate with monthly or quarterly options.

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The head of the bank’s personal banking division, Shamsideen Fashola, stressed in a statement that one of the most crucial achievements of a person is home ownership.

What the bank said:

“Home ownership is one of the most important achievements of an individual, as it goes a long way toward securing the future.”

Help customers become owners

fashol said:

“As a responsive, customer-centric institution, our mortgage product is designed to help our customers become homeowners, making them safe, fulfilled and fulfilled. The mortgage loan is easy to obtain and the repayment is flexible. We want to be part of our customers’ success story. We will continue to support the dreams of our customers and those of Nigerians by providing them with the financial support they need to become homeowners when it matters most. We therefore advise them to take advantage of the opportunities we offer in the mortgage segment.

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Commitment to post-pandemic recovery

The bank said it is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints for the poor and small businesses.

According to a report by The Punch, FCMB Group Managing Director Ladi Balogun added that the bank’s intervention in the housing sector is in line with the Sustainable Development Goals Plan 11, which focuses on building cities and communities. inclusive, safe, resilient and sustainable human settlements. .

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Legit.ng reported that the housing deficit in Nigeria is so great that the Nigerian government has welcomed private initiatives by individuals or companies to fill the gaping gap left by decades of inadequate housing in the country.

Statistics from the Central Bank of Nigeria (CBN) indicate that Nigeria has experienced phenomenal growth in its housing sector as captured by the real estate sector with the housing market growing at around 20.0% in terms of house prices. assets.

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That said, the housing sector in Nigeria still accounts for only 3.0% of Nigerian GDP and current housing construction stands at around 100,000 units per year for a country of over 190 million people.

Source: Legit.ng

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