Federal Mortgage Bank of Nigeria, FMBN

Council on land approves review of modalities for mortgage loans

The National Council on Lands, Housing and Urban Development has approved the review of technicalities and modalities of giving loans by Federal Mortgage Bank of Nigeria (FMBN).

The council gave the approval on Thursday in Jos, in a communiqué issued at the end of its 9th meeting and read by Engr. Abubakar Aliyu, Minister of State, Federal Ministry of Works and Housing.

The council said the technicalities and modalities through which FMBN releases mortgage loans to the Primary Mortgage Institutions (PMIs) have been reviewed.

The council approved the review of interest rates for the mortgage loans to ensure that the rates do not exceed single digit, to enable more clients key into the scheme.

“Council also approved the implementation of Building Energy Efficiency Code (BEEC) both at the federal and other levels of government through the instrumentality of a legislation of the National Assembly.

“It is to ensure full compliance of the code to reap its associated benefits.

“Council also approve that all stakeholders at the national and other levels of governments demonstrate renewed commitment to the implementation of the FG Urban Renewal and Slum Upgrading (URSU) programme.

“They are to actively engage with the ministry in the implementation of the programme at all levels”.

The council also approve that all tiers of government support and commit to the full implementation of the up-coming National Urban Development Policy (NUDP) document.

It gave approval for the provision of enabling environment for massive skills acquisition for the workforce to cope with challenges arising from the COVID-19 pandemic.

The council resolved that all physical planning projects at all level must be awarded to town planning firms and all stakeholders in the building industry duly registered to practice in Nigeria by the Town Planners Registration Council of Nigeria (TOPREC).