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FMBN gives out fresh N19.9m mortgage loan
Michael Simire
Government�s determination to ensure adequate and affordable housing for the citizenry may have received a boost following the approval of housing loan worth N19.9 million to Partnership Savings and Loans Limited, a Primary Mortgage Institution.
The facility was made available courtesy of the Federal Mortgage Bank of Nigeria, the apex mortgage institution, under the National Housing Fund scheme. The PSL is a subsidiary of Gatewaybank Plc.
Confirming the development, the PSL Chief Executive Officer, Mr. Wale Osisanya, stated that the development was informed by the ongoing reforms in the sector that led to the repeal of guidelines that hitherto impeded access to the NHF.
�Applying for the loan is now very encouraging. All things being equal, fund is disbursed to PMIs within three months of application,� said Onasanya said. He added that another batch of contributors is being packaged to access the NHF via the purchase of units at the firm�s newly acquired �Graceland Estate� at Mowe/Ofada, along the Lagos-Ibadan Expressway.
PSL, he said, has designed a product called �NHF-Partlink� to assist aspiring homeowners of 18 years and above and allottees of Graceland Estate plots to access the N5 million NHF loan to develop their plots. The estate will have facilities such as transformers, boreholes, overhead tanks, perimeter fence and paved roads, Onasanya added.
The PSL boss explained that a 10 per cent stake in the estate could be invested through its �Wealth Part Account�, which enables individuals to have regular savings.
�In the alternative, the prospective home owner could benefit from the �Easy Home Scheme�, where 40 per cent is required as initial deposit while the balance of 60 per cent is structured as loan repayable between 12 to 24 months.�
Incorporated in May 26, 1992 and licensed to carry out mortgage banking business in December 31, 1993, PSL was acquired in March 2003 by Gatewaybank. The PMI�s current authorised share capital is N200 million, with N130 million fully paid.
A contributor to the NHF is entitled to a loan of N5 million at a six per cent interest rate over a repayment period of 30 years. The loan facility is channeled to the beneficiary via a PMI from the FMBN.
The PUNCH, Friday, November 5, 2004.
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