The project, to be spearheaded by the newly established Nigerian Mortgage Refinancing Company will enable Nigerians to own their houses at affordable rate.
The Minister of Finance, Dr Ngozi Okonjo-Iweala while speaking at the event in Abuja said with the flag-off, low income earners would begin to have the opportunity to own their houses under a flexible payment package.
Findings revealed that under the housing scheme, a unit of two bedroom apartment might be sold for between N4.5m and N7.5m depending on the location while that of a three bedroom would be sold from N8m.
The minster said unlike in the past where it was difficult for Nigerians to own their houses through affordable mortgages, the process had been simplified.
For instance, she said that under the new framework, the processing time for application for the mass housing project had been reduced from between six and 18 months to just six weeks.
She said with the launch of the NMRC in January, and its subsequent take off in June, the key barrier of finance to developing accessible and affordable housing in Nigeria had be removed.
She said, “We want Nigerians to own their houses at affordable cost The NMRC mission is to provide long term funding for the housing sector.
“Since the ability of banks in providing mortgages is limited by the fact that 80 per cent of all and deposits are on 30 day period which does not ensure great level of sustainability in providing resources for the housing sector, the NMRC is here tenure greater access to for financing of up to 10 to 15 years.
“So instead of people not being able to own houses as they would have to pay up in 12 or 18 months, we are changing that now so that for 10 to 15 years, people can be able to pay for their own houses.”
Also speaking at the event, the Minister of Lands, Housing and Urban Development, Mrs Akon Eyakenyi said the roll out is a significant step in the Federal Government’s bid to reduce housing deficit.
She said apart from the mortgage housing project being spearheaded by the NMRC, the ministry was implementing other complimentary projects to help provide affordable houses for Nigeria.
On difficulties in getting titling for land, the minster explained that the current framework is currently being reviewed so as to remove the bottle necks associated with land ownership.
She also explained that the government has intensified efforts in updating land database noting that this would help the government to increase the housing stock.
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