It’s looking like this year is when you finally get to own a house, and we are not speaking prophetically when we say that! On the 3rd of January 2024, The Federal Ministry of Works and Housing, through its Permanent Secretary, M. Mamman, initiated the process of reviewing sales of houses under the National Housing Programme to Nigerians both at home and abroad.
Cool, right? But the truth is, this has been an annual program, yet not many Nigerians have had the knowledge or privilege to key into this mouth-watering opportunity, while some have simply been unlucky. As your go-to plug for all things real estate, BuyLetLive is here to furnish you with all the knowledge you need about the Nigeria Ministry of Housing Property Sales so you can increase your chances of becoming a landlord or landlady in 2024 via this scheme. Read on!
As an aspiring house owner interested in partaking in this scheme, according to the Ministry of Housing, the first step for you is to register your interest in owning a home by obtaining an Expression of Interest Form from the Ministry’s office in any of the 36 states of the Federation and the FCT WITHOUT ANY FEE. Nigerians in the diaspora can get the Expression of Interest form from the office of the Chairman of the Nigerians in Diaspora Commission (NIDCOM). So, remember to inform your Uncle and Aunty abroad that they too can own a house in Nigeria through this scheme.
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While the full details of what is required from interested parties are yet to be revealed by the Federal Government through the Ministry, we will share with you some basic information to have handy.
Your National Identity Number (NIN), or any valid means of identification, Tax Payer ID/Tax clearance, Proof of Legitimate Source of Income, passport photographs, and pay slip.
All Nigerians above the age of 21 years in paid employment are eligible to apply. Members of the scheme contribute 2.5% of their monthly salary to the fund through the Federal Mortgage Bank of Nigeria. The interest rate is usually around 6% per annum and the repayment period is usually up to 30 years.
In summary, here are some additional guidelines that can help you take advantage of the ongoing Nigeria Ministry of Housing Property Sales; Possess a good credit report, Search for a Property within your Affordability Range, Review the Interest Rate, Save up your Equity, Consider All Other Charges, Start Collating all the Required Documents, Approach A Primary Mortgage Bank to Apply for the Mortgage Loan(if you need one), and stay free from debts. Check here for more details on funding: fmbn.gov.ng
These houses are currently in Lagos, Abuja, Rivers and other states in Nigeria, the mortgage system makes it quite affordable for Nigerians to take advantage of this house sales programme by the Federal Government.
Check https://nhp.worksandhousing.gov.ng/application-requirements for more details
Congratulations to you in advance, as we hope you become the latest Landlord and Landlady!