The Federal Mortgage Bank of Nigeria on Tuesday said it had approved a National Housing Loan Scheme for civil servants in Bayelsa State.
Harry Ekun, FMBN’s State Branch Controller, disclosed this in Yenagoa while addressing newsmen in the state.
Ekun said the loan was to reduce the burden of housing for workers.
Ekun, who was represented by Chiderah Opara, an official of FMBN, explained that the loan was for 30 years or the number of years the worker would spend in service.
He said: “Any worker in the state that wishes to build, buy a new house or renovate an existing one can apply for the loan.
“To access the loan, applicants must be a contributor to National Housing Fund for a minimum of six months and satisfactory evidence of regular flow of income to guarantee repayment.
“Applicants are to apply through licensed and accredited mortgage loan originators and not directly to FMBN.
“The maximum amount for the loan is N15 million.”
According to Ekun, this is to enable civil servants already on the National Housing Scheme to build their own houses and pay back within the period of 30 years.
He said: “Any applicant, who wishes to get N15 million is to present landed property with valid title documents.”
He listed the documents to include Certificate of Occupancy and approved building plan as collateral for loan.
Ekun urged civil servants in Bayelsa State to key into the scheme to enable them to enjoy parts of their salaries that had been deducted for housing over the years.
According to him, applicants are to obtain approval from the Head of Service for deduction of the loan through the office of Accountant General of the state.
For house renovation, Ekun said borrowers were entitled to maximum of N1 million at eight per cent interest in four years deduction.
Grace Peregba, one of the civil servants in the state, commended the scheme.
Peregba explained that the loan was good effort to reduce the burden of housing for the civil servants.
Another civil servant, Keme Esowei, expressed happiness over the scheme, adding that he would make good use of the opportunity and build a house.
According to him, this is what civil servants want in the state to encourage and motivate them for their work.
NAN.