![\"\"](\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/ecf6133c7d1d6ebb74ec7247e351eb93.jpg?resize=1280%2C720&ssl=1\")
<\/p>\nThe scheme, \u2018My Own Home\u2019 comes as an offshoot of the Nigeria Housing<\/a> Finance Programme (NHFP) set up by the Federal Government and implemented\u00a0by the Central Bank of Nigeria (CBN) with the support of World Bank\u2019s $300 million loan<\/a>.\u00a0<\/p>\n<\/div>\n Brighter days may lie around in the corner for prospective homeowners, following plans to introduce a public private partnership initiative that seeks to increase access to housing finance in Nigeria through mortgage<\/a> guarantee insurance and microfinance scheme.<\/p>\n The scheme, \u2018My Own Home\u2019 comes as an offshoot of the Nigeria Housing Finance Programme (NHFP) set up by the Federal Government and implemented\u00a0by the Central Bank of Nigeria (CBN) with the support of World Bank\u2019s $300 million loan.<\/p>\n NHFP is\u00a0creating the enabling environment for strengthening the nation\u2019s housing sector by setting up sustainable framework by mortgage originators to access long-term refinancing. The new scheme is expected to scale-up mortgage and housing finance awareness.<\/p>\n Under the \u2018My Own Home scheme, eight micro finance banks have been selected to stimulate housing finance for low-income earners in the formal and informal sectors. They will benefit from a $15 million technical assistance, which LAPO Microfinance Bank is piloting in the housing sector.<\/p>\n Specifically, the eight micro finance banks are expected to facilitate access to flexible housing finance for low-income earners for incremental construction or home improvement. \u201cIt could be financing<\/a> to buy a piece of land for building or laying foundation on an existing land and commence building stage by stage.<\/p>\n \u201cAfter every stage of building, and with a good history of repayment, the microfinance bank keeps financing the customer until the building is completed. Housing microfinance is not a mortgage and is not for the purchase of homes.<\/p>\n \u201cHousing microfinance is closer to our traditional sense of incremental construction. Not everyone has money to finance mortgage but under the microfinance scheme, a homeowner can stretch his building plan in such a way that he takes different tranches of loan<\/a> as he builds,\u201d according to Mr. Adedeji Adesemoye, CBN\u2019s Head, Project Administration Team of the National Housing Fund Programme.<\/p>\n He revealed in Lagos that the technical assistance would be provided in partnership with the Frankfurt School of Management and AFC Consultants International, Germany. \u201cThe objective is to catalyse the growth of the housing sector through de-risking the housing finance value chain and improving access to finance,\u201d he said.<\/p>\n Adesemoye stated that the\u00a0programme\u00a0is targeted at inspiring the younger generations of Nigerians on the need to key into mortgage process and start\u00a0owning homes. \u201cWe need to educate our people that owning a home with a mixture of equity and debt is not a negative thing; having a home that you will live in the next 50 years does not require you to spend all your life savings,\u201d he said.<\/p>\n [ad_2]
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Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"