The Nigerian Government says henceforth, mortgages below N5m ($15,000) would not attract the initial payment of 10 per cent equity from off-takers.
It stated that this was part of efforts to ensure the provision of affordable housing to Nigerians, especially the low-income earners.
The Minister of State for Power, Works and Housing, Mustapha Shehuri, stated this while inaugurating a 125-unit housing estate that was financed by the Federal Mortgage Bank of Nigeria in Enugu.
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According to Shehuri, in view of the challenge of housing deficit in Nigeria, the government planned to build mass houses in every state of the federation for public workers and other interested parties over the next three years through the public-private partnership model.
