[Housing for All] FG direct 66,400 applications for NMRC be processed

The Federal Government has instructed primary mortgage inistitutions (PMIs) to process the applications of the over 66,000 Nigerians who applied for the 10,000 Nigerian Mortgage Refinancing Company (NMRC) housing programme.

Addressing journalists in Abuja yesterday, the Coordinating Minister for the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala said “due to the over subscription (for the scheme) a decision has been taken to give all applicants to the lending members of NMRC to share on a pro-rata basis. Lending members of NMRC are expected to have the refinancing window of up to 20 years.”

The initial offer of 10,000 mortgage application was over subscribed by 66,402 Nigerians who showed interest in the home ownership programme of the NMRC.

Okonjo-Iweala directed the 17 PMIs and four commercial banks involved in the mortgage exercise to share the 66,402 applications among themselves and prequalify those who meet the criteria for accessing mortgage facilities under the NMRC initiative and get back to the government in eight weeks.

According to her, President Goodluck Jonathan is monitoring the implementation process and assured both mortgage institutions and applicants that there is enough money to fund the 66,000 applications for now.

Read More: http://thenationonlineng.net/new/govt-directs-mortgage-institutions-to-process-66400-applications/