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Govt Directs Mortgage Institutions To Process 66,400 Applications by shevon: 3:27pm On Sep 13, 2014 |
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. Applications for the 10,000 housing programme under the NMRC closed on the 5th of this month this year with 66,402 applications received from “exceedingly excited Nigerians with applications coming from the 36 states and the FCT”. She said 63 per cent of the applicants were male while 37 per cent were female. She said people “tend to apply individually as 89 per cent applied in their own names while only 11 per cent were joint applicants as couples.” Those in the 31-40 years age bracket submitted the highest number of applications suggesting interest among the actively working group of Nigerians. Nigerians she said “showed that we prefer three bedroom flats/houses, with 62.7 per cent of applicants applying to acquire this property type. 32 per cent wanted two bed flats and a small percentage applied for one bedroom flats and one bedroom self-contained flats.” The programme she noted is for people who do not own a home, and from the information given by the applicants, “96 per cent of applicants are living in rented houses; most people (51 per cent) applied for buildings in Abuja with 18 per cent of applicants opting for Lagos. 92 per cent of the applicants have stable jobs while eight per cent are self employed.” Already, mortgage lenders have pre-qualified some people and asked them to look for their houses. She commended mortgage institutions for keeping to the time they said they will need to use to process applications which is eight weeks and also reducing the criteria for accessing the mortgage from 15 pages of information to just two pages. The mortgage lenders are expected to sift through the applications and analyse and pre-qualify all applicants culminating in the amounts each lender is willing to advance to the applicant. http://thenationonlineng.net/new/govt-directs-mortgage-institutions-to-process-66400-applications/ 7 Likes 2 Shares |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by shevon: 3:35pm On Sep 13, 2014 |
This is a very good news. I applied but was expecting the worse and hoping for the best. I just hope they will not end up doing the usual Nigerian thing of swapping names of applicants for their cronies. 4 Likes |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by stevolinkon40: 3:58pm On Sep 13, 2014 |
Cloud flare again? |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by eemalex(m): 3:58pm On Sep 13, 2014 |
Space Booked till after EPL Ok now am back, what's the topic about again.... meanwhile Liverpool are the Flop of the Week, they just burst Ticket scatter 2 Likes |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by T4taiwo(m): 3:58pm On Sep 13, 2014 |
Good |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by gbaskiboy: 3:59pm On Sep 13, 2014 |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by datguru: 3:59pm On Sep 13, 2014 |
Cooool 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by dammyjay93(m): 3:59pm On Sep 13, 2014 |
Hmmm 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by pabon(m): 3:59pm On Sep 13, 2014 |
K 2 Likes |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by constance500: 3:59pm On Sep 13, 2014 |
Is typing.... |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Nobody: 3:59pm On Sep 13, 2014 |
BRB. Gotta watch Chelsea get beat. 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by freshness2020: 3:59pm On Sep 13, 2014 |
Wow... But how poor man fit process the application! Na question I ask! 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Osama10(m): 3:59pm On Sep 13, 2014 |
1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by themejiwalker(m): 4:00pm On Sep 13, 2014 |
Yawns.. |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by gift01: 4:00pm On Sep 13, 2014 |
We dey come. Make we watch this Chelsea match finish 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Moblord(m): 4:00pm On Sep 13, 2014 |
Gej till I see Horn for donkey's head. Wow with Nairaland application one will always make front page 3 Likes |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by bist: 4:02pm On Sep 13, 2014 |
@OP, am I suppose to read all that? |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by themejiwalker(m): 4:03pm On Sep 13, 2014 |
gift01: We dey come. Make we watch this Chelsea match finish U spoke my mind bro. Lol |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Orzzi: 4:03pm On Sep 13, 2014 |
Nice move.....just hope the government will follow through 3 Likes |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by simdam500(m): 4:03pm On Sep 13, 2014 |
OK.... bored chelsea cant keep ma company even..... i just experience server prob.................... hope nothing wrong sha |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Hemanwel(m): 4:04pm On Sep 13, 2014 |
This is a welcome development. On the flip side: I had a game of Scrabble with my friend last night and he placed a stake on the game with his girlfriend who came visiting.He said if I came out victorious in the game,I should have his girl for myself for 24 hrs.I thought he was joking.In the end,I won the game. In a bid to keep to his words,he had left the girl with me since yesternight. Guess what happened,nairalanders??.... |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Project400: 4:04pm On Sep 13, 2014 |
Great! |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by IYIMAN: 4:05pm On Sep 13, 2014 |
Hope it works without elements of corruption/nepotism... Very commendable. 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by nelocee(f): 4:06pm On Sep 13, 2014 |
Goodnews ... It is well. |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Nobody: 4:06pm On Sep 13, 2014 |
Interesting. BTW....how does a mortgage work in Nigeria.? If anyone knows....answers would be much appreciated. 1 Like |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by andersyn: 4:09pm On Sep 13, 2014 |
On front page after 5mins of post getting to front page? Then most users/nairalanders are Chelsea/Swansea fans who are watching match at the moment. WEIRD. |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Nobody: 4:09pm On Sep 13, 2014 |
From where will a civil servant get about N100,000 to pay per month for the 3- bedroom flat? 3 Likes 1 Share |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by DGKN: 4:10pm On Sep 13, 2014 |
Its nyc anywy.. |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by Rilwayne001: 4:12pm On Sep 13, 2014 |
Okay |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by sirjohnson(m): 4:13pm On Sep 13, 2014 |
Good development |
Re: Govt Directs Mortgage Institutions To Process 66,400 Applications by moyinoluwabun(m): 4:14pm On Sep 13, 2014 |
Nice one. I applied and hope I'm considered. Nigeria moving forward. |
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