BY GABRIEL OKECHUKWU
Staff of Niger Delta Development Commission NDDC, have been encouraged to apply for Housing Loan as contributors to National Housing Fund.
Managing Director NDDC, Dr. Samuel Ogbuku who gave the advice during Sensitization on National Housing Fund scheme in Port Harcourt Rivers State, told the staff that the scheme was government’s plan to enable civil servants own their personal Houses.
Represented by Director Admin and Human Resources, Mr. Kelechi Nwelue , the MD noted that through Federal Mortgage Bank of Nigeria, civil servants can obtain housing loans based on monthly deductions from their salaries.
On his part, Branch Manager, Federal Mortgage Bank Port Harcourt, Mr. Melody Ukwa stated that the act stipulated two point five percent contribution of monthly income into National Housing Fund for subscribers.
Mr. Ukwa explained that those whose monthly contributions to National Housing Fund range between one thousand Naira and ten thousand Naira would be entitled to loan of up to fifteen million Naira on single digit interest rate, those whose contributions range between eleven thousand to twenty-five thousand, would get twenty five million Naira as loan, while contributions from twenty five thousand Naira upwards monthly, can access fifty million Naira maximum threshold as Housing Loan.
According to the Mortgage Bank Manager, the repayment duration of the loan is about thirty years or when the beneficiary attains retirement age on single digit interest rate.
Mr. Ukwa stated that there were other loan schemes such as: Rent to Own loan; which allows occupier to pay monthly or annual rentage with the aim to own the House at the end of the repayment.
He noted that they also have Corporative Housing Development loan Scheme for massive housing by corporative groups.
Mr. Melody Ukwa revealed that there exists also Individual Construction loan; where an individual obtains loan to build, buy a property or renovate already existing one.
