Stakeholders Urge Government to Resurrect Home Completion Loan Scheme

Stakeholders have called on the government to revisit home completion loan scheme.

The scheme supports the new paradigm for unlocking housing microfinance and leverages on incremental development that most Nigerians use in acquiring new homes as well as renovate and upgrades existing structures. The scheme is expected to catalyze the demand side of the equation.

Stakeholders that attended the 10th Abuja Housing Show in Abuja, organised by FESADEB Communications Limited, agreed this in a communiqué. Dignitaries that attended the three-day event include Senate President, Dr. Bukola Saraki, Kano State Governor, Minister for Power, Works and Housing, Babatunde Fashola, Minister of State for Environment, Jibrin Ibrahim, and commissioners of Housing from various States.

The participants recommended that the State governments should create more access for partnership with the Nigerian Mortgage Refinance Company (NMRC) in order to develop a more enabling environment for housing delivery. Furthermore, the State governments should restructure relevant ministries in order to minimize bottlenecks that hinder large scale production of housing for Nigerians at N 3million and less.

Other recommendations are ONE: Mortgage institutions should leverage on the fact that cooperatives can provide off takers, bearing in mind that cooperatives have a pedigree of organized funds collection with assured recovery. Therefore, partnership between cooperatives and Real Estate Developers Association of Nigeria (REDAN) should be facilitated.

–TheGuardian