The Nigerian Mortgage Refinancing Company (NMRC) has begun the process of pre-qualifying applicants of its initial 10,000 mortgage scheme. Thereafter, the company will allocate mortgage applicants to commercial and mortgage banks, which are members of NMRC to assist Nigerians acquire their homes through wellpriced and long-term mortgage finance.

NIMRC Managing Director/ CEO, Sonnie Ayare, confirmed the development to New Telegraph by phone. He also confirmed temporary shutdown of website application on September 5, explaining that it will be reopened later. “The response from Nigerians has been very encouraging and positive. Right now, we are in the process of pre-qualifying the applications after which we will assign them to commercial and mortgage banks, which will invite applicants to discuss the mode of financing, location of housing and other details,” he explained.

As part of the government policy initiative to bridge over 17 million housing deficit, it flagged off last July, the first 10,000 mortgage scheme. Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo – Iweala, launched the scheme in Abuja. It is private sector driven but a Federal Government initiative with strong support from the NMRC and Primary Mortgage Lenders (PMLs).

The scheme is being implemented in partnership with 15 pilot states, the Central Bank of Nigeria (CBN) and backed by development partners including the World Bank, the African Development Bank (AfDB), among others. In her address to housing stakeholders during the flag off ceremony, Dr. Okonjo-Iweala said that the Federal Government’s 10000 mortgage scheme was inspired by President Goodluck Jonathan’s pledge on January 16, 2014, when he launched the NMRC with a view to making mortgage accessible to Nigerians to enable them purchase and own their homes.

Unlike the existing mortgage scheme whose tenure is not more than 36 months, the Coordinating Minister said that with the establishment of NMRC, mortgage subscribers can pay back between 15 and 20 years. To be eligible for the scheme, applicants must show proof of a regular income, tax compliance; specified combined household income and others.

She explained: “This is a serious scheme for serious people who want to own their own houses. Government is determined to deliver on President Jonathan’s pledge to enable Nigerians own their own homes through mortgage. But we must make it clear that applicants must meet specific eligibility criteria to qualify. That is the best way to create a level playing field and make the scheme sustainable so that more Nigerians can benefit.

“Applicants which meet the eligibility requirements will be handed over to the Primary Mortgage Lenders (PML) for final processing. The PML will originate the mortgages to be backed or refinanced by the Nigerian Mortgage Refinancing Company.” She stressed that the scheme was part of government’s initiative to help tackle the country’s housing deficit in a comprehensive and sustainable way.