The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria, Mr. Gimba Ya’u Kumo, has disclosed that the bank is planning to lift the embargo placed on estate development loan.
He, however, said this would be subject to the ability of the developers to meet the stipulated timelines for the repayment of the loan.
The bank had stop the disbursement of the loan to enable it remove the lacuna observed in the process of disbursement.
The loan is given to estate developers to build residential housing estates at an interest rate of 10 per cent per annum and for tenor not exceeding two years.
Kumo stated the plan to lift the embargo when the new executive management team of the Real Estate Developers Association of Nigeria paid a courtesy visit to the bank in Abuja on Thursday.
A statement by the FMBN said the lifting of the embargo was part of its efforts to deliver quality houses that Nigerians would be proud of as the bank continued in its efforts to reduce the housing deficit.
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