The Federal Mortgage Bank of Nigeria (FMBN) says it is set to boost financial inclusion with the introduction of a non-interest rent-to-own mortgage loan product. The housing product, recently approved by the FMBN Board of Directors, is designed to enable Nigerians to own their homes using interest-free mortgage. He said the product’s financing structure is based on the non-interest financing contract of ‘Ijarah Muntahia Bitamleek (Lease to Own)”. The FMBN non-interest rent to own product is available to Nigerians who must be contributors to the National Housing Fund (NHF) Scheme. The MD/CEO, FMBN, Ahmed Dangiwa, noted that the introduction of the non-interest mortgage product represents a historic milestone in the Bank’s drive to bolster access to inclusive mortgage financing for all Nigerians.

Source: The Guardian April 07, 2022 16:59 UTC