FCMB, a leading financial institution in Nigeria, has partnered with Brains & Hammers Limited and Brooks Assets & Resources Limited to provide affordable housing for salary earners and self-employed residents of Lagos State.
This initiative is part of FCMB’s commitment to promoting financial inclusion and economic growth in Nigeria by offering mortgage loans of up to NGN 75 million to help individuals purchase homes or acquire land in areas of their choice within Lagos State.
FCMB Partnership Benefits
The partnership benefits salary earners and self-employed citizens by providing a means to buy or build residential property with loan access without additional collateral, insurance cover, and the flexibility to purchase fully completed residential buildings or land in any part of Lagos. The loan has a maximum repayment period of 120 months or 10 years.
Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, says the mortgage loan is easy to obtain, and repayment is flexible.
Fashola urged Nigerians to take advantage of the offer and fulfill their homeownership dream, assuring them that
“FCMB will continue to support the dreams of its customers and Nigerians by giving them the financial support they need to be homeowners when it matters most.”
This initiative is one of many designed to bridge the housing deficit within the state, currently estimated at 2.3 million households in the 2023 Lagos development pipeline report. Brooks Assets & Resources has 7 projects located in Lagos, while Brains and Hammers have 7 projects spread across Lagos and Abuja.
While mortgage adoption across the country has historically recorded low numbers, it is a viable path to homeownership for the middle class. The success of this partnership could serve as an encouragement for Nigerians to explore this long-term option.
Conclusion
Overall, this partnership highlights the importance of collaboration between financial institutions and real estate firms in driving economic growth and improving Nigerians’ living standards.
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