There is a reason to smile for low-income earners in Nigeria following as plans to introduce a public-private partnership initiative in on the way. The mission of the initiative is to increase access to housing finance in Nigeria. The program seeks to introduce mortgage guarantee insurance and microfinance scheme to empower Nigerians to own homes.
The project, which has been labeled ‘My Own Home’ will constitute of 8 microfinance banks that have been selected for the stimulation of housing finance to low-income earners. The institutions will empower low-income earners to access flexible housing finance for incremental construction and home improvement. The organizations will assist in various ways inclusive of funding a piece of land, establishing the foundation for an existing property and advancing the construction in different stages.
If the client maintains a clean repayment record from the selected finance institutions, It will support the client until their construction is completed. The selected microfinance institutions will benefit from technical assistance worth $ 15 million piloted by LAPO Microfinance Bank. Lack of sufficient finances to service mortgage does not block one from owning a home with the introduced microfinance mortgage that allows one to acquire progressive loans.
‘My Own Home’ scheme also educates young people on the importance of owning a home. It does not necessarily require one to spend all their life savings to live the dream.