FMBN commissions Lape Estate in Karu

The Federal Mortgage Bank of Nigeria (FMBN) has commissioned the FMBN/Lape Estate, Karu, developed by Lape Construction Services Ltd. under a public private partnership PPP arrangement with Platinum Mortgage Bank Nig. Ltd. Sitting on a 2 hectare land, the site is divided into two phases comprising 295 units of 2 bedroom semi detached bungalows in […]

The Federal Mortgage Bank of Nigeria (FMBN) has commissioned the FMBN/Lape Estate, Karu, developed by Lape Construction Services Ltd. under a public private partnership PPP arrangement with Platinum Mortgage Bank Nig. Ltd.

Sitting on a 2 hectare land, the site is divided into two phases comprising 295 units of 2 bedroom semi detached bungalows in the first phase that was commissioned and 34 units 2 bedroom and 94 units of 3 bedroom detached units in the second phase.

Speaking at the event Acting Managing Director  of FMBN, Mr. Richard Esin, revealed that government has approved that National Housing Fund (NHF) loans of N5 million and below will attract 10% funding and loan applicants will not be required to make down payments of 10% of the house price. He also said the cost of mortgage perfection which usually adds another 10% to the upfront costs will be capitalized and repaid gradually over five years, saying the effect of these concessions reduces upfront home ownership costs by at least 20%.

In his own remarks, MD/CEO Lape Construction Services Ltd., Architect  Cephas Lar said  all the houses in the first phase have been fully subscribed, adding that his company is partnering with Shelter Afrique towards the development of the phase two component of the scheme.

In his speech, Minister of State for Power, Works and Housing Mustapha Shehuri,  said the 252-unit housing estate is in line with the present administration resolve to reduce  the   17 million housing deficit.