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CBN introduces ‘My Own Home’ Scheme

by Family Center
CBN introduces ‘My Own Home’ Scheme

The public-private partnership initiative scheme known as “My Own Home” is domiciled by the Central Bank of Nigeria.

The scheme is for providing awareness, education and practical tips for prospective homeowners in need of long-term housing finance in the country.

Shortcomings on why most housing schemes have failed over the years are poverty, high costs of housing units, access to credit facilities, low incentives to investors, low housing cultures among other things.

With the introduction of this new scheme, Nigerians hope to have a smooth sail in getting affordable homes.

According to the Deputy Director, Other Financial Institutions Supervision Department, Mrs Martins Tokunbu, who represented the CBN Governor, gave reasons for the launch of the new project and the importance for Nigerians as a whole.

She explained that launching “My Own Home” scheme was to improve access to housing finance and homes in Nigeria through Nigeria Mortgage Refinance Company (NMRC), Housing Microfinance Scheme.

“In the country, today, renting an apartment means you are putting up your landlord’s investment and with palaver,” she stressed.

She added: “When you own your home, you can cook your pot of soup in peace and live serenely without intrinsic blood pressure. No more putting up with early morning alarm knocks by your landlord to pay your monthly rent’s bills. Neither would you have to avoid your landlord at the case may be.”

 

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