Residents of Harmony Estate in Ilorin, Kwara State, have been urged to intensify efforts at repaying their housing mortgage loans to enable more Nigerians benefit from the Federal Mortgage Bank of Nigeria’s housing scheme.
The call was made by the Manager of the Federal Mortgage Bank of Nigeria (FMBN), Kwara State branch, Alhaji Nurudeen Aliyu Muhammed, during the inauguration of the Harmony Estate Residents Association committee in Ilorin.
Muhammed disclosed that a large number of occupants in the estate were yet to meet the basic requirements for full ownership of their houses, noting that the bank had shown considerable patience over the years.
“Many of the residents have stayed in these houses for a long time without fulfilling their mortgage obligations. We have tried to be understanding, but residents must now do the needful,” he said.
He warned that failure to comply with mortgage terms could lead to eviction, stressing that the sustainability of the housing scheme depends on prompt repayment by beneficiaries.
The FMBN manager also revealed plans by the bank to commence the construction of a new estate in the state, with houses expected to be sold at about N25 million each. According to him, improved security measures would also be introduced in Harmony Estate to enhance the safety of residents.
Earlier, the Chairman of the Harmony Estate Residents Association, Ilorin, Mr Otepola Adeolu, charged newly inaugurated committee members to take their responsibilities seriously by attending meetings regularly and staying informed on issues affecting residents.
“The essence of this committee is to ensure we have firsthand information on matters concerning our members and the estate at large,” Adeolu said.
He also advised residents to ensure prompt payment of monthly dues and utility bills, adding that proper record-keeping of activities across the estate’s about 500 houses was crucial for effective administration.
Adeolu called on all residents to cooperate with the committee to ensure a peaceful and well-managed estate in the new year.