LOAN: NATIONAL HOUSING FUND LOAN WINDOW | HOW TO APPLY

The National Housing Fund (NHF) is a Federal Government scheme, which entitles all Nigerians above the age of 21years in paid employment to a low interest, government funded loan. Members of the scheme contribute 2.5% of their monthly salary to the fund through Federal Mortgage Bank of Nigeria.

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To be eligible for National Housing Fund (NHF) loan you must register with NHF Scheme.

NHF (National Housing Fund) is a scheme created by the Federal Government for Nigerian workers, to help them access flexible financing to get their own homes. The scheme was established by the NHF Act of 1992 and is administered by the Federal Mortgage Bank of Nigeria (FMBN).

The NHF registration forms can be obtained at any of the FMBN office nationwide or can be downloaded from the Bank’s website www.fmbn.gov.ng and start remitting 2.5% of your monthly income to the Bank (FMBN).

WHO CAN APPLY

• Any Nigerian above the age of 18 years.
• Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
• Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

• The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation. No loan shall be for refinancing.
• The Bank is not involved in financing land for applicants.

HOW TO APPLY

Identify a property you would like to buy and approach any of the Banks accredited PMB’s to package your application for the mortgage loan.

Applicants are to apply through a duly licensed and accredited mortgage loan originator (MLO) which is the same as Primary Mortgage Bank (PMB) of his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).

The Primary Mortgage Bank (PMB) of the applicant’s choice must be accredited by FMBN to access the NHF facility.

Application forms for NHF loans are obtainable from the Primary Mortgage Bank

The list of accredited PMBs is on the Banks website. Please check our website www.fmbn.gov.ng under the caption Mortgage Providers– Registered & Accredited PMB’s.

SECURITY FOR THE LOAN

1. The property for which the loan is sought shall serve as security for the loan.
2. The property must have valid title document (C of O)
3. The property shall conform to the existing planning laws and regulations (approved building plan).
4. The property shall possess sufficient value to recover the loan.
5. A mortgage property shall be insured against hazards
6. The loan shall be secured by first legal mortgage of the property between the applicant and the mortgage loan originator and assigned to FMBN.

LOAN AMOUNT

A borrower can apply up to a maximum loan amount of fifteen million naira (N15,000,000.00) or as determined by the Bank.

No individual should be given a loan in excess of 90% above N5,000,000.00 on the cost of the property to be mortgaged.

Equity contribution based on the new loan amounts is as follows:

• a. Above N5,000,000 to N15,000,000.00- 10%
• b. N5,000,000 and below – 0%

INTEREST RATE

Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% p.a.

HOW TO REPAY

• The maximum repayment period shall be 30 years.
• Individual borrower shall make repayment through the mortgage loan originator (Primary Mortgage Bank) through which they obtained the loan.

For further enquiries please call any of our customer service lines also Kindly visit our website on www.fmbn.gov.ng to view our products and services or visit any of our Branch offices nearest to you.

 

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