ABUJA — The Federal Mortgage Bank of Nigeria offers eligible Nigerians mortgage financing through the National Housing Fund, providing a route to buy, build, improve or renovate a home at a concessionary interest rate of 6 per cent per annum with repayment of up to 30 years.
CDA News Nigeria gathered that eligible contributors can access up to ₦50 million, subject to affordability and the value of the property. The NHF Mortgage Loan is administered by FMBN through accredited and licensed Primary Mortgage Banks, with the property being financed serving as security for the loan .
Who is eligible?
Applicants must be Nigerian citizens aged 18 or above, registered NHF contributors with at least six months of continuous contributions, have a stable source of income, and apply through an FMBN-accredited mortgage bank. The property must meet relevant legal and planning requirements .
How much can you borrow and at what cost?
FMBN’s current NHF Mortgage Loan page states that contributors can access up to ₦50 million, subject to affordability and other lending conditions . FMBN’s conditions state that an individual should not receive more than 90 per cent of the cost or value of the property being mortgaged . The interest rate is not more than 6 per cent per annum, with FMBN providing the facility to accredited mortgage banks at 4 per cent for onward lending to contributors at 6 per cent . The maximum repayment period is 30 years, subject to factors including the applicant’s age, income and years in service.
How to apply
The application process begins with confirming NHF contributions through FMBN’s online registration portal. Applicants then choose an accredited Primary Mortgage Bank, obtain the application form, and prepare required documents including proof of NHF contribution, income evidence, property title documents, and valuation report. The mortgage institution assesses the application before forwarding to FMBN for approval and disbursement .
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