The Federal Mortgage Bank Of Nigeria


Who can benefit from the scheme?

The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers etc. Any intending beneficiary must be registered contributor and up to date with his/her contributions.

How can only 2.5% of my monthly basic salary or income be sufficient to obtain loan, to build a house?

The 2.5% of monthly basic salary contribution qualify you to access the loan. The pool of funds created by the contributors nationwide becomes available to any contributor to borrow from, after contributing for a minimum of six months.

How does a contributor obtain NHF loan?

A contributor interested in obtaining NHF loan applies through a registered and duly accredited mortgage loan originator (e.g. PMI), who packages and forwards the application to FMBN.

Is it the monthly contribution that determines the loans amount?

No. the loan amount is determined by the applicants affordability. This entails his/her income level that will enable repayment of the loan.

What are the documents required when applying for the loan?

Documents required to process a loan include:

  1. Completed application form.

  2. Photocopy of title documents

  3. Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.

  4. Three years tax clearance certificate.

  5. Evidence of NHF participation

  6. Copy of pay slips for the previous three months.

  7. Equity contribution or personal stake of 30%, 20% or 10% depending on the loan amount applied for.

What is the mode of repayment?

NHF housing loan are repaid on monthly installation from the monthly income of the beneficiary. This mode of repayment has the advantage of been both affordable and convenient.

Can a contributor obtain NHF loan, if a mortgage loan originator is not in his/her state?

Yes. A prospective applicant can liaise with a mortgage loan originator (PMI etc.) in a neighbouring state or anywhere in Nigeria to process a loan application. Also, some PMIs are subsidiaries of banks, this banks may operate a desk on behalf of its subsidiary (i.e. MLO)

Are there restrictions as to where a contributor can build his/her house?

The property can be located anywhere as long as it is within Nigeria. The applicant must however provide acceptable title documents to the land.

How can a low income earner get collateral for a loan?

The only collateral is the property in question. No any other collateral is needed to secure the NHF loan.

How many times can I get NHF loan?

A contributor can only obtain NHF loan facility once in a life time.

What is the maximum loans amount and repayment time for NHF loans?

A contributor is eligible to access a maximum loan amount of N15million repayable over a maximum period of 30 years at an affordable interest rate of 6%.

Can I obtain NHF loan to purchase a piece of land to build a house?

No. a prospective applicant who wishes to obtain a loan to build a house is expected to have his/her land as well as an acceptance title to the land prior to the application for NHF loan.

Can I get loan as an individual to build a house or must I buy a government owned estate or a private estate developer?

Yes. You can apply as an individual for NHF loan to develop a land or buy directly from government consort estate or private estate developer.

Personal banking Customer service  Call: 09-2920689, 09-2920690



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