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
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
determines the loans
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
Documents required to process a loan include:
Completed application form.
Photocopy of title documents
Current valuation report on the proposed house to
buy or bills of quantities (BOQ) for the house to
Three years tax clearance certificate.
Evidence of NHF participation
Copy of pay slips for the previous three months.
Equity contribution or personal stake of 30%, 20% or
10% depending on the loan amount applied for.
What is the mode of
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
Can a contributor obtain
NHF loan, if a mortgage
loan originator is not in
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
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
A contributor can only obtain NHF loan facility once in a life
What is the maximum
loans amount and
repayment time for NHF
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
Can I get loan as an
individual to build a house
or must I buy a
government owned estate
or a private estate
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.