Act 3 of 1992 established the National Housing Fund (NHF).
Section 2 of the Act outlines the aims and objectives of the fund. Sections 20, 21 and 22 defines the offences and penalties for non-compliance. Act 3 is being amended to bring it in line with new realities aimed at strengthening the National Houding Fund.
Access the abridged version of the NHF Act.
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 a registered contributor and up to date with his/her contributions.
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.
A contributor interested in obtaining NHF loan applies through a registered and duly accredited mortgage loan originator (e.g. Primary Mortgage Banks), who packages and forwards the application to FMBN.
No. the loan amount is determined by the applicants affordability. This entails his/her income level that will enable repayment of the loan.
NHF housing loan are repaid on monthly installments from the income of the beneficiary. This mode of repayment has the advantage of being both affordable and convenient.
Yes. A prospective applicant can liaise with a mortgage loan originator (e.g. PMB etc.) in Nigeria to process a loan application.
The property can be located anywhere in Nigeria. The applicant must however provide acceptable title documents to the land.
The only collateral is the property to secure the loan for. No other collateral is needed for the loan.
A contributor can only obtain NHF loan facility once in a lifetime.
A contributor is eligible to access a maximum loan amount of =N=15 million repayable over a maximum period of 30 years at an affordable interest rate of 6%.
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 acceptable title to the land prior to the application for NHF loan.
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.