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FAQ

FREQUENLTY ASKED QUESTIONS

Here is a list of Questions with answers that customers usually have as regards NHF and Mortgage generally. If you have a question that you would like answered but it does not appear here, you can send a mail to us; info@homebasebank.com
A: FMBN has given the turnaround time of 6 months from the completion of documents, we believe that this process could extend up to 12-18 months with documentation issues.
A: -No, you have to apply through an accredited primary mortgage institutions (PMI) i.e. Homebase Mortgage Bank Limited.
    -Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
    -The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
    -Application forms for NHF loans are obtainable from the MLO.
A: Contribution is 2.5% of monthly income of Nigerians earning N3, 000.00 and above per annum.
A: Every contributors has:
   -A life time registration number;
   -A passbook for personal recording of contributions; and
   -A statement of account.
A: -Any Nigerian above the age of 18, Medium and Loan income individuals, Private sector employees and public servants, Self-employed, Businessmen and Tradesmen.
    -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
A: No, the NHF loan is obtainable once in a lifetime
A: No, there are no restrictions as long as it is in Nigeria.
A: -The property to be financed is the collateral i.e.the property for which the loan is sought shall serve as security for the loan.
    -The property shall conform to the existing planning laws and regulations (approved building plan).
    -The property shall possess sufficient value to recover the loan.
    -A mortgage property shall be insured against hazards
    -The loan shall be secured by first legal mortgage of the property between the applicant and the mortgage loan originator and assigned to FMBN.
A: -A borrower is entitled to a maximum loan 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% of the cost or value of the property to be mortgaged.
    -The property shall possess sufficient value to recover the loan.
    -Equity contribution based on the new loan amounts is as follows:
      N15, 000,000.00 - 30%
      N10, 000,000.00 - 20%
      N5, 000,000.00 - 10%
A: -The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation and No loan shall be for refinancing

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