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You can register online at

 Any Commercial or Mortgage bank that is a member of the Nigeria Mortgage Refinance Company (NMRC) will be happy to assess your final application after registration. A current list of these institutions can also be found on the website. You can also visit the individual sites of the institutions. This will be updated from time to time.

The current maximum amount available to each individual borrower or joint borrowers will be 80% of the value of the property you or you and your spouse are looking to buy subject to a maximum of N16m where the cap on the scheme remains at N20m. For instance, if you wanted to buy a house of N10m, the mortgage lenders would be willing to lend up to N8m if you qualify, with you depositing N2m as your equity contribution.

Repayment period can be up to 20 years. This is a mortgage whose repayment will be made by a “deduction at source” mechanism on a monthly basis for both public and private sector salaried workers. The mortgage rate is expected to be fixed for the tenor of the loan thereby giving you the certainty of fixed monthly payments for the life of the mortgage.

An initial payment of 20% of total cost of house is mandatory. But applicants who want to pay more than 20% will also be very welcome. Also note that the more contribution you make, the less you borrower and therefore you will have a lower repayment amount. In addition, your ownership of the property is strengthened, the more equity you initially have in the property.

-FMBN has given the turnaround time of about 6 months from the completion of documents, we believe that this process could extend up to 12-18 monthswith documentation issues.

 Contribution is 2.5% of monthly income of Nigerians earning =N=3000 and above per annum.

-Every contributor has:

  • A lifetime registration number;
  • A passbook for personal recording of contributions; and
  • A statement of account
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