FAQs
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.
- No, you have to apply through an accredited primary mortgage institution (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 the 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.
Contribution is 2.5% of monthly income of Nigerians earning N3, 000.00 and above per annum.
Every contributor has:
- A lifetime registration number;
- A passbook for the personal recording of contributions; and
- A statement of account.
FMBN is set up by an Act.
- 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 the regular flow of income to guarantee loan repayment
This is your contribution to the pool of fund
No, the NHF loan is obtainable once in a lifetime
See Attached document for list.
No, there are no restrictions as long as it is in Nigeria.
- 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 mortgaged 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 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%.
The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation and No loan shall be for refinancing.
