The Federal Mortgage Bank of Nigeria (FMBN) is offering eligible Nigerians housing loans of up to N50 million under the National Housing Fund (NHF) Mortgage Loan scheme. Prospective borrowers must meet nine specific conditions before their applications can be considered.
The scheme covers housing purchases, construction, home improvement, and renovation. Loans attract an interest rate capped at 6% per annum, with repayment terms of up to 30 years.
Nine Conditions for NHF Loan Eligibility
Applicants must be Nigerian citizens and at least 18 years old. They must also be registered contributors under the National Housing Fund, which FMBN administers.
A minimum contribution period of six months is required. Borrowers must show a steady income sufficient to support mortgage repayments. Self-employed applicants must document their earnings and demonstrate the ability to service the loan.
Application Process and Property Requirements
Applications cannot be submitted directly to FMBN. Borrowers must go through a licensed Primary Mortgage Bank or an FMBN-accredited mortgage loan originator. The property to be financed must meet legal, planning, and documentation standards to serve as collateral.
Required paperwork includes NHF contribution records, proof of income, payslips, property title documents, valuation reports, and a completed mortgage application form. FMBN limits monthly repayments to one-third of the applicant's income.
Loan Amounts and Usage
While the maximum individual loan stands at N50 million, not all applicants will receive the full amount. The sum approved depends on the applicant's income, repayment capacity, and property value. FMBN also sets a general cap of 90% of the property's cost or valuation, meaning borrowers contribute towards the balance.
Eligible borrowers can use the facility to purchase a residential property, build a house, improve an existing home, or renovate an existing home.
Applicants should confirm their NHF registration and contribution status before approaching an accredited mortgage institution. Nigerians interested in the scheme can check FMBN's latest NHF Mortgage Loan requirements before applying.
