Own A House Through the Federal Mortgage Bank of Nigeria: The National Housing Fund (NHF) is a Federal Government scheme, that permits all Nigerians above the age of 21 years in paid employment to a low-interest, government-funded loan. Members of the scheme contribute 2.5% of their monthly salary to the fund through the Federal Mortgage Bank of Nigeria. The maximum amount obtainable under the NHF used to be N5 million but has since been increased to N15 million. The borrowed capital is repayable over a maximum of 30 years at the rate of 6% interest. visit: How to Pay Back Access Bank Payday Loan
In summary, The NHF Loan is a financial assistance program provided by the National Housing Fund (NHF), a federal government initiative in Nigeria.
NHF loan is Programmed to boost the acquisition, construction, or renovation of houses for Nigerian citizens. To access the NHF Loan, individuals contribute a percentage of their monthly salary to the Federal Mortgage Bank of Nigeria.
The loan program is designed to support those who may not be able to afford commercial housing, with specific requirements, security measures, and interest rates outlined for applicants. In this article, we will give you a breakdown of the processes of how to apply for an NHF loan from the Federal Mortgage Bank of Nigeria.
The NHF loan aims to assist Nigerians who cannot afford commercial housing by contributing 2.5% of their monthly salary to the Federal Mortgage Bank of Nigeria.
Requirements for NHF loan
Here are the requirements:
- Applicants must be at least 18 years old and Nigerian.
- Must open/have a savings account with a registered Primary Mortgage Bank (PMB).
- Have an approved survey or site plans.
- Priced bill of quantities where applicable.
- Photocopies of valid title documents (e.g., C-of-O).
- Valuation report prepared by a firm of registered surveyors and valuers where applicable.
- Must have been contributing to the National Housing Fund for a period not less than six (6) months.
- Applicant must have a satisfactory regular financial track record.
- Applicant’s reason for the loan must be to build, acquire, or renovate a house.
NHF loan security
- The property for which the loan is obtained shall be the collateral.
- The property must have an approved building plan and must have a value equivalent to the loan.
- The property must have assurance.
Loan amount
As of the time of publishing this article, The highest amount you can obtain is N15 million.
Interest for the loan
- 15 million – 30% interest rate.
- 10 million – 20% interest rate.
- 5 million – 10% interest rate.
How to apply for National Housing Fund (NHF) loan
To apply for the National Housing Fund, follow these steps:
1. Open a savings account with PMB
Start by opening a savings account with a registered Primary Mortgage Bank (PMB).
2. Contribute 2.6% of your Income
Begin contributing 2.6% of your monthly income to the National Housing Fund for at least six (6) months.
3. Visit an Accredited Mortgage Loan Originator (MLO)
Go to any Federal Mortgage Bank of Nigeria (FMBN) accredited Mortgage Loan Originator (MLO) to obtain the application form.
4. Fill out the NHF Form
Complete the NHF loan application form with accurate information.
5. Submit the Form to Your Chosen MLO
Return the filled NHF form to the Mortgage Loan Originator (MLO) you chose.
By following these steps, you can initiate the process of applying for the National Housing Fund (NHF) loan and work towards obtaining financial assistance for housing-related purposes.
CLICK HERE TO SEE THE LIST OF ACCREDITED PMBs FOR NHF LOAN
