National Housing Fund (NHF) Loan – This empowerment is an initiative of the Federal Government of Nigeria to provide funds that will facilitate the provision of affordable housing for the Nigerian citizenry, see more details below.
This article contains detailed Information about the National Housing Fund Loan from the Federal Mortgage Bank of Nigeria. In this article, we will explain to you how to apply and access the loan from the above mentioned bank, we will give you all the necessary guidelines, requirements and procedures on how to go about this process.
Objective of the NHF Loan
The NHF loan is aimed at helping Nigerians who cannot afford commercial housing to own houses by contributing 2.5% of their monthly salary to Federal Mortgage Bank of Nigeria.
Requirements for accessing NHF loan
- Applicants must not be less than 18 years
- Must be a 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.
- 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 satisfactory regular financial track record.
- Applicants’ reason for the loan must be to build, acquire or renovate a house.
The NHF loan security
- The property for which the loan is obtained shall be the collateral
- The property must have approved building plan and must have value equivalent to the loan
- The property must have assurance.
- The highest amount you can obtain is N15 million.
Interest for the loan
The interest for the loan is as follows;
- 15million – 30% interest rate.
- 10million – 20% interest rate.
- 5million – 10% interest rate.
Procedures to apply for the NHF Loan
- Open a saving account with PMB.
- Start contributing 2.6% of your income for at least six (6) months.
- Visit any Federal Mortgage Bank of Nigeria (FMBN) accredited
- Mortgage Loan Originator (MLO) to obtain application form.
- Fill the NHF form and submit back to your chosen MLO.
How to Apply
Interested Person’s should: Click Here to Apply
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