The Federal Mortgage Bank of Nigeria (FMBN) has released additional information regarding their no-interest rent-to-own mortgage home.
The bank stated it offered non-interest housing to boost financial inclusion in the country, as opposed to the usual 7% interest paid on an annual basis.
The revelation comes after the bank’s Board of Directors approved it, according to a statement from the bank’s spokesperson, Lawal Kauri.
Those interested in applying for the housing should go to any bank office countrywide and fill out an application for free. They must be National Housing Fund contributors.
Houses would be made available immediately for candidates who have had their money accessed to be able to completely pay, according to Mr Kauri.
The non-interest housing, according to the bank, is designed to allow Nigerians to own their homes with a mortgage without having to engage in an interest-bearing transaction.
The bank keeps ownership of the property until the financing term expires or the recipient wants to acquire the property at any moment during the lease duration.
Nigerians who contribute to the National Housing Fund (NHF) Scheme are eligible for the no-interest rent-to-own product.
It applies to properties that are both FMBN and non-FMBN funded and have a maximum price of N15 million.
Beneficiaries can pay for the property over 30 years in monthly, quarterly, or annual rental installments, based on their age and years of service.
According to the bank, it now has approximately 3,190 rent-to-own housing units available in a variety of locations across the country.
Some of these homes are rumored to be in FMBN-funded estates throughout seventeen states and the District of Columbia.
Ondo, Adamawa, Jigawa, Ogun, Taraba, Nasarawa, Enugu, Sokoto, Abia, Kwara, Niger, Akwa Ibom, Kogi, Borno, Katsina, Kano, Kaduna, Ondo, Adamawa, Jigawa, Ogun, Taraba, Nasarawa, Enugu, Sokoto, Abia, Kwara, Niger, Akwa Ibom.
- One passport sized photograph (with white background), name and signature behind
- NHF contribution number
- Proof of identity (valid driver’s license, National ID Card, international passport, staff ID or Tax Payee Card)
- Pay slip for the last 3 months preceding the application.
- Certified personal bank statement for the last six months.
- Copy of letter of confirmation by employer.
- Letter of undertaking to deduct the rental payment from the beneficiary’s salary and allowances and remit to FMBN’s TSA account
- Bank Verification Number (BVN)
How To Apply
- To apply, an interested subscriber should go to any of the FMBN state offices around the country to schedule an inspection and a visit to one of the FMBN houses that are now available.
- The applicant will then complete out the form, stating his preferred property and attaching all required documents.
- For further processing, the applicant will send the completed application form to the FMBN state office.
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