The National Housing Fund (NHF) is a federal government initiative, created to provide funds that will facilitate the provision of affordable housing for the Nigerian citizens. In this post, we will walk you through on how to access NHF loan from Federal Mortgage Bank of Nigeria.
NHF loan 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.
Contents
Requirements for accessing NHF loan
- Applicants must not be less than 18 years and must be a Nigerian.
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Must open/have a savings account with a registered Primary Mortgage Bank (PMB).
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Have an aproved survey or site plans.
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Priced bill of quantities where applicable.
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Photocopies of valid title documents (e.g. C of O).
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Valuation report prepared by a firm of registered surveyors and valuers where applicable.
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Must have been contributing to the National housing fund for a period not less than six (6) months.
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Applicant must have satisfactory regular financial track record.
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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.
Loan amount
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.
How to apply for National Housing Fund (NHF) loan
Below is how to apply for NHF loan;
- Open a saving account with PMB.
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Start contributing 2.6% of your income for at least six (6) months.
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Visit any Federal Mortgage Bank of Nigeria (FMBN) accredited Mortgage Loan Originator (MLO) to obtain application form.
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Fill the NHF form and submit back to your chosen MLO.
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