Link to Apply for FMBN NHF Mortgage Loan Application

FMBN NHF Mortgage Loan
FMBN NHF Mortgage Loan

The FMBN NHF Mortgage Loan provides up to N15million at a six percent interest rate to NHF subscribers to own their dream homes.

ABOUT THE FMBN NHF Mortgage Loan

  •   Mobilization of funds for the provision of affordable residential houses for Nigerians.
  •   Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  •   Insurance Companies are mandated to invest 20% of non-life and 40% of life funds in the housing sector with 50% of these directly in the funds.
  •   Financial contributions of the Federal Government.

Read – How to Apply & Benefits in ECOWAS Trade Liberalization Scheme

  •   Mandatory contribution of 2.5% of monthly income of Nigerians earning =N=3000 and above per annum.
  •   Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  •   Insurance Companies are mandated to invest 20% of non-life and 40% of life funds in the housing sector with 50% of these directly in the funds.
  •   Financial contributions of the Federal Government.

  •   Housing loan of up to 90% of the cost of the house.
  •   Interest on loans remains fixed throughout the life of the mortgage at 6% p.a.
  •   Long period of repayment of up to 30 years.
  •   Contributions can serve as additional old age security.
  •   Up to N15 million can be borrowed.
  •   Refunds with 2% interest on retirement.
  •   Loan repayment is about the same as a typical monthly rent.
  •   Every contributor has: a lifetime registration number, a passbook for personal recording of contributions and the account statement.

Read – How to Benefits from National Social Safety-net Coordinating Programme

  •   Registration via NHF 1 (employer) and NHF 2 (employee) forms.
  •   Deducted monthly contributions remitted to FMBN promptly (At least 6 months    contributions should be made)
  •   Passbook to be updated by an employer and is transferable from one employment to the other.
  •   Yearly statement of cumulative contributions plus accrued interest
  •   Apply through any accredited Primary Mortgage Bank(PMB)
  •   Applicant must provide satisfactory evidence of regular income.

   All Nigerians in employment, whether self-employed or in paid employment, are required by the NHF Act No.3 of 1992 to contribute 2.5% of their basic salary/income to the fund. The procedure for registration is as follows:

  •     The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration       Form (NHF1) to employers.
  •     Employers will complete form NHF1 and return to the nearest branch of the Federal       Mortgage Bank of Nigeria.
  •     Federal Mortgage Bank of Nigeria will register the Employer and issue an employer’s registration number.
  •     Federal Mortgage Bank of Nigeria will issue form NHF2 to employers for completion by employees or directly to self-employed or individuals.
  •     An employee will complete the form NHF2 and return it to the employer.
  •     The employer or self-employed individuals will return the completed form NHF2 to the Federal Mortgage Bank of Nigeria.
  •     Federal Mortgage Bank of Nigeria will register Employees on Form NHF2 and allocate employees’ participation number to each employee/self-employed individual.
  •     Federal Mortgage Bank will issue a passbook to each of the registered employees       where the monthly deduction of his/her 2.5% basic salary will be posted by the       employer
  •     At this point, an employee is now a registered participant of the National Housing       Fund.
  •     Employer will commence deduction of contributions at source. Such deductions/contributions are remitted to the Federal Mortgage Bank of Nigeria with schedule of payment indicating the amount contributed by each employee and the period covered.
  •     Self–employed contributors will also commence monthly remittances of contributions to FMBN.
  •     Federal Mortgage Bank of Nigeria will accept contributions and issue receipts for payments.

    •  Refund is made to a contributor who has attained 60 years of age or has put in 35     years in service.
    •   Refund is also made to a contributor that has obtained a loan, liquidated the loan and has attained the age of 60 years or has put in 35 years in service.
    •   Retired from employment and becomes incapable of continuing the contribution to the Fund.
    •   For applicants from the underlisted professions, the retirement ages are as stated     below:
    • –   Professors, Judges, and Medical Consultants – 70 years of age
    • –   Academic, Non-Academic Staff, Judicial Staff – 65 years of age
    • –   Military Officers – 62 years of age
    •   Refund is made to the next-of-kin of a contributor in case of a deceased contributor.

Documents required for refund of contribution

  •   Application letter requesting for refund of contribution.
  •   Letter of offer of appointment.
  •   Birth certificate or Declaration of age certificate.
  •   Completed NHF Contribution withdrawal forms.
  •   Bank Account details through which refund would be paid.
  •   Medical report of incapability to continue contributions due to failing health
  •   Letter of administration & Death Certificate (in case of a deceased contributor)
  •   Evidence of contribution. (Receipt for self-employed contributor)
  •   Biometric Verification Number (BVN)

How to Apply

Interested Nigerians should visit FMBN NHF Morgage Loan and apply

FMBN NHF Mortgage Loan
FMBN NHF Mortgage Loan