LOAN TERMS:
Lender
LOAN TERMS:
Federal Mortgage Bank of Nigeria (FMBN)
Eligibility
LOAN TERMS:
Any Nigerian above the age of 18
Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation
No loan shall be for refinancing
Loan Limit
LOAN TERMS:
A borrower is entitled to a maximum loan of fifteen million naira (N15,000,000.00) or as determined by the Bank.
No individual should be given a loan in excess of 90% of the cost or value of the property to be mortgaged.
Equity contribution based on the new loan amounts is as follows:
– N15,000,000.00 – 30%
– N10,000,000.00 – 20%
– N5,000,000.00 – 10%
Interest Rate
LOAN TERMS:
Interest rate shall be as prescribed by the
National Housing Fund Act
which is not more than 6% p.a.
Max Tenor
LOAN TERMS:
The maximum repayment period shall be 30 years.
Individual borrower shall make repayment through the mortgage loan originator through which they obtained the loan.
Security Required
LOAN TERMS:
The property for which the loan is sought shall serve as security for the loan.
The property shall conform with the existing planning laws and regulations (approved building plan).
The property shall possess sufficient value to recover the loan.
A mortgage property shall be insured against hazards
The loan shall be secured by first legal mortgage of the property between the applicant and the mortgage loan originator and assigned to FMBN.
Documents Required
LOAN TERMS:
Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of
his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
Application forms for NHF loans are obtainable from the MLO
Approval Time
LOAN TERMS:
About Four (4) months from the time you submit all the required documentation
