How to Apply for NHF Mortgage Loan in Nigeria 2021

How to Apply for NHF Mortgage Loan in Nigeria 2021

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How to Apply for NHF Mortgage Loan in Nigeria.

National Housing Fund NHF Mortgage Loan is a facility that is permitted at 4 percent to a Primary Mortgage Banks PMB by Federal Mortgage Bank of Nigeria FMBN and loan out to NHF contributors at 6 percent per annum  over a maximum tenor of 30 years, which is secured by the mortgaged property. 

According to FMBN, A contributor can access up to ₦15million from the Fund through an accredited and licensed PMB as a mortgage loan to build, buy, improve or renovate own home after 6 (six) months of continuous contributions.

Requirements for NHF Mortgage Loan in Nigeria
  1. Applicant must be a Nigerian and above the age of 18
  2. Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
  3. Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
  4. The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation, no loan shall be granted for refinancing or remortgaged.
How to Apply for NHF Mortgage Loan in Nigeria
How to Apply for NHF Mortgage Loan in Nigeria
  1. Applicant must apply via a duly licensed and accredited mortgage loan originator (MLO) that is, PMBs of his/her choice and not directly to FMBN.
  2. The MLO or PMB of the applicant’s choice must be accredited by FMBN to access the NHF facility.
  3. Application forms for NHF loans are obtainable from the MLO.



List of Accredited Primary Mortgage Banks in Nigeria

Click here for the list PMBs in Nigeria

A borrower is entitled to a maximum loan of 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 (Minimum amount to be provided by the borrower before loan can be granted ) 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 shall be as prescribed by the National Housing Fund Act which is not more than 6% per annum

Loan Repayments in Years
  1. The maximum repayment period shall be 30 years.
  2. Individual borrower shall make repayment through the mortgage loan originator through which they obtained the loan.

For more information on NHF Mortgage Loan, click here

Also Read: How to choose the right Pension Fund Administrator PFA



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