Details of how to apply for FG ₦50m loan to build or buy a house at 6% interest can be accessed below.
NewsOnline Nigeria reports that the Federal Mortgage Bank of Nigeria has opened a pathway for eligible Nigerians to access mortgage financing of up to ₦50 million through the National Housing Fund.
According to current information published by the FMBN, contributors can use the NHF Mortgage Loan to buy, build, improve or renovate owner-occupied residential properties.
The facility attracts an interest rate of not more than six per cent per annum and offers a repayment period of up to 30 years, subject to the applicant’s age, income, affordability and years of service.
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Unlike conventional commercial mortgages, the NHF scheme offers longer repayment periods and a concessionary interest rate to make homeownership more accessible to Nigerians.
Applications are processed through accredited and licensed Primary Mortgage Banks or other approved mortgage loan originators, rather than directly by the FMBN.
Who is eligible for the FMBN mortgage loan?
Applicants are generally required to:
- Be Nigerian citizens aged 18 years or older.
- Be registered contributors to the National Housing Fund.
- Have contributed continuously to the fund for at least six months.
- Have a stable and verifiable source of income.
- Apply through an FMBN-accredited Primary Mortgage Bank.
- Present a property that satisfies relevant legal, valuation and planning requirements.
Self-employed Nigerians may also apply, provided they can present credible evidence of regular income and demonstrate the capacity to repay the loan.
FMBN assesses affordability by limiting mortgage repayments to a maximum of one-third of an applicant’s income.
How much can applicants borrow?
Eligible contributors can access up to ₦50 million, subject to their repayment capacity, the value of the property and other lending conditions.
The mortgage generally cannot exceed 90 per cent of the cost or assessed value of the property. This means applicants may be required to provide an equity contribution toward the purchase or construction.
Although an older ₦15 million limit remains visible in some documents and unofficial online guides, the current FMBN product information states that contributors may access up to ₦50 million.
Applicants are therefore advised to confirm the latest terms with FMBN or an accredited mortgage institution before submitting an application.
Interest rate and repayment period
The NHF Mortgage Loan attracts an interest rate of up to six per cent annually.
FMBN provides the facility to accredited Primary Mortgage Banks at four per cent for onward lending to eligible NHF contributors at six per cent.
Successful applicants may repay the mortgage over a maximum period of 30 years. However, the approved tenure will depend on factors such as the borrower’s age, income, employment status and remaining years in service.
Repayments are made through the mortgage institution that processed the application.
How Nigerians can apply for the FMBN mortgage loan
Interested applicants must first confirm that they are registered NHF contributors and have made the required continuous contributions.
New contributors can register through FMBN’s online individual registration platform or obtain guidance from an accredited mortgage institution.
Applicants must then select an FMBN-accredited Primary Mortgage Bank or mortgage loan originator. The institution will provide the application form, assess the applicant’s eligibility and submit the request to FMBN where necessary.
Documents that may be required include:
- A completed mortgage application form.
- Evidence of NHF contributions.
- Proof of employment or business income.
- Recent payslips, bank statements or other income records.
- Valid identification.
- Property title documents.
- A valuation report.
- A bill of quantities for construction applications.
- Relevant tax and employment records.
- Other legal or property documents requested by the mortgage institution.
Documentation requirements may vary depending on whether the loan is intended for purchasing, constructing, improving or renovating a property.
After submission, the mortgage institution will assess the applicant’s income, repayment capacity and supporting documents. The property will also undergo valuation and legal checks to confirm that it provides adequate security and complies with applicable planning requirements.
Once all conditions have been satisfied and the loan approved, the funds will be disbursed through the mortgage institution for the stated housing purpose.
What the loan can finance
The NHF Mortgage Loan may be used to:
- Purchase a residential property.
- Construct a new home.
- Improve an existing property.
- Renovate an owner-occupied home.
The property financed under the scheme serves as security for the mortgage until the loan has been fully repaid.
FMBN warns applicants against fraudsters
Prospective applicants have been advised to avoid individuals claiming they can guarantee or fast-track mortgage approval in exchange for unauthorised payments.
FMBN has warned about fraudsters presenting themselves as NHF loan facilitators. Nigerians should transact only with the bank and its accredited mortgage institutions while verifying payment requests through official channels.
Eligible contributors can obtain additional information and begin the process through the official FMBN NHF Mortgage Loan portal.
