The Federal Government, through the Federal Mortgage Bank of Nigeria (FMBN), gives out loans via the National Housing Fund (NHF). These loans help eligible Nigerians buy, build, improve, or fix up their homes.
The plan gives qualified NHF contributors up to ₦50 million in mortgage financing. The interest rate is 6% per year, and you can pay it back over as long as 30 years.
But before you apply, you need to know who qualifies, how much you can get, and what steps to follow.
How the FMBN mortgage works
The NHF Mortgage Loan goes through accredited Primary Mortgage Banks (PMBs), not directly from FMBN. You send your application to one of these banks. If approved, the property you are buying serves as collateral. Unlike many regular mortgages, this one gives a lower interest rate and a longer payback time of up to 30 years.
How much can you get?
Right now, the top loan amount is ₦50 million. But not everyone gets that much. The final figure depends on your income, how much you can afford to repay, and the property’s value. FMBN also says you generally cannot get more than 90% of the property’s cost or worth. Some older papers still mention a ₦15 million limit, so always check the latest details from FMBN or your mortgage bank.
What does it cost?
The interest rate stays at 6% per year for contributors. FMBN gives the money to PMBs at 4%, and they lend it to you at 6%.
You can repay over 30 years
A big plus is the long repayment period. You could have up to 30 years, but the actual time depends on your age, income, and years in service. Also, your monthly payment usually cannot go beyond one-third of your income.
Who can apply?
Not everyone qualifies. You generally need to:
– Be a Nigerian citizen, 18 or older.
– Register for the NHF.
– Pay into the NHF for at least six months straight.
– Have a regular income. Self-employed people must show proof of income.
– Apply through an FMBN-accredited mortgage bank.
– Provide a property that meets legal and planning rules.
What can the money buy?
You can use it to:
– Buy a home.
– Build a house.
– Improve your current home.
– Renovate your current home.
What documents do you need?
The list changes based on your application, but you may need:
– NHF payment records.
– Proof of income and recent payslips.
– Property title papers and a valuation report.
– A completed application form.
– A bill of quantities if building.
– Employment, tax, and other legal documents your mortgage bank asks for.
How to apply
Start by checking your NHF status.
Step 1: Register and confirm you have paid in for at least six months. FMBN has online services for this.
Step 2: Pick an FMBN-accredited Primary Mortgage Bank. They will handle your application.
Step 3: Fill out forms and turn in your income, NHF, and property papers through that bank.
Step 4: The bank checks if you can repay, values the property, and runs legal checks.
Step 5: If approved, the money is sent through the bank for your housing project.
For more details, visit FMBN’s official website.
