Through the National Housing Fund (NHF), the Federal Mortgage Bank of Nigeria (FMBN) provides mortgage financing to eligible Nigerians seeking to buy, build, renovate, or repair homes.
Contributors can apply for the NHF Mortgage Loan, which carries a 6% annual interest rate and allows repayment over up to 30 years.
According to FMBN, eligible contributors can access up to ₦50 million, subject to the property’s value and the applicant’s affordability.
The Federal Mortgage Bank of Nigeria (FMBN) operates the National Housing Fund (NHF) Mortgage Loan through accredited Primary Mortgage Banks (PMBs).
The facility enables contributors to buy, build, or renovate an owner-occupied residence, using the property itself as collateral.
Compared to commercial mortgages, the NHF scheme offers lower interest rates and extended repayment timelines for eligible applicants.
Here are the key details applicants need to know about the scheme and its application process.
Who is eligible?
Applicants generally have to meet the following conditions:
* Be a Nigerian citizen aged 18 or above.
* Be a contributor to the National Housing Fund.
* Have made continuous NHF contributions for at least six months.
* Have a stable source of income or, for self-employed applicants, provide evidence of regular income.
* Apply through an FMBN-accredited and licensed mortgage loan originator/Primary Mortgage Bank.
* Have a property that meets the relevant legal and planning requirements.
Additionally, according to FMBN, a maximum of one-third of the applicant’s salary is used to determine loan payback affordability.
Borrowing Limit
Under current FMBN guidelines, eligible contributors can access up to ₦50 million through the National Housing Fund (NHF) Mortgage Loan, subject to affordability and underwriting criteria.
The maximum loan amount is capped at 90% of the property’s appraised value or total purchase price, requiring the borrower to fund the remaining portion as equity.
While older materials and online tutorials reference the previous ₦15 million limit, the updated ₦50 million threshold reflects FMBN’s active policy terms, though applicants should verify specific parameters directly with their accredited Primary Mortgage Bank.
What is the interest rate?
For NHF contributions, the annual interest rate is limited at 6%. According to FMBN, the facility is currently offered to accredited PMBs at a rate of 4% for subsequent lending to NHF contributors at a rate of 6%.
How long is the repayment period?
The maximum repayment time is thirty years, depending on the applicant’s years of service, age, and income.
Repayments are made via the mortgage loan originator that provided the loan to the applicant.
Here’s how to apply for FG mortgage loan
1. Confirm your NHF contribution
You must first be registered as an NHF contributor and should have made the required continuous contributions.
FMBN now provides an online personal/individual NHF registration portal for new contributors.
2. Choose an accredited mortgage institution
Candidates do not just walk into FMBN to pick up their mortgage loan. The application is submitted to FMBN after being processed by a Primary Mortgage Bank or mortgage loan originator that is accredited by FMBN.
3. Obtain the mortgage application form
The mortgage institution will provide the relevant application form and guide you on the documentation required for your particular application.
4. Prepare your documents
Depending on the type of application, candidates might need to submit the following:
- Completed mortgage loan application form;
- Evidence of NHF contribution;
- Proof of income;
- Recent payslips or other income evidence;
- Property title documents;
- Valuation report for the property;
- Bill of quantities where the loan is for construction;
- Relevant tax and employment documents; and
- Other legal documents required by the mortgage institution.
Important warning for applicants
Applicants should avoid individuals who claim they can guarantee FMBN loan approvals in exchange for upfront payments.
The official FMBN website explicitly warns against fraudsters impersonating facilitation officers. All inquiries and transactions should be conducted exclusively through FMBN and its accredited mortgage institutions, with any fee requests verified prior to payment.
Detailed information regarding FMBN mortgage products, NHF services, and official application channels remains accessible through the bank’s official website.
Click here to apply
