How to Apply For Federal Mortgage Bank NHF Loan (Full Guide)

• Applicant must have satisfactory evidence of the regular flow of income to guarantee loan repayment.

Purpose

The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation.

No loan shall be for refinancing

Requirements for Federal Mortgage Loan Application Form 2022/2023

• Applicants must be 18 years and above
• Savings account with a registered primary mortgage bank.
• Contribution to the fund for a minimum of six months.
• Proof of regular flow of income.
• Photocopies of other substantiating title documents.
• Survey and site plans.
• A copy of an approved building plan
• Bill of Quantities (if you have one)
• Valuation report prepared by registered surveyors and valuers where applicable.
• Tax clearance certificate for three years.
• Letter of consent to your chosen primary mortgage bank.
• Completed mortgage loan application form.
• Proof of National Housing Fund contribution.
• Payslips for the previous three months

How To Apply For Federal Mortgage Bank NHF Loan

The applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of his/her choice and not directly to the 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

How to Apply for 2022/2023 Federal Mortgage Loan Application Form

To apply online, please visit, Official Website

Institutional borrowers can apply directly to the Federal Mortgage Bank of Nigeria for the loan (FMBN)
Individuals can only apply through a Primary Mortgage Bank (PMB) of their choice that is fully licensed. However, you cannot apply for the loan directly through FMBN.
Interested applicants must get loan applications from the same Primary Mortgage Institution.
To use the national housing fund facility, you must have registered your principal mortgage institution with FMBN.
Code to check Federal Mortgage Loan Transaction
The USSD CODE to use in order to carry out those transactions is *219#
Federal Mortgage Loan USSD CODE Transaction work out this way, just:

Dial *219# and send
Type 2 and send
Enter 1 and send
Enter the exact month that’s 1 to 12 and send it.

Security For The Loan From Federal Mortgage Bank Of Nigeria

1. The property for which the loan is sought shall serve as security for the loan.

2. The property shall conform with the existing planning laws and regulations (approved building plan).

3. The property shall possess sufficient value to recover the loan.

4. A mortgaged property shall be insured against hazards

5. The loan shall be secured by the first legal mortgage of the property between the applicant and the mortgage loan originator and assigned to FMBN.

Other Requirements For Accessing NHF Loan

Open a savings account with a registered PMB

Contribution to the fund for at least six months prior to application.

Have satisfactory evidence of the regular flow of income to guarantee the loan.

Submit photocopies of valid title documents (e.g. C of O).

Approved survey/site plans

Approved building plans

Priced Bill of Quantities where applicable

Valuation report prepared by a firm of registered surveyors and valuers where applicable

Three years tax clearance certificate

Letter of consent to mortgage to your chosen PMB

Completed prescribed mortgage loan application form

Evidence of NHF participation

Copy of payslips for the previous three months

Equity contribution of the personal stake of 30 percent, 20 percent, or 10 percent depending on the loan amount applied for loans of N15 million, N10 million, and N5 million respectively

Offer letter/Acceptance and Allocation letter (in case of government projects)

In the case of the registered self-employed applicant, a copy of the Articles and Memorandum of Association and a copy of Certificate of Incorporation as evidence of employment status must be submitted.

You may also want to read How To Get Loan From Federal Mortgage Bank Of Nigeria (FMBN)

How Much To Apply For

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

The interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% p.a.

These loans have helped people meet emergency needs, pay fees, write professional exams, make purchases and invest in their startups amongst other uses.

How to Apply For Federal Mortgage Bank NHF Loan