NHF Home Ownership Scheme

This scheme is powered by the National Housing Fund and administered by the Federal Mortgage Bank of Nigeria [FMBN] through a Primary Mortgage Institution. The aim is to provide affordable housing to the teething number of Nigerian workers who would otherwise not have access to mortgage finance at such affordable rate and long, convenient tenor such as the one offered through this scheme . The loans are specifically meant for the participating members of the scheme who contribute to the National Housing Fund (NHF). That is, anyone who is a regular contributor and has contributed for a minimum period of 6 [six] months is eligible to apply for the loan. The contribution is usually deducted at salary source by the human resources of the organizations where the applicant works. And, the NHF act of 1992 makes this makes this contribution compulsory, while offering the contributors the opportunity to enjoy the numerous benefits of the scheme

The general qualifying criteria for all applicants is as follows:

1. applicants must be above 18 years of age
2. applicant must be a contributor to the National Housing Fund for a minimum of 6 [six months]
3. the applicant contributes only 2.5% of his/her monthly basic salary or pay to the fund.
4. Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
5. The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation.
6. The loan shall not be used to refinance any residential property.
7. Applications must be made through a Mortgage Loan Originator, [MLO] and not directly to Federal Mortgage Bank of Nigeria [FMBN]
8. Applicants forms for NHF loans are obtainable from Refuge Homes Savings & Loans
9. the property for which loan is sought to finance shall serve as security for the loan
10. the property must have a valid title document [C of O]
11. the property shall conform to the existing planning laws and regulations [approved building plan]
12. the property shall possess sufficient value to recover the loan
13. the property shall be insured against all hazards
14. the loan shall be secured by first party legal mortgage on the property between the applicant and PMB and assigned to FMBN.
15. Each applicant shall be entitled to a maximum loan amount of N15,000,000.00 [Fifteen Million Naira Only] or as determined by the bank
16. no individual shall be given a loan in excess of 90% of the cost or value of the property to be mortgaged.
17. the loan amount an applicant is eligible for is calculated on the basis that he/she does not utilize more than one-third [1/3] of gross monthly pay to service the loan.

18. Equity contribution shall be as below:

Loan Amount N Equity Contribution Amount N
10.1M -15M 30% 3,030,000 - 4,500,000
5.1M -10M 20% 1,020,000 - 2,000,000
1M - 5M 10% 100,000 - 500,000




19. Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% per annum, and shall be fixed throughout tenor.
18. the maximum repayment period shall be 30 years [but shall not exceed the
applicant’s 60th year.
19. the individual borrower shall make repayment through the mortgage loan
Originator.

The conditions ar just too much and ridiculous

MANGAM: The conditions ar just too much and ridiculous

Not too much i tell you.
its just that people do not really understand how it works, the documents required and so on.
apart from those personal individual requirements, the property you want to buy, construct or renovate will carry others. the remaining documents;your PMB provide that.

@ op, do you work there? If yes, kindly gimme me your contact. My email and bbm pin are on my signature.

uboma: @ op, do you work there? If yes, kindly gimme me your contact. My email and bbm pin are on my signature.

i work there, in a mortgage bank.
check your email.

^^^^ mail replied.

Noted. I will try and see if I can meet up. Pls moderator I wil need ur personal contact mine is talk2manga@yahoo.com

Akdams:

Not too much i tell you.
its just that people do not really understand how it works, the documents required and so on.
apart from those personal individual requirements, the property you want to buy, construct or renovate will carry others. the remaining documents;your PMB provide that.

MANGAM: Noted. I will try and see if I can meet up. Pls moderator I wil need ur personal contact mine is talk2manga@yahoo.com

good morning,
check your mail

Yes got mail

Akdams:

good morning,
check your mail

Is this scheme available to people that reside and work overseas?

Please send mail to cornellrealtors@gmail.com

anthagun: Is this scheme available to people that reside and work overseas?

Available to everybody. As long as you are a Nigerian where you reside or live is not a factor (at least for now), you are a contributor to the scheme and you have a qualified PMB.

Delafruita: Please send mail to cornellrealtors@gmail.com

Have sent it. check your mail.

Thanks for your response, please send me your details - email + phone number - so we can set the ball rolling.

anthagun: Thanks for your response, please send me your details - email + phone number - so we can set the ball rolling.

have replied.
thank you

The first batch has just been approved by CBN/FMBN for my PMB. Disbursement will start any moment soon. So what are you still waiting for.

Akdams: The first batch has just been approved by CBN/FMBN for my PMB. Disbursement will start any moment soon. So what are you still waiting for.

Plss am intrested send me a mail
IAMCHIBOY@gmail.com

Tnks

chiboy11:
Plss am intrested send me a mail
IAMCHIBOY@gmail.com

Tnks

check your mail.

Hi Akdams, please send an email to me dare834@gmail.com, i am interested

dare0834: Hi Akdams, please send an email to me dare834@gmail.com, i am interested

Check your mail.

Akdams: The first batch has just been approved by CBN/FMBN for my PMB. Disbursement will start any moment soon. So what are you still waiting for.

next set of batches are being compiled.

............. and i bet you wont want to miss the next batch.

Please send your email and tel no to me
ralphow@yahoo.com

RALPHOW: Please send your email and tel no to me
ralphow@yahoo.com

sent

Akdams: NHF Home Ownership Scheme

This scheme is powered by the National Housing Fund and administered by the Federal Mortgage Bank of Nigeria [FMBN] through a Primary Mortgage Institution. The aim is to provide affordable housing to the teething number of Nigerian workers who would otherwise not have access to mortgage finance at such affordable rate and long, convenient tenor such as the one offered through this scheme . The loans are specifically meant for the participating members of the scheme who contribute to the National Housing Fund (NHF). That is, anyone who is a regular contributor and has contributed for a minimum period of 6 [six] months is eligible to apply for the loan. The contribution is usually deducted at salary source by the human resources of the organizations where the applicant works. And, the NHF act of 1992 makes this makes this contribution compulsory, while offering the contributors the opportunity to enjoy the numerous benefits of the scheme

The general qualifying criteria for all applicants is as follows:

1. applicants must be above 18 years of age
2. applicant must be a contributor to the National Housing Fund for a minimum of 6 [six months]
3. the applicant contributes only 2.5% of his/her monthly basic salary or pay to the fund.
4. Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
5. The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation.
6. The loan shall not be used to refinance any residential property.
7. Applications must be made through a Mortgage Loan Originator, [MLO] and not directly to Federal Mortgage Bank of Nigeria [FMBN]
8. Applicants forms for NHF loans are obtainable from Refuge Homes Savings & Loans
9. the property for which loan is sought to finance shall serve as security for the loan
10. the property must have a valid title document [C of O]
11. the property shall conform to the existing planning laws and regulations [approved building plan]
12. the property shall possess sufficient value to recover the loan
13. the property shall be insured against all hazards
14. the loan shall be secured by first party legal mortgage on the property between the applicant and PMB and assigned to FMBN.
15. Each applicant shall be entitled to a maximum loan amount of N15,000,000.00 [Fifteen Million Naira Only] or as determined by the bank
16. no individual shall be given a loan in excess of 90% of the cost or value of the property to be mortgaged.
17. the loan amount an applicant is eligible for is calculated on the basis that he/she does not utilize more than one-third [1/3] of gross monthly pay to service the loan.

18. Equity contribution shall be as below:

Loan Amount N Equity Contribution Amount N
10.1M -15M 30% 3,030,000 - 4,500,000
5.1M -10M 20% 1,020,000 - 2,000,000
1M - 5M 10% 100,000 - 500,000




19. Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% per annum, and shall be fixed throughout tenor.
18. the maximum repayment period shall be 30 years [but shall not exceed the
applicant’s 60th year.
19. the individual borrower shall make repayment through the mortgage loan
Originator.

OP. My company just sent me an email with a registration form of this scheme attached and I decided to come online and check to get more info abt it before embarking on it b4 I came across dis on nairaland there re lots n lots of qtns running tru mind right now after reading ur post but I still want someone to guide me in making dis decision cos I knw dis is a long term plan kindly email me so we can discuss since u work there. Jhnsn_ochai@yahoo.com

virginadams: OP. My company just sent me an email with a registration form of this scheme attached and I decided to come online and check to get more info abt it before embarking on it b4 I came across dis on nairaland there re lots n lots of qtns running tru mind right now after reading ur post but I still want someone to guide me in making dis decision cos I knw dis is a long term plan kindly email me so we can discuss since u work there. Jhnsn_ochai@yahoo.com

sent

Am interested and I need your guide toward achieving that. Kindly send me mail through (niyoc007@gmail.com) thanks

Akdams:


Not too much i tell you.
its just that people do not really understand how it works, the documents required and so on.
apart from those personal individual requirements, the property you want to buy, construct or renovate will carry others. the remaining documents;your PMB provide that.

Pls I need the details, my email is campbell205@yahoo.com

Please send me an email: lavic2001@yahoo.co.uk

OP please can u email your phone number for further discussions.
Regards.

Please I'm very interested in this. Just read the post. Could u please send me your email address and phone number for further discussions.
Looking forward to hearing from you.

lavic2001:
Please send me an email: lavic2001@yahoo.co.uk

Dapo
Structured Finance & Real Estate Consultant

gee5:
OP please can u email your phone number for further discussions.
Regards.

Dapo
Structured Finance & Real Estate Consultant