How To Apply For NHF Mortgage Loan

With lending rates in commercial banks as high as 18%, obtaining mortgage loans is becoming increasingly expensive.

However, home buyers can still obtain mortgage loans at lower interest rates via the National Housing Fund (NHF) mortgage loan scheme.
Under this scheme, prospective home buyers can obtain mortgage loans at 6% interest rates and these loans have a tenor of up to 30 years.

The scheme enables home buyers to secure loan amounts up to N15 million.

However, this loan can only be secured once in a lifetime.

Despite the bureaucratic bottlenecks experienced before the loan application is finally approved (6 months to 1 year), it is definitely worth the wait as it is affordable and has a long repayment period.

How exactly does a home buyer get access to this loan?
Find out below:

Before a home buyer can be eligible for this loan, he/she must meet the following criteria:

Register With FMBN
Before applying, you must be employed and have a verifiable source of income. You can register for the NHF scheme by obtaining a form from the Federal Mortgage Bank of Nigeria (FMBN) and opening an NHF account. If your registration is successful, 2.5% of your basic salary will be deducted monthly as contribution towards the National Housing Fund.

You must contribute for at least 6 months before becoming eligible to apply for an NHF mortgage loan.

For additional information on eligibility criteria, contact Signature Properties 84 Shyllon Street, Palmgrove Lagos
or call Lanre on 08031955044 or 09050987342 or mail lanrefabiyi@gmail.com


Apply for Mortgage Loan Through a PMI
After successfully registering with FMBN, proceed to a registered Primary Mortgage Institution (PMI), and apply for an NHF mortgage loan. Usually, PMI’s will require you to open an account with them and operate it for a minimum of six months before you are eligible to apply for a mortgage loan. The following documents will also be required:

Completed application form
Photocopy of title documents
Current valuation report on the proposed house you want to buy or Bill of Quantities (BOQ), for the house you want to build
Sale offer letter from the seller
Three years tax clearance certificate.
Evidence of NHF participation
Pay slips from the previous 3 months
Equity contribution or personal stake of 30%, 20% or 10% depending on the loan amount applied for



Some additional documents might be required depending on the PMI involved. After a successful application, the bank processes and packages your loan application for further processing by FMBN.

Barring any complications, the loan application will be approved or denied within 6 to 12 months.
For consultancy services on obtaining mortgage loan please consult us at
Signature Properties
84 Shyllon Street, Palmgrove Lagos
or call Lanre on 08031955044 or 09050987342 or mail lanrefabiyi@gmail.com

If you have bad credit and you need a mortgage in the UK then you can read here some information: https://www.shinemortgages.co.uk/mortgages/can-i-get-a-mortgage-with-bad-credit.php