Good news:

1. FG approved 0 % equity contribution for housing loans below N5m. Once you're are 18years above, working in public or private sector, you are qualified. Go & look for PMI to secure the loan. It's your money & it is for a duration of at least 25yrs.

2. FG just approved the reduction in equity contribution for housing loans of N6m to N15m from 20% to 10% . Go look for PMI pls. It is your MONEY. Stop paying house rent, you can be a landlord once you are 18years above.

3. You can obtain NHF via ur PMI within 3 to 5months if you have a serious and committed PMI. Please don’t let anyone deceived you on Facebook, go and apply. Look for a developer that works with a PMI. You will get it. As a middle class people, Na only school fees will be your headache.

4: FG just made life comfortable for you in public and private sectors, go and apply for housing loan. Max is N15m. Make housing comot from your stress. Just school fee.

Which PMI is committed would you recommend? I wanna go for the individual and institutional options
.


Tell me more about this.

National Housing Fund (NHF)
primary mortgage institutions (PMI)

NHF Mortgage Loans through PMBs

This facility is granted to accredited Primary Mortgage Banks (PMBs) for on-lending at 6% to NHF contributors over a maximum tenor of 30 years, which is secured by the mortgaged property. A contributor can access up to N15million from the Fund through an accredited PMI as a mortgage loan to build, buy, improve or renovate own home after 6 (six) months of continuous contributions. This lending conditions make the NHF unequalled as a vehicle for affordable housing delivery in Nigeria

NHF - Eligibility for Loan

Registration via NHF 1 (employer) and NHF 2 (employee) forms.
Deducted monthly contributions remitted to FMBN promptly. At least 6 months contributions should be made. Passbook to be updated by employer and is transferable from one employment to the other. Yearly statement of cumulative contributions plus accrued interest available.
Apply through any accredited Primary Mortgage Institute (PMI)
Applicant must provide satisfactory evidence of regular income.

Eligibility

Who can benefit from the scheme?

The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers etc. Any intending beneficiary must be registered contributor and up to date with his/her contributions.
How can only 2.5% of my monthly basic salary or income be sufficient to obtain loan, to build a house?

The 2.5% of monthly basic salary contribution qualify you to access the loan. The pool of funds created by the contributors nationwide becomes available to any contributor to borrow from, after contributing for a minimum of six months.
How does a contributor obtain NHF loan?

A contributor interested in obtaining NHF loan applies through a registered and duly accredited mortgage loan originator (e.g. PMI), who packages and forwards the application to FMBN.
Is it the monthly contribution that determines the loans amount?

No. the loan amount is determined by the applicants affordability. This entails his/her income level that will enable repayment of the loan.
What are the documents required when applying for the loan?

Documents required to process a loan include:
Completed application form.
Photocopy of title documents
Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
Three years tax clearance certificate.
Evidence of NHF participation
Copy of pay slips for the previous three months.
Equity contribution or personal stake of 30%, 20% or 10% depending on the loan amount applied for.
What is the mode of repayment?

NHF housing loan are repaid on monthly installation from the monthly income of the beneficiary. This mode of repayment has the advantage of been both affordable and convenient.
Can a contributor obtain NHF loan, if a mortgage loan originator is not in his/her state?

Yes. A prospective applicant can liaise with a mortgage loan originator (PMI etc.) in a neighbouring state or anywhere in Nigeria to process a loan application. Also, some PMIs are subsidiaries of banks, this banks may operate a desk on behalf of its subsidiary (i.e. MLO)
Are there restrictions as to where a contributor can build his/her house?

The property can be located anywhere as long as it is within Nigeria. The applicant must however provide acceptable title documents to the land.
How can a low income earner get collateral for a loan?

The only collateral is the property in question. No any other collateral is needed to secure the NHF loan.
How many times can I get NHF loan?

A contributor can only obtain NHF loan facility once in a life time.
What is the maximum loans amount and repayment time for NHF loans?

A contributor is eligible to access a maximum loan amount of N15million repayable over a maximum period of 30 years at an affordable interest rate of 6%.
Can I obtain NHF loan to purchase a piece of land to build a house?

No. a prospective applicant who wishes to obtain a loan to build a house is expected to have his/her land as well as an acceptance title to the land prior to the application for NHF loan.
Can I get loan as an individual to build a house or must I buy a government owned estate or a private estate developer?

Yes. You can apply as an individual for NHF loan to develop a land or buy directly from government consort estate or private estate developer

NHF - Procedure For Registration

All Nigerians in employment, whether self-employed or in paid employment, are required by the NHF Act No.3 of 1992 to contribute 2.5% of their basic salary/income to the fund.

The Procedure for registration is as follows:

1.The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration Form (NHF1) to employers.

2.Employers will complete form NHF1 and return to the nearest branch of the Federal Mortgage bank of Nigeria.

3.Federal Mortgage Bank of Nigeria will register the Employer and issue an employer’s registration number.

4.Federal Mortgage Bank of Nigeria will issue form NHF2 to employers for completion by employees or directly to self employed or individual.

5.Employee will complete the form NHF2 and return to the employer.

6.The employer or self-employed individuals will return completed form NHF2 to Federal Mortgage Bank of Nigeria.

7.Federal Mortgage Bank of Nigeria will register Employees on Form NHF2 and allocate employees participation number to each employee/self-employed individual.

8.Federal Mortgage Bank will issue a passbook to each of the registered employees where the monthly deduction of his/her 2.5% basic salary will be posted by the employer.

9.At this point, an employee is now a registered participant of the National Housing Fund.

10.Employer will commence deduction of contributions at source. Such deductions/contributions are remitted to Federal Mortgage Bank of Nigeria with schedule of payment indicating the amount contributed by each employee and the period covered.

11.Self –employed contributors will also commence monthly remittances of contributions to FMBN.

12.Federal Mortgage Bank of Nigeria will accept contributions and issue receipts for payments.

For info on how to start if you are a contributors for last 6month . WhatsApp 08064134851
Nation wide

Nice