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Mortgage Institutions: Share Your Own Bitter Experience? by mybad: 5:37pm On Jun 04, 2012
Please I need a bit of information regarding mortgage institutions and the NHF scheme in Nigeria.
I have heard of instances where people contribute for the 6 month period and are yet to get a mortgage load to buy a house.
What really is the method with the numerous mortgage institutions in the country?
Which of the banks can one do business with?
What’s our experience with obtaining a mortgage loan?

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Re: Mortgage Institutions: Share Your Own Bitter Experience? by blank(f): 7:05pm On Jun 04, 2012
This should be interesting. Hope it gets enough views and replies.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by mybad: 5:03pm On Jun 07, 2012
mybad: Please I need a bit of information regarding mortgage institutions and the NHF scheme in Nigeria.
I have heard of instances where people contribute for the 6 month period and are yet to get a mortgage load to buy a house.
What really is the method with the numerous mortgage institutions in the country?
Which of the banks can one do business with?
What’s our experience with obtaining a mortgage loan?

blank: This should be interesting. Hope it gets enough views and replies.

It really should!
Re: Mortgage Institutions: Share Your Own Bitter Experience? by mybad: 12:32pm On Jun 22, 2012
smiley
Re: Mortgage Institutions: Share Your Own Bitter Experience? by Ibadiarann(m): 1:50pm On Jun 22, 2012
From my experience, i wanted to access N5m from NHF. I approached a mortgage bank and I was told i needed to get the title documents to the property i wanted to buy. Of course i didnt have any, all i wanted was to access the fund and get a land a build a small bungalow. The staff of the mortage bank asked me to give them N5,0000 to get title documents. This I did and up till today since 2006 i have not heard anything.

I just heard on channels TV this morning that the fund is now N2m. I will advise that you approach a commercial bank, or simply save a build at ur own pace. NHF as far as am concernd is fraud.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by jossy26: 2:00pm On Jun 22, 2012
Very nice topic op, from the info I have about NHF, apart from the monthly contribution for 6months, you also need to provide the certificate of occupancy of the acquired land that you intend to build on before you can be granted the loan.
It also depend on the mortgage institution you are dealing with cos some of them are not reliable.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by jossy26: 2:03pm On Jun 22, 2012
Ibadiarann: From my experience, i wanted to access N5m from NHF. I approached a mortgage bank and I was told i needed to get the title documents to the property i wanted to buy. Of course i didnt have any, all i wanted was to access the fund and get a land a build a small bungalow. The staff of the mortage bank asked me to give them N5,0000 to get title documents. This I did and up till today since 2006 i have not heard anything.

I just heard on channels TV this morning that the fund is now N2m. I will advise that you approach a commercial bank, or simply save a build at ur own pace. NHF as far as am concernd is fraud.

What I want to know is if its possible to use the lands agreement, survey plan nd building plan and approval in place of c of o, its very difficult getting that piece of paper
Re: Mortgage Institutions: Share Your Own Bitter Experience? by Chizzybenjamin(m): 2:21pm On Jun 22, 2012
Bro,
Its near impossible to do anything without the C of O.
The Survey plan plays a gud part as well.
But its faster if u wanna buy the house from the mortgage house if not,kinda takes longer to access that stuff after d 6th mnth
Re: Mortgage Institutions: Share Your Own Bitter Experience? by snthesis(m): 2:21pm On Jun 22, 2012
its a total scam- started d process like two yrs ago, was advised to build a relationship, which i did for a whole year, after which i applied for the loan , only then did my account officer inform me that i have to have my salary account domiciled with the Bank- im like wtf, i could easily have done that with my bank, why did i bother opening a mortgage account. angry angry angry angry angry
Re: Mortgage Institutions: Share Your Own Bitter Experience? by mybad: 2:25pm On Jun 22, 2012
Ibadiarann: From my experience, i wanted to access N5m from NHF. I approached a mortgage bank and I was told i needed to get the title documents to the property i wanted to buy. Of course i didnt have any, all i wanted was to access the fund and get a land a build a small bungalow. The staff of the mortage bank asked me to give them N5,0000 to get title documents. This I did and up till today since 2006 i have not heard anything.

I just heard on channels TV this morning that the fund is now N2m. I will advise that you approach a commercial bank, or simply save a build at ur own pace. NHF as far as am concerned is fraud.
ibadiarann: That's very sad.
2006 till date is a long time.
Six years is enough time to build you a small bungalow if you had made up your mind to save for it.
However it was because of situations like this that the mortgage institutions exist in the first place so you won't have to save to buy or build a house.
With mortgage institutions you have ready funds to carry out your project once your ability to pay back has been checked by the bank.
Like other institutions in the country....IT'S A SORRY SITUATION.

jossy26: Very nice topic op, from the info I have about NHF, apart from the monthly contribution for 6months, you also need to provide the certificate of occupancy of the acquired land that you intend to build on before you can be granted the loan.
It also depend on the mortgage institution you are dealing with cos some of them are not reliable.
Very true Jossy26.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by jossy26: 3:05pm On Jun 22, 2012
Chizzybenjamin: Bro,
Its near impossible to do anything without the C of O.
The Survey plan plays a gud part as well.
But its faster if u wanna buy the house from the mortgage house if not,kinda takes longer to access that stuff after d 6th mnth

Do you have an idea of how much the mortgage bank charge on their housing loan and the duration; I think NHF is 60 - your present age @6% interest flat rate
Re: Mortgage Institutions: Share Your Own Bitter Experience? by slimming: 3:27pm On Jun 22, 2012
It is another big scam in Nigeria, if you need a house meet the estate developer for advice.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by chioma134: 3:28pm On Jun 22, 2012
Primary mortgage institutions usually have their own housing projects,and u can only benefit if u're buying from them. The loan processing is shorter as approval is easier. NHF loan does not fund land acquisition,but houses,so if u don't have an allocation letter for a house and can't prove the existence of the house,you're on your own. U can access a maximum of 15 million,and u must have equity contribution(30% of the cost of the house) in ur mortgage account b4 the loan can be accessed. Of course,there has to be a way for the bank to collect monthly deductions,hence the request for salary accounts to be domiciled with them,unless they have an arrangement with ur employers to deduct from source. The loan cannot be given to you,but will be paid to the property developer handling ur project.
NHF loans are real. You just need to know the nitty gritty of it so u can access it without stress. I'm currently in the process of getting one.
And just to add,this is one good thing GEJ has done for the masses.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by jossy26: 4:01pm On Jun 22, 2012
Nice piece chioma, but in a case whereby you have your agreement, survey plan, building plan and the approval and have already apply for the c of o which takes years to come out(mind you not all houses have these) can't they giv the loan with all these documents?

NHF has been existing before GEJ tenure so don't giv him credit on that, what he should do is to lessen the criteria so that serious pple like moi can have access to it

1 Like

Re: Mortgage Institutions: Share Your Own Bitter Experience? by Curiouscity(m): 4:35pm On Jun 22, 2012
jossy26: Nice piece chioma, but in a case whereby you have your agreement, survey plan, building plan and the approval and have already apply for the c of o which takes years to come out(mind you not all houses have these) can't they giv the loan with all these documents?

NHF has been existing before GEJ tenure so don't giv him credit on that, what he should do is to lessen the criteria so that serious pple like moi can have access to it

Good point!! It's sad when every basic function of the government(like paying salaries on time) is counted as achievement of a governor/president. What are their duties if we have to praise them for doing these basic things? Who praises me when I do my cleaning work which is also basic?
@topic, I think all these hassles/bureaucratic bottlenecks could minimize if we have standard database where people could be identified n traced thereby reducing the risk of running away or changing names with d loan. I think that is why the banks insist on C of O.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by Sagewood: 5:03pm On Jun 22, 2012
Does NHF have a website? Where can one get info on these mortgages and the requirements?
Re: Mortgage Institutions: Share Your Own Bitter Experience? by jossy26: 5:43pm On Jun 22, 2012
www.fmbn.gov.ng
Sagewood: Does NHF have a website? Where can one get info on these mortgages and the requirements?
www.fmbn.gov.ng
Re: Mortgage Institutions: Share Your Own Bitter Experience? by mendax: 7:40pm On Jun 22, 2012
chioma134: Primary mortgage institutions usually have their own housing projects,and u can only benefit if u're buying from them. The loan processing is shorter as approval is easier. NHF loan does not fund land acquisition,but houses,so if u don't have an allocation letter for a house and can't prove the existence of the house,you're on your own. U can access a maximum of 15 million,and u must have equity contribution(30% of the cost of the house) in ur mortgage account b4 the loan can be accessed. Of course,there has to be a way for the bank to collect monthly deductions,hence the request for salary accounts to be domiciled with them,unless they have an arrangement with ur employers to deduct from source. The loan cannot be given to you,but will be paid to the property developer handling ur project.
NHF loans are real. You just need to know the nitty gritty of it so u can access it without stress. I'm currently in the process of getting one.
And just to add,this is one good thing GEJ has done for the masses.

ofcourse many other people are currently in the process of getting one. Infact, someone stated he has been "in the process since 2006". Wait till you actually see the money in your bank account before you start praising the scheme.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by chioma134: 8:14pm On Jun 22, 2012
jossy26: Nice piece chioma, but in a case whereby you have your agreement, survey plan, building plan and the approval and have already apply for the c of o which takes years to come out(mind you not all houses have these) can't they giv the loan with all these documents?

NHF has been existing before GEJ tenure so don't giv him credit on that, what he should do is to lessen the criteria so that serious pple like moi can have access to it
@Jossy26,as I said in my previous post,the bank does not pay directly to you but to a developer who originally owns the land. The loan is not meant for you to build a house,but it is for you to buy an existing house from the developer. Anything outside that is counted as fraud. So they probably won't approve the loan even with your c of o,unless ther is a house on it that you want to buy. Hope that answers your question.
I commented on GEJ because he approved N200 billion to fund the scheme and make loans available for all interested. He also increased the maximum amount from 5 to 15 million naira,thus making the common man able to afford houses. The 5 million previously approved was not enough to buy houses in places like Abuja. So I'll give him the credit for that.
mendax:

ofcourse many other people are currently in the process of getting one. Infact, someone stated he has been "in the process since 2006". Wait till you actually see the money in your bank account before you start praising the scheme.
I'm very sure I'll get the money,not because I know anyone,but because several have done it before me and succeeded. How then do you think civil servants are able to own houses?
Re: Mortgage Institutions: Share Your Own Bitter Experience? by Connoisseur(m): 8:20pm On Jun 22, 2012
For most of us businessmen, bank loans re like Trojan horses which must be avoided.
It's either I save to build or buy my house or I rent. Bank loans; smh!!!
Re: Mortgage Institutions: Share Your Own Bitter Experience? by chioma134: 8:30pm On Jun 22, 2012
Connoisseur: For most of us businessmen, bank loans re like Trojan horses which must be avoided.
It's either I save to build or buy my house or I rent. Bank loans; smh!!!
Yes,I agree with you absolutely. But most civil servants and salaried workers cannot afford the kind of money needed to build a house,so we choose an easier option.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by DMatrix: 9:01pm On Jun 22, 2012
I applied for NHF loan in 2005 with a mortgage institution in lagos and got approval in 2006. But up till today I have not recieved the money, wether it was diverted by the mortgage bank or wateva happened...I no see money embarassed Meanwhile I have insider information that their staff have all accessed this loan with no story... I suggest you use a viable mortgage institution (the big ones) so they wont tell you long stories...
Re: Mortgage Institutions: Share Your Own Bitter Experience? by delpee(f): 9:38pm On Jun 22, 2012
DMatrix: I applied for NHF loan in 2005 with a mortgage institution in lagos and got approval in 2006. But up till today I have not recieved the money, wether it was diverted by the mortgage bank or wateva happened...I no see money embarassed Meanwhile I have insider information that their staff have all accessed this loan with no story... I suggest you use a viable mortgage institution (the big ones) so they wont tell you long stories...

Visit FMBN Zonal office at 23, Marina to make enquiries about the loan. They should be able to tell you if the loan has been disbursed and when. You can then confront the mortgage institution with the information if the loan was diverted.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by jossy26: 1:47am On Jun 23, 2012
chioma134:
@Jossy26,as I said in my previous post,the bank does not pay directly to you but to a developer who originally owns the land. The loan is not meant for you to build a house,but it is for you to buy an existing house from the developer. Anything outside that is counted as fraud. So they probably won't approve the loan even with your c of o,unless ther is a house on it that you want to buy. Hope that answers your question.
I commented on GEJ because he approved N200 billion to fund the scheme and make loans available for all interested. He also increased the maximum amount from 5 to 15 million naira,thus making the common man able to afford houses. The 5 million previously approved was not enough to buy houses in places like Abuja. So I'll give him the credit for that.
I'm very sure I'll get the money,not because I know anyone,but because several have done it before me and succeeded. How then do you think civil servants are able to own houses?

You are wrong on this chioma, the loan is not only for buying developed houses, you can use it to erect a building, outright purchase or renovating a building, you can check their website to confirm. Non-salaried workers are even eligible.
Can you please give me a brief on your own application, you seem to be pulling through already.
Thanks

1 Like

Re: Mortgage Institutions: Share Your Own Bitter Experience? by meemeee: 9:14am On Nov 14, 2013
Please let's get more information and updates on this topic. thanks All.
Re: Mortgage Institutions: Share Your Own Bitter Experience? by Chydoo: 11:57am On Jul 09, 2015
Hello Guys

Is it possible to deal directly with registered Estate Developers ?
If possible, can someone please assist with a reputable one with good pedigree ?
Re: Mortgage Institutions: Share Your Own Bitter Experience? by dejidotun2000(m): 5:46pm On Aug 15, 2017
I wonder if you eventually sailed through with your application.
chioma134:
Primary mortgage institutions usually have their own housing projects,and u can only benefit if u're buying from them. The loan processing is shorter as approval is easier. NHF loan does not fund land acquisition,but houses,so if u don't have an allocation letter for a house and can't prove the existence of the house,you're on your own. U can access a maximum of 15 million,and u must have equity contribution(30% of the cost of the house) in ur mortgage account b4 the loan can be accessed. Of course,there has to be a way for the bank to collect monthly deductions,hence the request for salary accounts to be domiciled with them,unless they have an arrangement with ur employers to deduct from source. The loan cannot be given to you,but will be paid to the property developer handling ur project.
NHF loans are real. You just need to know the nitty gritty of it so u can access it without stress. I'm currently in the process of getting one.
And just to add,this is one good thing GEJ has done for the masses.

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