Last Updated on July 1, 2024 by admin
Federal Mortgage Bank of Nigeria (FMBN): Established in 1956, FMBN is the apex mortgage institution in Nigeria, providing affordable housing finance to Nigerians through primary mortgage banks. There is a body responsible for housing loan which is known as Federal Mortgage Bank of Nigeria that is designed to provide affordable Mortgage Financing for Nigerians.
National housing fund 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 a registered contributor and up to date with his/her contributions.
Also read: Full Lists Of Commercial Banks In Nigeria
To apply for this loan, interested applicant who intend to obtain National Housing Fund{ NHF} loan must applies through a registered and duly accredited mortgage loan originator known as Primary Mortgage Banks, who packages and forwards the application to Federal Mortgage Bank of Nigeria { FMBN}.
Our discussion will be base on list of Primary mortgage bank in Nigeria where contributors can make their application that will be forward to Federal Mortgage Bank of Nigeria for approval and disbursement.
Let take a look at documents required to apply for Mortgage loan in Nigerian
Documents required to process a loan include:
1.Completed application form.
2.Photocopy of title documents
3.Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
4.Three years tax clearance certificate.
4.Evidence of NHF participation
5.Copy of pay slips for the previous three months.
6.Equity contribution or personal stake of 30%, 20% or 10% depending on the loan amount applied for.
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How does a contributor obtain an NHF loan?
A contributor interested in obtaining NHF loan can applies through a registered and duly accredited mortgage loan originator that is listed below (e.g. Primary Mortgage Banks), who packages and forwards the application to FMBN.
Please note: low income earner can get loan because the only collateral is the property to secure the loan for. No other collateral is needed for the loan. The maximum loan amount of =N=15 million repayable over a maximum period of 30 years at an affordable interest rate of 6%.
Also an individual can apply for for NHF loan to develop a land or buy directly from government consort estate or private estate developer.
ELIGIBILITY
1. Registration via NHF 1 (employer) and NHF 2 (employee) forms.
2. Deducted monthly contributions remitted to FMBN promptly (At least 6 months contributions should be made)
3. Passbook to be updated by employer and is transferable from one employment to the other.
4. Yearly statement of cumulative contributions plus accrued interest
5. Apply through any accredited Primary Mortgage Bank(PMB)
6. Applicant must provide satisfactory evidence of regular income.
You can also Read: History and origin of Banking in Nigeria
Below are list of Primary Mortgage bank in Nigeria that is accredited and supervised by Central Bank of Nigeria {CBN}
1 ABBEY BUILDING SOCIETY LIMITED
2 AG HOMES SAVINGS & LOANS LIMITED
3 AKWA SAVINGS & LOANS LIMITED
4 ASO SAVING & LOANS PLC
5 Brent Mortgage Bank
6 CENTAGE SAVINGS & LOANS LIMITED
7 CITY CODE SAVINGS & LOANS LIMITED
8 COOP SAVING & LOANS LIMITED
9 DELTA BUILDING SOCIETY LTD
10 FBN MORTGAGES LIMITED
11 FHA HOMES SAVINGS & LOANS LTD.
12 FIRST GENERATION HOMES (SAVINGS & LOANS) LIMITED
13 GATEWAY SAVINGS & LOANS LIMITED
14 GLOBAL TRUST SAVINGS & LOANS LTD.
15 HAGGAI SAVINGS AND LOANS LIMITED
16 HOMEBASE MORTGAGE LIMITED
17 Imperial Homes Mortgage Bank Limited
18 INFINITY TRUST MORTGAGE BANK PLC
19 JIGAWA SAVINGS & LOANS LIMITED
20 JUBILEE-LIFE SAVINGS & LOANS LIMITED
21 KEBBI STATE HOME SAVINGS & LOANS LTD.
22 LAGOS BUILDING & INVESTMENT COMPANY LIMITED
23 MAYFRESH SAVINGS & LOANS LIMITED
24 MGSL Mortgage Bank
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25 MUTUAL ALLIANCE SAVING & LOANS LIMITED
26 NEW PRUDENTIAL BUILDING SOCIETY LIMITED
27 Nigeria Police Mortgage Bank
28 OMOLUABI SAVINGS & LOANS
29 PLATINUM SAVINGS & LOANS LIMITED
30 REFUGE HOME SAVINGS & LOANS LIMITED
31 RESORT SAVINGS & LOANS PLC
32 SAFE TRUST SAVINGS & LOANS LIMITED
33 STB BUILDING SOCIETY LIMITED
34 TrustBond Mortgage Bank Plc
35 UNITED MORTGAGE LIMITED
36 Accord Savings & Loans
37 Adamawa Savings & Loans
38 Trans-Atlantic Mortgages Limited
Any Nigerian that is interested in Mortgage loan should simply visit any of listed bank above to get more detailed information that will enable them obtain mortgage loan or as a contributor to National Housing Fund {NHF}
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Source: Central Bank of Nigeria and FMBN
