Federal Mortgage Loan Application 2023
Apply For National Housing Funds
Federal Mortgage Loan Application is open to all eligible citizens and institutional borrowers. The Federal Mortgage Bank of Nigeria (FMBN) Loan Application Portal is now open for the current edition.
Keep reading to learn how to apply and submit the Federal Mortgage Loan Application Form.
What Does The Federal Mortgage Loan Application Cover?
The Federal Mortgage Loan Application Form covers;
- Home Renovation Loan
- Construction Loan
- Estate Development Loan
- Diaspora NHF Mortgage Loan.
Are you searching for a housing loan? The application Portal is now open for those who wish to secure from Mortgage Loan from the Federal Mortgage Bank of Nigeria (FMBN) scheme.
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What Is A Mortgage Bank?
A Mortgage bank is a financial institution that specializes in mortgage loans. They can involve it in both the origination and servicing of mortgage loans. Mortgage banks lend their own money to borrowers and either collect installment payments with a fixed interest rate or sell their loans on the secondary market.
About The Federal Mortgage Bank of Nigeria (FMBN)
Federal Mortgage Bank of Nigeria (FMBN) is focused on social housing on-lending under the NHF, commercial on-lending for housing, refinancing of commercial mortgages created by mortgage loan originators, mortgage purchasing and warehousing and mortgage-backed securitization.
The Bank’s current business model targets partnerships with local and international organisations with financial and technical capacity, interested in delivering affordable mass housing for the low income end of the market.
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What Is The Maximum Loan Amount?
Borrowers for Federal Mortgage Loan may be eligible for a maximum loan of N15 million.
Categories Of The Mortgage Loan
NHF Mortgage Loan
This facility is granted at 4% interest 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 ₦15million from the Fund through an accredited and licensed PMB 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.
Estate Development Loan
The EDL is a facility granted to private developers, State housing corporations and housing cooperatives to bridge the housing deficit through mass production of houses for ownership by NHF contributors. The facility is granted at 10% interest with a maximum repayment period of 24 months. It is a facility devised to facilitate large scale production of houses for sale to contributors at affordable prices and thereby, expand the availability of affordable housing in Nigeria. As a general policy of the Bank, houses produced through the EDL window should not exceed ₦15million in price and must be sold only to NHF contributors.
Home Renovation Loan
The loan is to afford Nigerians an opportunity to access mortgage loans for the renovation or improvement of their existing homes. The product is specifically designed for Nigerians who are contributors to the National Housing Fund and desire to renovate or improve existing properties which are personally owned by them or through family ownership.
Rent To Own
The FMBN Rent-to-Own scheme is an innovative affordable housing product, which provides an easy and convenient payment plan towards homeownership for Nigerian workers. The scheme is specifically designed to make it possible for Nigerian workers to move into FMBN homes as tenants, pay for and own the properties through monthly or yearly rent payments spread over periods of up to 30- years.
Diaspora NHF Mortgage Loan
The Diaspora NHF Mortgage Loan is a mortgage product targeted at Nigerians living outside the shores of the country. The product will afford Nigerians in the Diaspora an opportunity to register with the NHF Scheme, make monthly contributions and ultimately access mortgage loans to own houses back home.
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Requirements For National Housing Fund
- Applicants must be 18 years and above
- Must have savings account with a registered primary mortgage bank.
- Should make contribution to the fund for a minimum of six months.
- Show proof of regular flow of income.
- Present photocopies of other substantiating title documents.
- Submit survey and site plans.
- Provide a copy of an approved building plan
- Present bill of Quantities (if you have one)
- Provide valuation report prepared by registered surveyors and valuers where applicable.
- Show tax clearance certificate for three years.
- Present Letter of consent to your chosen primary mortgage bank.
- Submit completed mortgage loan application form.
- Show Proof of National Housing Fund contribution.
- Submit Pay slips for the previous three months.
- For a self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation should be submitted.
How To Apply For The National Housing Fund
- Visit the Official Website
- Institutional borrowers can apply directly to the Federal Mortgage Bank of Nigeria for the loan (FMBN)
- Individuals can only apply through a Primary Mortgage Bank (PMB) of their choice that is fully licensed.
- However, you cannot apply for the loan directly through FMBN.
- Interested applicants must get the loan applications from the same Primary Mortgage Institution.
- To use the national housing fund facility, you must have registered your principal mortgage institution with FMBN.
Checking Federal Mortgage Loan Transaction With USSD Code
The USSD CODE to use in order to carry out those transactions is *219#
How does the USSD code work?
The Federal Mortgage Loan USSD CODE Transaction work out this way, just:
Dial *219# and send
Type 2 and send
Enter 1 and send
Enter the exact month that’s 1 to 12 and send it.
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