FG unveils loan for Nigerians to build or buy houses — How to Apply

The Federal Government, through the Federal Mortgage Bank of Nigeria (FMBN), offers eligible Nigerians access to mortgage loans under the National Housing Fund (NHF) to help them buy, build, improve or renovate residential properties.

Eligible NHF contributors can access up to ₦50 million at an interest rate of not more than 6 per cent per annum, with a repayment period of up to 30 years.

Before applying, prospective borrowers should understand the eligibility requirements, loan amount, repayment terms and application process.

FMBN NHF Mortgage Loan at a Glance

How the FMBN Mortgage Loan Works

The NHF Mortgage Loan is administered by FMBN through accredited and licensed Primary Mortgage Banks (PMBs).

Applicants generally do not collect the mortgage directly from FMBN. Instead, they submit their applications through an accredited mortgage institution, which processes the application and guides the borrower through the requirements.

If approved, the property being financed serves as security for the mortgage.

Unlike many conventional mortgages, the NHF scheme provides eligible contributors with a concessionary interest rate and a repayment period of up to 30 years.

How Much Can You Borrow?

FMBN’s current NHF Mortgage Loan information puts the maximum individual loan at ₦50 million.

However, applicants are not automatically entitled to the full ₦50 million.

The amount approved may depend on:

• Applicant’s income
• Repayment capacity
• Cost or value of the property
• Other applicable lending conditions

FMBN also states that an individual should generally not receive more than 90 per cent of the cost or value of the mortgaged property.

Important: Some older FMBN documents still contain a ₦15 million maximum loan figure. Applicants should rely on the latest terms published by FMBN and those provided by an accredited mortgage institution.

What Is the Interest Rate?

Eligible NHF contributors can access the mortgage facility at an interest rate of not more than 6 per cent per annum.

FMBN currently states that it provides the facility to accredited PMBs at 4 per cent, while the PMBs lend to NHF contributors at 6 per cent.

Repayment Period

One of the major benefits of the NHF Mortgage Loan is the long repayment period.

Eligible borrowers can have up to 30 years to repay the mortgage.

However, the actual repayment period may depend on factors such as:

• Age of the applicant
• Income
• Years remaining in service
• Ability to repay the loan

FMBN also assesses affordability, with repayment generally limited to a maximum of one-third of the applicant’s income.

Who Can Apply?

The mortgage is not automatically available to every Nigerian.

Applicants generally need to:

• Be eligible NHF contributors.
• Have made the required NHF contributions for at least six months.
• Meet FMBN’s mortgage requirements.
• Have sufficient income and repayment capacity.
• Provide the required property and personal documents.
• Apply through an accredited mortgage institution.

What Can the Loan Be Used For?

The NHF Mortgage Loan is specifically designed for housing purposes.

An approved borrower can use the facility for purposes such as:

• Buying a residential property.
• Building a house.
• Improving an existing home.
• Renovating a residential property.

Documents You May Need

The exact documents required may vary depending on the type of mortgage application.

Applicants may be asked to provide:

• Proof of NHF contribution.
• Proof of income.
• Identification documents.
• Employment-related documents.
• Property documents.
• Building or purchase-related documents.
• Other documents required by the accredited mortgage institution.

How to Apply for the FMBN NHF Mortgage Loan

Step 1: Register and Confirm Your NHF Contributions

Applicants must be NHF contributors and have made the required contributions for at least six months.

FMBN also provides online services for NHF registration and account-related activities.

Step 2: Find an Accredited Mortgage Institution

Choose an FMBN-accredited and licensed Primary Mortgage Bank (PMB) or mortgage loan originator.

The institution will process the application and guide you through the requirements.

Step 3: Submit Your Application

Complete the required forms and submit your personal, income, NHF and property documents through the mortgage institution.

Step 4: Assessment and Property Checks

The mortgage institution will assess your ability to repay the loan and examine the property and supporting documents.

The property may also undergo valuation and legal checks.

Step 5: Approval and Disbursement

If the application meets the relevant requirements and receives approval, the mortgage funds will be disbursed through the accredited mortgage institution for the approved housing purpose.

Where to Apply

Nigerians interested in the NHF Mortgage Loan should visit the official Federal Mortgage Bank of Nigeria platform to confirm the latest eligibility requirements, terms and application procedures.

Check the latest requirements: FMBN NHF Mortgage Loan

⚠️ Important: Loan limits, requirements and application procedures can be updated. Applicants should confirm the current terms directly with FMBN or an accredited mortgage institution before submitting an application.

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