How Nigerians Can Access FMBN’s ₦50m Mortgage Loan At 6% Interest
Nigerians seeking to own, build or renovate homes can access up to ₦50 million through the Federal Mortgage Bank of Nigeria’s National Housing Fund Mortgage Loan, with an interest rate of not more than 6 per cent per annum and repayment spread over up to 30 years.
The scheme is available to Nigerians aged 18 and above who are registered contributors to the National Housing Fund and have made continuous contributions for at least six months. Applicants must also have a stable source of income and apply through an FMBN accredited Primary Mortgage Bank.
The loan can be used to purchase, construct, improve or renovate an owner occupied residential property. FMBN says the amount granted is subject to the applicant’s repayment capacity and the value of the property, with financing generally limited to up to 90 per cent of the property’s cost or value.
To apply, prospective beneficiaries must confirm their NHF contribution status, select an accredited mortgage institution, obtain and complete the application form, and submit documents including proof of income, evidence of NHF contributions, property documents and other relevant legal or valuation documents. Applicants are advised to deal only with FMBN and accredited mortgage institutions and beware of individuals demanding money to “secure” loans.
