The Federal Government, through the Federal Mortgage Bank of Nigeria (FMBN), provides eligible Nigerians with access to affordable mortgage financing under the National Housing Fund (NHF) scheme.
Qualified contributors can access up to ₦50 million at an interest rate of not more than 6 per cent per annum, with repayment spread over a period of up to 30 years.
The NHF Mortgage Loan can be used to buy, build, renovate or improve a residential property. However, applicants are not automatically entitled to the maximum ₦50 million, as the approved amount depends on factors such as income, repayment capacity and the value of the property.
Applicants generally need to have contributed to the NHF for at least six months and must apply through an FMBN-accredited Primary Mortgage Bank (PMB) rather than directly receiving the loan from FMBN.
The process typically involves:
- Confirming your NHF contribution status
- Choosing an accredited mortgage institution
- Submitting your income, NHF and property documents
- Undergoing affordability, valuation and legal assessments
- Receiving approval and disbursement where all requirements are met
FMBN generally limits mortgage repayment to a portion of the borrower’s income, while the property being financed serves as security for the loan.
For Nigerians looking to own a home without taking on the higher interest rates often associated with conventional mortgages, the NHF scheme offers one of the more affordable government-backed housing finance options available.
