Nigerians looking to buy, build, renovate or improve a home can access mortgage financing of up to ₦50 million through the Federal Government’s National Housing Fund (NHF), administered by the Federal Mortgage Bank of Nigeria (FMBN).
The scheme offers eligible contributors a concessionary interest rate of 6 percent per annum and a repayment period of up to 30 years terms significantly more favourable than those typically available through conventional commercial mortgages.
The NHF Mortgage Loan is not disbursed directly by FMBN. Instead, applicants must go through an FMBN-accredited and licensed Primary Mortgage Bank (PMB), which processes the application, assesses the applicant’s ability to repay, and evaluates the property in question. If approved, the property being financed serves as collateral for the loan.
FMBN provides the funds to accredited PMBs at 4 percent interest, with the PMBs then lending to NHF contributors at 6 percent.
While the maximum individual loan currently stands at ₦50 million, not every applicant will qualify for the full amount. The sum approved depends on the applicant’s income, repayment capacity, and the value of the property involved. As a general rule, FMBN does not lend more than 90 percent of a property’s cost or value.
Applicants should note that some older FMBN materials still reference an outdated ₦15 million ceiling; the bank advises borrowers to confirm current terms directly with FMBN or an accredited mortgage institution before applying.
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To qualify for the loan, an applicant generally must:
Be a Nigerian citizen aged 18 or above
Be registered under the National Housing Fund
Have made continuous NHF contributions for at least six months
Have a regular source of income (or provide evidence of income if self-employed)
Apply through an FMBN-accredited and licensed mortgage institution
Provide a property that meets relevant legal and planning requirements
Repayment capacity is also assessed, with monthly repayments generally capped at one-third of the applicant’s income.
Approved funds can go toward purchasing a residential property, building a new home, or improving or renovating an existing one.
Required documents
Depending on the nature of the application, applicants may need to provide:
NHF contribution records
Proof of income and recent payslips
Property title documents and a valuation report
A completed mortgage application form
A bill of quantities (for construction projects)
Employment and tax documents
Any other legal documents requested by the mortgage institution
Step-by-step application process
Register and confirm NHF contributions — Applicants must be registered NHF contributors with at least six months of continuous contributions. FMBN offers online registration and account services.
Choose an accredited mortgage institution— Select an FMBN-accredited Primary Mortgage Bank or loan originator to handle the application.
Submit application and documents— Complete the required forms and provide income, NHF, and property documentation.
Undergo assessment — The mortgage institution reviews repayment capacity and conducts property valuation and legal checks.
Approval and disbursement— Once approved, funds are released through the accredited institution for the intended housing purpose.
Where to apply
Interested Nigerians can find more details on eligibility, registration, and the application process on FMBN’s official website at fmbn.gov.ng.
