John T. Agbo
Are you looking for an easy, affordable, and convenient way to own your home? You should join the National Housing (NHF) Scheme. It is managed by the Federal Mortgage Bank of Nigeria (FMBN)www.fmbn.gov.ng
How to Start: Participation is open to all Nigerians eighteen years and above working in the public, private, and informal sectors. This includes civil servants, private sector employees, and self-employed persons such as small business owners, tailors, barbers, digital content creators, comedians, actors, etc.
What You Need to Do: Registered participants contribute 2.5 percent of their monthly income to the Scheme. After six months of consecutive contribution,participants are qualified to access FMBN home loans.
FMBN Housing Products:
National Housing Fund Mortgage Loan. The Loan provides up to N15 million at a 6 (six) percent interest rate to NHF subscribers to purchase FMBN-funded homes and non-FMBN-funded homes.
Features: Up to 30-year payback. Zero equity for loans below N5M, 10% Equity for loans over N5 million to N15million.
Individual Home Construction Loan. The loan provides up to N15m for NHF contributors with unencumbered land, legal title, and approved building plans to undertake self-construction. Tenor: 15 years.
FMBN Rent-To-Own Housing Scheme. The loan allows NHF contributors to move into as a tenant and pay toward ownership of the property in monthly or annual installments for up to 30 years at an interest rate of 7%!
FMBN Home Renovation Loan. Pro
NHF Diaspora Mortgage Loan: The loan offers up to N50M to Nigerians living abroad to own a home in Nigeria. Terms: 30% equity, 9% interest rate, and a ten-year payback period.
Interest-Free Rent-to-Own (Ethical RTO) Scheme: FMBN developed the product to eliminate the challenges that Nigerians who want to own their homes through the National Housing Fund Scheme face because of the interest-based nature of the Bank’s other housing products. The product uses a rent-to-own model that allows beneficiaries to move into FMBN and non-FMBN-funded homes and conveniently pay towards full ownership, using monthly/quarterly, or annual rentals.
NHF Registration is available at all FMBN Branch offices in state capitals nationwide and https://fmbn.gov.ng/Contact/
Good luck as you use this information and take action to become a homeowner.
Agbo is a Mortgage Literacy Expert and a Public Advocate for Increased Access to Affordable Housing for Nigerians. He is based in Abuja.
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