Top 10 to know: National Housing Fund NHF (Mortgage) Nigeria

National Housing Fund Scheme (NHF) is a Federal Government introduced scheme, to which all public servants and employees in the organized private sector within the country are expected to contribute 2.5% of their monthly salary to Federal Mortgage Bank of Nigeria, managers of the fund.

Top 10 to know: National Housing Fund NHF (Mortgage) Nigeria

• NHF is the Nigerian provider of Nigeria Mortgages, to Government workers and established private Organizations, provided to Nigerian citizens.
• A minimum contribution of 2.5% monthly of your monthly salary to Federal Mortgage Bank of Nigeria, managers of the fund is requested.
• To be eligible for the NHF loan, a contributor must be above the age of 18 and must have contributed to the Fund for a period not less than six (6) months. The applicant must have satisfactory evidence of a regular flow of income to guarantee loan repayment.
• Individuals can only apply through a duly licensed and accredited Mortgage Bank of their choice and not directly to the FMBN. (we can help in arranging a mortgage, once qualified)

• (we can help in arranging a mortgage, once qualified)

Requirements for accessing an NHF Loan

• • Open a savings account with a registered Mortgage Bank
  • Contribution to the fund for at least six months prior to application.
  • Have satisfactory evidence of a regular flow of income to guarantee the loan.
  • Submit photocopies of valid title documents (e.g. C of O).
  • Approved survey/site plans
  • Approved building plans
  • Priced Bill of Quantities where applicable
  •  Valuation report prepared by a firm of registered surveyors and valuers where applicable
  • Three years tax clearance certificate
  • Letter of consent to mortgage to your chosen Mortgage Bank
  • Completed prescribed mortgage loan application form
  • Evidence of NHF participation
  • Copy of payslips for the previous three months
• • Equity contribution of a personal stake of 30 percent, 20 percent or 10 percent depending on the loan amount applied for loans of N15 million, N10 million and N5 million respectively
  • A borrower is entitled to a maximum loan of fifteen million naira (N15, 000,000.00) or as determined by the Bank.Equity contribution based on the new loan amounts is as follows:
    – N15,000,000.00 – 30%
    – N10,000,000.00 – 20%
    – N5,000,000.00 – 10%
  •  The borrowed capital is repayable over a maximum of 30 years at a rate of 6% interest.
  • Offer letter/Acceptance and Allocation letter (in case of government projects)
  • In the case of a registered self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation as evidence of employment status must be submitted.