Apply For Federal Mortgage Loan Application 2022/2023
As we all know that shelter is one of the basic needs of man and so it is not to be taken lightly. Everyone needs a roof over their heads and this is why the FMBN was established.
They are there to make sure that people get affordable houses in the country. there are a lot of misconceptions about using the FMBN to own a house but this is why we have written this article to clear any misconception about the FMBN and to let you know that you can actually get FMBN loans to help you own a house in Nigeria.
LIST OF AVAILABLE LOANS YOU CAN APPLY FOR NOW – COLLATERAL
| 100K – 500K NAIRA LOAN | APPLY NOW |
| 500K – 1M NAIRA LOAN | APPLY NOW |
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With this information we will be giving in this article, you will see how you could become a property owner in Nigeria through the FMBN.
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Let’s get started…
What Do The Federal Mortgage Bank Of Nigeria (FMBN) Do?
This institution is the apex mortgage bank in Nigeria and their main aim is to enhance the delivery of affordable and easily accessible homeownership in the country.
They do this through sustainable liquidity and innovative products and services and they have a sound customer service which has remained a strong pillar of the organization.
The mandate of the Federal Mortgage Bank of Nigeria includes:
- They encourage the emergence and promotion of growth of reliable and viable primary and secondary mortgage institutions to service the need for housing delivery in all parts of Nigeria.
- Provide long-term credit facilities to mortgage institutions in Nigeria
- Link the capital market with the housing industry
- Establish and operate a strong secondary mortgage market
- Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.
- Mobilizing both domestic and offshore funds into the housing sector
- Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act
The Federal Mortgage Bank Of Nigeria Services
Here, we will be looking at the services that FMBN provides and they are:
Estate Development loan
This loan allows private developers to obtain funds to bridge the housing deficit currently facing the country. They can do this through the mass production of houses for ownership by the NFH contributors.
The loan has an interest rate of 10% with a repayment period of 24 months. One of the bank’s general policies is that the houses should not exceed N15 million in price and can only be sold to NHF contributors.
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Rent to Own
This scheme makes it easy for Nigerian workers to own houses. It offers a convenient and easy payment plan to Nigerian workers in the sense that as a worker, you can move into FMBN houses as a tenant and pay for its ownership through a predetermined payment plan.
Also, the maximum tenor for this loan service is 30 years.
NHF Loan
This loan grants access to accredited Primary Mortgage Banks (PMBs) at an interest rate of 4% and the PMBs lends at an interest rate of 6% to contributors. Also, the loan comes with a maximum tenor of 30 years and the collateral is the mortgaged property.
As a contributor, you can get loan amount of up to N15 million through an accredited PMB to help you build, renovate or purchase your own home. You will have to be an active contributor for 6 months.
Construction Loan
This loan is for those who need funds to build their homes. The house you are about to build must belong to you or a close family member and you must also be a major NHF contributor to gain access to the loan.
Home Renovation Loan
This loan service allows you to access funds to improve your house and you can only access the funds as a contributor to the NHF. The house must be yours or that of a close family member.
Diaspora NHF Mortgage loan
This loan is for those that are living outside Nigeria. It offers them the opportunity to register and benefit from the NHF scheme as a contributor. You can also access the loan benefits attached to being a contributor to NHF.
Documents Needed To Access The FMBN Loan
The documents that will be required are:
- Photocopy of title documents
- Completed application form
- Evidence of NHF participation
- Copy of pay-slips for the last three months
- Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build
- Equity contribution or personal stake depending on the loan amount applied for
- Three years tax clearance certificate.
How To Access FMBN Loans
- You will have to take the following steps to access the FMBN loans:
- You will have to compile a list of all the required documents as stated above
- Apply through a registered mortgage loan originator (Primary Mortgage Banks)
- The bank would compile the list of contributors’ requests and forward then to the FMBN
- You will have to wait for a response on whether your loan application was successful or not.
How To Contact The Federal Mortgage Bank Of Nigeria
You can contact FMBN through any of the following means:
Office address:
Federal Mortgage Bank of Nigeria
266 Cadastral AO, Central Business District
PMB 2273 Garki, Abuja, Nigeria
Phone:
09-2920689, 09-2920690
08170237904, 09087973000
Email address:
[email protected]/