The Federal Mortgage Bank Of Nigeria

Informal Sector


The Informal Sector Cooperative Housing Loan Scheme (“The Coop Loan Scheme”) is a product under the umbrella of the National Housing Fund (NHF) Scheme, designed to accommodate non-salaried informal sector Nigerians through co-operative societies to join the National Housing Fund and avail themselves the opportunity of becoming proud home owners.

The Loan Facility under the Scheme could be accessed one of two ways, namely:

  1. Cooperative Housing Development Loan (CHDL):

  2. The loan enables a cooperative society that has acquired a plot of land to develop houses for allocation to its members. The parcel of land will have title in the name of the society which will act as the facilitator on behalf of its members in the loan transaction and which would facilitate construction of the housing unit. The root of title of the estate land would be subleased to the beneficiaries.


    1. The Co-operative Society must be registered with the Registrar of Cooperatives in charge of the area within which it is domiciled.
    2. The Society must be registered with the National Housing Fund (NHF) Scheme.
    3. The Society must be responsible for remitting the contributions of its members.
    4. The Cooperative Society must be accredited by the Bank.
    5. The Cooperative must have been in existence for a minimum period of twelve month during which membership deals paid by members have been consistent.
    6. The proposed estate must have good title that can be sub-leased to individual allotters/purchasers of the housing unit there in.
    7. The tenure of the loan shall be 24months with moratorium period of 12months.
    8. . The loan shall be disbursed to a cooperative society at an interest rate of 10%.
    9. The Cooperative shall identify a PMI with which it shall collaborate for the purpose of processing a Cooperative NHF Loan (CNL) for its members
    10. Housing units for the proposed project(s) must fall within a target selling price not exceeding N5million.
    11. The land upon which the state is to be built shall have legal title.
    12. The security for disbursing each tranche of the loan shall be the title document of the estate land.
    13. The loan shall be disbursed in three tranches to complete the substructure, super-structure, and finishing.
    14. The Bank shall finance 100% of housing development and 90% infrastructural facilities.
    15. The co-operative society is to develop the housing estate inany of the following ways:
      1. Engage registered building professionals with a view to managing the projects and completing the housing units to standard.
      2. Used professionals from within its ranks, on submission of proof of technical expertise of members by the society.
      3. Engage an Estate Development company, provided the company is able to deliver the houses at a price affordable to the cooperators
    16. All housing units in the estate must be sold to the co-operative society members who are contributors to NHF Scheme.


    Document required for the CHDL are amongst others:

    1. Certificate registration of the Co-operative society
    2. Bye laws of the cooperative society.
    3. Detailed Profile of the Co-operative Society.
    4. . Resolution of the Board of Trustees of the Society signed by the chairman and the Secretary, authorizing it borrow.

  3. Co-operative National Housing Fund Loan (CNL):

This loan window offers individual co-operative member’s mortgage loan to buy a housing unit develops through the Cooperative housing Development Loan or renovates an existing one.


  1. An individual cooperator shall enjoy the housing loan at 6% interest rate, pa.
  2. Cooperators shall make a down payment of 15% of the approved selling price/value of improvement as their personal stake in the loan.
  3. Evidence of minimum NHF monthly contributions of N450.00 for a minimum period of six months you will be required at the application stage.
  4. . Any monthly contribution in excess of N450.00 shall be accounted for in favour as part of his/her personal stake contribution at the time of loan application.
  5. The tenure of the loan shall be 25years.


Documents required to be submitted by a cooperative society, on behalf of its co-operators are:

  1. Evidence of membership of a co-operative society.
  2. Evidence of NHF registration and up-to-date NHF contribution.
  3. To the Primary Mortgage Institution (PMI):
    1. Completed CNL application form
    2. Two passport photograph
    3. Prove of ownership of the object land /property.
  4. . A guarantee from the cooperative society to which he belongs, guaranteeing that:
    1. Certificate registration of the Co-operative society
    2. Legal title on the subject land/property (if not available at the time of application) will eventually be processed and deposited with the bank.
Personal banking Customer service  Call: 09-2920689, 09-2920690



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