Home Renovation Loan
FMBN HOME RENOVATION LOAN (FHRL)
The FMBN Home Renovation Loan (FHRL) is a product which affords Nigerians an opportunity to access mortgage loans for the renovation or improvement of their existing homes which are personally owned by them or through family ownership.
It is specifically designed for Nigerians who are contributors to the National Housing Fund and desire to renovate or improve existing properties.
- The applicant shall be a contributor to the National Housing Fund.
- The maximum loan amount shall be N1, 000,000.00 (One Million Naira) only, subject to the income limit of the beneficiary as well as the ultimate cost of renovation.
- The loan tenor is a maximum of four (4) years or employee's remaining years of service, whichever is less.
- Repayment of the loan is to be through monthly repayments for a tenor not exceeding four (4) years, via direct deductions by the FGSHB and the respective Head of Service/Accountant-General's office of the State; or any relevant authority recognized by the Bank.
- Monthly repayment shall not exceed 33¹/3 % of applicant's monthly salary/income
- The interest rate shall be 8% for the duration of the loan
- The facility shall not be available to any contributor who has enjoyed an NHF loan to buy or build a house.
- The facility could be taken jointly by a couple, subject to the income assessment of both parties.
- The loan can only be taken once in five (5) years.
- Beneficiaries may however, be eligible to apply for NHF loans for home purchase after fully liquidating a Home Renovation Loan earlier taken.
- Applications are to be submitted with certified Bill of Quantities indicating the amount required for the renovation.
- Applicants will apply through the Federal Government Staff Housing Board (in the case of Federal Civil Servants) and through the office of the Head of Civil Service of the State (in the case of State Civil Servants) or other relevant authority recognized by FMBN (in the case of Local Government employees and the organized private sector).
- The relevant authority shall aggregate the applications and recommend to FMBN for approval.
- Approved loans shall be disbursed after fulfillment of conditions precedent to drawdown.
HOME RENOVATION LOAN CHECKLIST
|1||Application form – Duly Completed *|
|2||Applicant’s permanent letter of appointment (Or confirmation if Temporary appointment.)|
|3||Means of identification (National ID card or Driver’s Licence or Office ID Card|
|4||NHF Passbook (Bio data page) – showing the NHF number and the photograph of the applicant|
|5||Applicant’s three(3) months consecutive current payslip|
|6||Applicants’ Bill of Quantity by a Professional, showing the amount required for the renovation|
|7||1st Original Guarantor Form|
|8||1st Guarantor ID Card|
|9||1st Guarantor one (1) month pay slip|
|10||2nd Original Guarantor Form|
|11||2nd Guarantor ID Card|
|12||2nd Guarantor one (1) month current payslip|
|13||Letter of Undertaking from the Head of Service/Employer (for each batch)|
* APPLICATION FORMS ARE NOT FOR SALE
** THE TIME LAG FOR HLR, FROM THE RECEIPTS OF APPLICATIONS AND DISBURSEMENT IS ESTIMATED BETWEEN FOUR (4) TO SIX (6) MONTHS
For further enquiries please contact Federal Mortgage Bank of Nigeria, Plot 266
Cadastral AO CBD, Abuja Or any of our state offices nearest to you. Email:email@example.com Tel: 09-4601992, 09-4602102 or Visit any of our State Offices nearest to you.
Call: 09-2920689, 09-2920690