•   Mobilization of funds for the provision of affordable residential houses for Nigerians.
  •   Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  •   Insurance Companies are mandated to invest 20% of non-life and 40% life funds in the    housing sector with 50% of these directly in the funds.
  •   Financial contributions of the Federal Government.
  •   Mandatory contribution of 2.5% of monthly income of Nigerians earning =N=3000 and    above per annum.
  •   Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  •   Insurance Companies are mandated to invest 20% of non-life and 40% life funds in the    housing sector with 50% of these directly in the funds.
  •   Financial contributions of the Federal Government.
  •   Housing loan of up to 90% of the cost of the house.
  •   Interest on loans remains fixed throughout the life of the mortgage at 6% p.a.
  •   Long period of repayment of up to 30 years.
  •   Contributions can serve as additional old age security.
  •   Up to N15 million can be borrowed.
  •   Refunds with 2% interest on retirement.
  •   Loan repayment is about the same as a typical monthly rent.
  •   Every contributor has: a lifetime registration number, a passbook for personal recording    of contributions and the account statement.
  •   Registration via NHF 1 (employer) and NHF 2 (employee) forms.
  •   Deducted monthly contributions remitted to FMBN promptly (At least 6 months    contributions should be made)
  •   Passbook to be updated by employer and is transferable from one employment to the    other.
  •   Yearly statement of cumulative contributions plus accrued interest
  •   Apply through any accredited Primary Mortgage Bank(PMB)
  •   Applicant must provide satisfactory evidence of regular income.
  •    All Nigerians in employment, whether self-employed or in paid employment, are    required by the NHF Act No.3 of 1992 to contribute 2.5% of their basic salary/income to    the fund. The Procedure for registration is as follows:
  •     The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration       Form (NHF1) to employers.
  •     Employers will complete form NHF1 and return to the nearest branch of the Federal       Mortgage bank of Nigeria.
  •     Federal Mortgage Bank of Nigeria will register the Employer and issue an employer’s       registration number.
  •     Federal Mortgage Bank of Nigeria will issue form NHF2 to employers for completion       by employees or directly to self employed or individual.
  •     Employee will complete the form NHF2 and return to the employer.
  •     The employer or self-employed individuals will return completed form NHF2 to Federal       Mortgage Bank of Nigeria.
  •     Federal Mortgage Bank of Nigeria will register Employees on Form NHF2 and allocate       employees participation number to each employee/self-employed individual.
  •     Federal Mortgage Bank will issue a passbook to each of the registered employees       where the monthly deduction of his/her 2.5% basic salary will be posted by the       employer
  •     At this point, an employee is now a registered participant of the National Housing       Fund.
  •     Employer will commence deduction of contributions at source. Such       deductions/contributions are remitted to Federal Mortgage Bank of Nigeria with       schedule of payment indicating the amount contributed by each employee and the       period covered.
  •     Self–employed contributors will also commence monthly remittances of contributions       to FMBN.
  •     Federal Mortgage Bank of Nigeria will accept contributions and issue receipts for       payments.
  •  Refund is made to a contributor who has attained 60 years of age or has put in 35     years in service.
  •   Refund is also made to a contributor that has obtained a loan, liquidated the loan and     has attained the age of 60 years or have put in 35 years in service.
  •   Retired from employment and becomes incapable of continuing the contribution to the     Fund.
  •   For applicants from the underlisted professions, the retirement ages are as stated     below:
  • -   Professors, Judges and Medical Consultants - 70 years of age
  • -   Academic, Non-Academic Staff, Judicial Staff - 65 years of age
  • -   Military Officers - 62 years of age
  •   Refund is made to the next-of-kin of a contributor in case of a deceased contributor.

  •    Documents required for refund of contribution
  •   Application letter requesting for refund of contribution.
  •   Letter of offer of appointment.
  •   Birth certificate or Declaration of age certificate.
  •   Completed NHF Contribution withdrawal forms.
  •   Bank Account details through which refund would be paid.
  •   Medical report of incapability to continue contributions due to failing health
  •   Letter of administration & Death Certificate (in case of a deceased contributor)
  •   Evidence of contribution. (Receipt for self-employed contributor)
  •   Biometric Verification Number (BVN)

    The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers etc. Any intending beneficiary must be a registered contributor and up to date with his/her contributions.

    The 2.5% of monthly basic salary contribution qualify you to access the loan. The pool of funds created by the contributors nationwide becomes available to any contributor to borrow from, after contributing for a minimum of six months.

    A contributor interested in obtaining NHF loan applies through a registered and duly accredited mortgage loan originator (e.g. Primary Mortgage Banks), who packages and forwards the application to FMBN.

    No. the loan amount is determined by the applicants affordability. This entails his/her income level that will enable repayment of the loan.

    Documents required to process a loan include:
    1. Completed application form.
    2. Photocopy of title documents
    3. Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
    4. Three years tax clearance certificate.
    5. Evidence of NHF participation
    6. Copy of pay slips for the previous three months.
    7. Equity contribution or personal stake of 30%, 20% or 10% depending on the loan amount applied for.

    NHF housing loan are repaid on monthly installments from the income of the beneficiary. This mode of repayment has the advantage of being both affordable and convenient.

    Yes. A prospective applicant can liaise with a mortgage loan originator (e.g. PMB etc.) in Nigeria to process a loan application.

    The property can be located anywhere in Nigeria. The applicant must however provide acceptable title documents to the land.

    The only collateral is the property to secure the loan for. No other collateral is needed for the loan.

    A contributor can only obtain NHF loan facility once in a lifetime.

    A contributor is eligible to access a maximum loan amount of =N=15 million repayable over a maximum period of 30 years at an affordable interest rate of 6%.

    No. A prospective applicant who wishes to obtain a loan to build a house is expected to have his/her land as well as an acceptable title to the land prior to the application for NHF loan.

    Yes. You can apply as an individual for NHF loan to develop a land or buy directly from government consort estate or private estate developer.