HOW TO APPLY FOR FG LOAN TO BUILD OR BUY A HOUSE

The Federal Government, through the Federal Mortgage Bank of Nigeria, offers mortgage financing to eligible Nigerians under the National Housing Fund scheme to help them buy, build, improve, or renovate residential properties.

Under the current NHF Mortgage Loan information, eligible contributors can access up to ₦50 million, subject to affordability and the value of the property. The facility carries an interest rate of 6 per cent per annum, with repayment of up to 30 years.

Who Can Apply?

The facility is available to eligible NHF contributors who meet the requirements set by the Federal Mortgage Bank of Nigeria.

Applicants are expected to have evidence of NHF participation and a regular income sufficient to support repayment.

What Can the Loan Be Used For?

The mortgage can be used to:

Buy a residential property

Build a house

Improve an existing home

Renovate a residential property

The property being financed serves as security for the loan.

How to Apply

Applicants should first confirm their NHF contribution status and ensure their records are up to date.

The next step is to choose an accredited and licensed Primary Mortgage Bank through which the application will be processed. Applicants can obtain the required mortgage application forms from the approved mortgage institution.

Applicants will also need to provide relevant documents, which may include evidence of income and NHF participation, property title documents, approved building or survey plans where applicable, and other documents required by the mortgage institution.

After the application and supporting documents are submitted, the mortgage institution and FMBN will assess the applicant's eligibility, income, property documentation, and ability to repay the facility.

If approved, the loan is processed for disbursement through the relevant mortgage institution.

Prospective applicants should verify the latest eligibility requirements, loan limits, documentation, and application procedures directly with FMBN or an accredited mortgage institution before applying, as scheme requirements can change.