Housing is a key driver of economic development worldwide. Therefore Governments in order to promote economic growth and security tends to support at least social housing with state resources. The housing problem in Nigeria is massive as the housing shortage is currently estimated at up to 16 million units.  In order to ameliorate this situation, the Government of Nigeria supports the housing sector through the following schemes.

• National Housing  Fund
• FCTA Homeownership Scheme
• Federal Housing Authority Schemes
• States Sponsored Housing Schemes

We are active in all the above schemes, but especially the National Housing Trust fund Scheme.

National Housing  Fund Loan Account

The National Housing  Fund (NHF) scheme  was established by Decree 2 of 1992 for workers to contribute 2.5% of their basic salary into the fund to be used to grant mortgage loans to them at very concessionary terms for the purchase, building, expansion or renovation of their houses.

As a Primary Mortgage Institution accredited by both the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria to access the fund on behalf of contributors, this product enables our customers gain access to the fund. This scheme is designed for all contributors to the NHF. Benefits of this product include long tenor of up to 30 years and low interest rate of 6% per annum.

 General Information for accessing NHF Loan

The maximum loan accessible by any contributor is N5 million. The lending rate is 6% per annum. Repayment period is 30 years maximum subject to the applicant’s present age. Maximum repayment period is determined by deducting the applicant’s present age from 60.

1. Land Ownership with transferable title. ( Original for sighting and a copy) Note: Allocation paper is not acceptable.
2. Be a contributor to NHF for at least the past six (6) months and continue to contribute.
3. Open a Home Ownership Account and build up 10% equity contribution to the funding of the project.
4. Submit handwritten application (original and 2 copies).
5. Four passport photographs endorsed at reverse sides.
6. Duly completed NHF loan application form/statement of income.
7. Approved Survey Plan.
8. Approved Building Plan (Original and 2 copies).
9. Priced Bill of Quantities from Quality Surveyor for new construction and estimate of works to complete the house for a building under construction.
10. Valuation report from qualified Estate Surveyor ( for existing structures, to be accompanied by photographs of the house.
11. Offer letter (for purchase of existing building), where allocation paper/form is given, it shall only serve as evidence of offer and not a title document
12. In case of outright purchase an undertaking from the vendor to convey necessary title upon full payment. Note: The payment of deposit can constitute your equity contribution.
13. Cash flow projection on loan repayment with evidence of steady stream of income (pay slips for past 3 months, bank statement for past 3 years and /or a letter from your employer stating your total remuneration.
14. If self employed, submit the following:

¨      Company’s Profile

¨      Company’s bank account statement for the past 3 years

¨      Three years audited accounts of the company.

15    Marriage certificate or proof where applicable.

16    Birth certificate or age declaration

17    Payment of necessary charges e.g inspection, legal fees etc.

18    Photocopy of current tax clearance certificate (original for sighting)

NHF Bridge Financing

This product is designed to provide a bridging facility to contributors whose application for NHF loan, through FBN Mortgages, have been approved but are experiencing delays in disbursement.
                                                 
Beneficiaries of this product will not lose opportunities to acquire properties while awaiting NHF Loan disbursement. They will thereby avoid effect of inflation on cost of their projects and their capital will no longer be tied down in uncompleted projects.

NHF Estate Development Loans:

We assist and partner with developers to access multi-units housing estate development loans at concessionary rate of 10% per annum. The interest cost savings are passed to the buyers and also integrated into mortgage finance from us.