The Federal Mortgage Bank of Nigeria (FMBN) promotes the provision of affordable social housing to Nigerians.
Here are a few things the Federal Mortgage Bank can offer you ;
Housing Fund: The Federal Mortgage Bank offers a housing fund to assist individuals in realizing their dream of owning a home.
Extended Loan Tenure: Mortgage loans from the Federal Mortgage Bank of Nigeria can be tailored to run for up to 30 years, depending on the remaining years of service. This flexibility allows borrowers to manage their repayments effectively.
Low-Interest Rates: All loans from FMBN come with single-digit interest rates, with the majority set at 7%. Moreover, the interest is calculated on a simple interest basis, not compound interest, which means it’s charged on the reducing balance, offering cost-effective borrowing.
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Diverse Loan Products: FMBN provides various loan products catering to different housing needs. These include NHF loans, which can be either FMBN or developer-funded, rent-to-own loans, construction loans (available for titled landowners), cooperative housing loans, renovation loans, and many other specialized products.
Whether you’re self-employed or employed, acquiring the NHF application forms is straightforward. Self-employed individuals and interested Nigerians can visit any branch of the Federal Mortgage Bank of Nigeria across all 36 states and the FCT. Employed Nigerians can obtain the forms from their Human Resources Departments.
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