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  #1  
January 23rd, 2016, 05:30 PM
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What are the problems of federal mortgage bank of Nigeria

Hello sir I want to collect some info related to problems which one can face when apply for the national housing fund loans (NHF), as I want to apply for the same ??
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  #2  
January 23rd, 2016, 05:31 PM
Super Moderator
 
Join Date: Mar 2012
Re: What are the problems of federal mortgage bank of Nigeria

There is no problems one face if they collect complete info related To Federal Mortgage Bank of Nigeria national housing fund loans (NHF), if one unknown from its term and condition that time he can fall in trouble other wise there is no problem , here I am telling you its complete info which I have.

Terms and Conditions for Obtaining National Housing Fund Loans (NHF)

National Housing Fund Loans (NHF) shall be for the purpose of building, purchasing, or renovating a residential accommodation
No loan shall be for refinancing

Apply person
Any Nigerian above the age of 18
Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

Apply process

Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
Application forms for NHF loans are obtainable from the MLO

Limit to APPLY FOR
A borrower is entitled to a maximum loan of fifteen million naira (N15, 000,000.00) or as determined by the Bank.
No individual should be given a loan in excess of 90% of the cost or value of the property to be mortgaged.
Equity contribution based on the new loan amounts is as follows:
N15,000,000.00 - 30%
N10,000,000.00 - 20%
N5,000,000.00 - 10%

Rate of Interest
Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% p.a.

Security for The Loan
The maximum repayment period shall be 30 years.
Individual borrower shall make repayment through the mortgage loan originator through which they obtained the loan.


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