The Federal Government has opened access to housing loans of up to ₦50 million for eligible Nigerians seeking to buy, build, renovate or improve their homes under the National Housing Fund (NHF) Mortgage Loan scheme.

The Federal Mortgage Bank of Nigeria (FMBN) said qualified NHF contributors can access the facility at an interest rate capped at 6 per cent per annum.

Under the scheme, FMBN provides funds to accredited Primary Mortgage Banks (PMBs) at 4 per cent, while the PMBs lend to NHF contributors at 6 per cent.

Borrowers can repay the loan over a period of up to 30 years, although the actual loan amount and repayment period depend on the applicant’s income, age and the value of the property being financed.

FMBN generally limits individual borrowing to 90 per cent of the cost or value of the mortgaged property, while monthly repayments are typically capped at one-third of the applicant’s income.

Who can access the ₦50m housing loan?

Not every Nigerian automatically qualifies for the facility.

Applicants must:

• Be Nigerian citizens aged 18 years or above.
• Be registered under the National Housing Fund.
• Have made continuous NHF contributions for at least six months.
• Have a verifiable and regular source of income.
• Self-employed applicants must provide supporting evidence of income.

Documents applicants may need

Applicants may be required to provide:

• NHF contribution records
• Proof of income
• Recent payslips
• Property title documents
• Property valuation report
• Completed mortgage application form
• Employment documents
• Tax documents

Applicants seeking financing for construction may also be required to submit a bill of quantities.

How to apply for the ₦50m housing loan

Applicants do not apply directly to FMBN.

Instead, they are required to apply through an FMBN-accredited and licensed Primary Mortgage Bank or mortgage loan originator.

The process begins with confirming NHF registration and verifying that the applicant has made at least six months of contributions.

The applicant then selects an accredited mortgage institution and submits the required application forms and supporting documents.

The mortgage institution reviews the application, assesses the applicant’s repayment capacity and conducts the necessary legal and property valuation checks.

After the assessment, the institution forwards the application for approval.

If the application is approved, the funds are disbursed through the accredited institution for the approved housing purpose.

What can the loan be used for?

The approved funds can be used for specific housing purposes, including:

• Buying a residential property
• Building a new home
• Improving or renovating an existing home

The facility is therefore designed to support different routes to homeownership rather than only the purchase of completed houses.

Where can Nigerians get more information?

FMBN provides additional information on NHF registration, eligibility requirements and the mortgage loan scheme through its official website.

Nigerians interested in the facility are advised to check the FMBN NHF Mortgage Loan page for the latest requirements and application information.

The key point for prospective applicants is that the ₦50 million is the maximum available loan, not an automatic amount every applicant will receive. The amount and repayment period depend on factors including income, age and the value of the property being financed.

The programme provides another route to housing finance for eligible NHF contributors, particularly Nigerians who need financing to purchase, construct or improve residential property.