Requirements for accessing an NHF Loan
- Open a savings account with a registered Primary Mortgage Institution (PMI)
- Contribution to the fund for at least six months prior.
- Have satisfactory evidence of regular flow of income to guarantee the loan.
- Submit photocopies of valid title documents (e.g. C of O)
People also ask, how can I contribute to NHF?
What are the documents required to apply for an NHF loan?
- a) Completed application form.
- b) Photocopy of title documents.
- c) Current valuation report on the proposed house to buy.
- d) 3 years tax clearance certificate.
- e) Evidence of NHF participation (Minimum of 6 months)
- f) Copy of payslips for the previous 3 months.
Moreover, how do I find my NHF number?
– Dial *219# USSD code and Send. – Type 3 and Send. – Your NHF number will be displayed.
How do I get a federal home loan in Nigeria?
In order to be eligible for a Federal Mortgage Loan in Nigeria, you should:
- You should be at least 18 years old.
- You will use NHF 1 (employer) and NHF 2 (employee) forms to register.
- Must remit the monthly contributions they deducted to FMBN promptly (which must be at least 6 months’ contributions)
Requirements of The FMBN Loans
- Savings account with a registered primary mortgage bank.
- Contribution to the fund for a minimum of six months.
- Evidence of a regular flow of income.
- Photocopies of other substantiating title documents.
- Survey and site plans.
- A copy of an approved building plan.
The List. The Central Bank of Nigeria has licensed 35 primary mortgage lenders in Nigeria.
Just like the pension and personal income tax contributions, the NHF is compulsory for a public worker, a private worker or self-employed individuals earning pay from the range of minimum wage and above. What are the key highlights of the proposed fund?
The National Homebuyers Fund (NHF). is a nonprofit public benefit corporation founded in 2002. It offers closing and/or down payment assistance qualified borrowers nationwide – including first–time home buyers and repeat buyers. The NHF can offer assistance up to 5% of the mortgage loan amount.
A mortgage loan is a type of secured loan where you can avail funds by providing your asset as collateral to the lender. … A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.
– NHF passbook. – Bank Account details through which refund would be paid. – Medical Report of incapability to continue contributions due to failing health. – Letter of administration & Death Certificate (in case of a deceased contributor) – Evidence of contribution (Receipt) for self-employed contributor.
Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria.
What is the purpose of NHF contribution? The Scheme provides housing loans at an affordable interest rate of 6% per annum. deducts any sum of money from the basic salaries of his employees for the purpose of the Fund and fails to remit the money so deducted to the bank, is guilty of an offence under this Act.