Mortgage Bank Loan Loan app: App download, Signup, Login, how to apply, Interest Rates, loan ussd code, customer care
Are you dreaming of owning a home in Nigeria? The Federal Mortgage Bank of Nigeria (FMBN) is here to turn your dream into reality through its National Housing Fund (NHF) program. Established in 1956, the FMBN has been at the forefront of providing affordable mortgage solutions, helping Nigerians build, purchase, or renovate their residential accommodations. In this blog post, we’ll guide you through the process of applying for a Federal Mortgage Bank loan, ensuring your journey to homeownership is smooth and hassle-free.
Who Can Apply?
To be eligible for a Federal Mortgage Bank loan, you must be a Nigerian citizen above the age of 18, with a minimum of six months’ contribution to the National Housing Fund. Additionally, applicants should have evidence of a regular income flow, making the dream of homeownership accessible to those with a stable financial foundation.
Purpose of the Loan:
The Federal Mortgage Bank loan is specifically designed for building, purchasing, or renovating residential accommodations. It’s essential to note that these loans are not intended for refinancing purposes, ensuring that funds are directed towards creating new homeownership opportunities.
Loan Requirements:
To embark on your journey to homeownership, you’ll need to fulfill several requirements, including:
- Savings account with a registered primary mortgage bank.
- Minimum six months’ contribution to the National Housing Fund.
- Evidence of a regular income flow.
- Photocopies of substantiating title documents.
- Survey and site plans.
- An approved building plan.
- Bill of Quantities (if available).
- Valuation report by registered surveyors and valuers.
- Tax clearance certificate for three years.
- Letter of consent to your chosen primary mortgage bank.
- Completed mortgage loan application form.
- Evidence of National Housing Fund contribution.
- Payslips for the previous three months.
- For self-employed applicants: Articles and Memorandum of Association, and Certificate of Incorporation.
How to Apply:
The application process involves applying through a licensed and accredited primary mortgage institution, not directly to the Federal Mortgage Bank of Nigeria. These institutions, under the Central Bank of Nigeria, facilitate access to the national housing fund facility. Obtain application forms from these institutions to kickstart your journey toward homeownership.
Loan Amount and Interest Rate:
Borrowers can be eligible for a maximum loan of N15 million, with the credit not exceeding 90% of the property’s appraised value. The interest rate is as prescribed by the National Housing Fund Act, capped at 6% per annum, making it one of the most affordable mortgage options in Nigeria.
Loan Tenure:
Repayment periods can extend up to 30 years, providing borrowers with flexibility and manageable monthly payments. Repayments are made through the primary mortgage institution that facilitated the loan, ensuring a seamless process for homeowners.
Conclusion:
The Federal Mortgage Bank of Nigeria is your partner in achieving homeownership. With its National Housing Fund program, you can turn your dream home into a reality. Begin your journey today by exploring the diverse range of mortgage options tailored to your needs. Your dream home awaits, and the Federal Mortgage Bank is here to make it happen!