How to Apply for an FMBN Home Loan (Rent to Own) » Voice of Nigeria
How to Apply for an FMBN Home Loan (Rent to Own)
do you know As an eligible participant in the National Housing Fund (NHF) program, you can apply to own the Federal Mortgage Bank of Nigeria FMBN Financed Housing Loan, become a tenant and use the FMBN lease. own over time products at your home
What is FMBN Rent To Own?
The FMBN Rent-to-On Program is an innovative affordable housing product that provides a simple and easy homeownership payment plan for Nigerian workers. This scheme is specifically designed for Nigerian workers moving to FMBN homes as tenants, payers and owners of the property through monthly or annual rent payments for up to 30 years.
According to FMBN. payments could be made in monthly or annual installments over periods as long as 30 years – depending on age and number of years in service – at an interest rate of 7 percent.
Who can apply?
1) Any Nigerian above the age of 18
2) Applicant must be a contributor to the National Housing Fund for a minimum period ol six (6) months.
3) Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
Product Features:
a) The maximum purchase price of the property shall not be more than N15,000,000.00 (Fifteen Million Naira). affordability of which shall be determined by the income limit of the beneficiary and the projected tenancy duration.
b) The rent repayment period shall not exceed thirty (30) years.
c) Interest rate shall be 7% of the price of the property on annuity basis.
d) Monthly or annual payment shall not exceed 1/3 of the applicant’s monthly/annual income.
e) The facility shall not be available to any contributor who has enjoyed an NHF loan to buy or build a house.
f) Properties would be insured against Fire & Special Perils and Credit Life Assurance as covered in interest rate.
How to apply:
a) An interested subscriber will visit any of the Federal Mortgage Bank of Nigeria Branch Offices nationwide to check out the available houses and prices.
b) The applicant will then fill the form, attaching all necessary documents as stipulated and return same to the Branch Office.
For further information, kindly visit the FMBN website: https://www.fmbn.gov.ng/
