Get a Federal Mortgage Bank Loan Now | Step-By-Step Guide

Here, you’ll find out how to get a Federal Mortgage Bank Loan. If you’re a citizen of Nigeria, and you’re above 18 yrs that’s seeking a loan to build, renovate or purchase a building, then you have to consider this article carefully.

The Federal Mortgage Bank of Nigeria was launched in 1956 before claiming the status of the apex mortgage institution for Nigeria, in 1994. Since that period, it has managed & administered the contributory savings scheme known as the National Housing Fund (NHF).

As we earlier mentioned, this loan must be purchased, constructed, or renovated for a building project. Before accessing this loan, you must have an interest in investing the money in real estate. This is the first criterion for having this loan.

See the requirements for the Federal Mortgage Bank Loans in the following section below, and don’t forget to share the details in this article for others to benefit too.

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Requirements for Federal Mortgage Bank Loans

Consider the requirements below for this Federal Mortgage Bank Loan below, and interested applicants must meet the requirements below to apply for the loans:

  • Pay slips for the previous three months
  • Bill of Quantities (If you have one)
  • Savings account with a registered primary mortgage bank
  • Contribution to the fund for a minimum of six months.
  • If you are a self-employed applicant, a copy of the Articles and Memorandum of Association and a copy of the Certificate of Incorporation should be submitted.
  • Evidence of a regular flow of income.
  • Completed mortgage loan application form
  • Photocopies of other substantiating title documents.
  • Survey and site plans
  • A copy of an approved building plan
  • Valuation report prepared by registered surveyors and valuers where applicable
  • Tax clearance certificate for three years
  • Letter of consent to your chosen primary mortgage bank
  • Evidence of National Housing Fund contribution

How to Apply for a Federal Mortgage Bank Loan

To apply for a Federal Mortgage Bank Loan, applicants must apply via any Morgage Bank branch around them. Do not apply directly from the Federal Mortgage Bank, because it will not be attended to.

Do not forget to make sure that the Mortgage Bank must be under the Federal Mortgage Bank. A borrower can be eligible for a maximum loan of about N15 Million, or sometimes advised by the bank.

On the other hand, no applicant should get a credit that’s above 90% of the value of the Mortgage property. The interest rate for Federal Mortgage Bank Loan is not more than 6%.

Why not seize this opportunity to access this loan & complete that building project of yours? If you would like us to assist you, kindly reach out to us through the comment box section below, and we will update you shortly.

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Frequently Asked Questions about Federal Mortgage Bank Loan

How do I get a loan from a Federal Mortgage Bank?

Before getting a loan or being eligible for a loan, you must meet the following requirements below:

  • 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.

With these requirements ready at hand, you can get a loan from a federal mortgage bank.

What is Federal Mortgage?

According to the Nigerian Constitution, the Federal Mortgage bank was established to meet up with the housing needs of all citizens in Nigeria. It can also be seen & called the apex mortgage finance institution in the country.

What are the requirements to get an NHF Loan?
  • Open a savings account with a registered Primary Mortgage Institution (PMI)
  • Contribution to the fund for at least six months.
  • Have satisfactory evidence of regular flow of income to guarantee the loan.
  • Submit photocopies of valid title documents
How long does it takes to get an NHF Loan?

It takes about 3 to 6 months to get an NHF Loan after application has be made. It takes about 6 months for  the NHF loan application to process officially & documented.

For further updates & info on the Federal Morgage Bank Loan, feel free to visit this page anytime you want on Start Easy Crypto, and don’t forget to share or leave a comment below if you find the loan application process difficult to apply.

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