OWN A HOUSE WITH JUST 6% INTEREST! HOW TO APPLY FOR FG’S 30-YEAR CHEAP MORTGAGE LOAN – STEP-BY-STEP GUIDE
GREATRIBUNETVNEWS–THE Federal Mortgage Bank of Nigeria (FMBN) is offering Nigerians mortgage financing through the National Housing Fund (NHF) to buy, build, improve or renovate a home.
Tired of Rent? Federal Mortgage Bank Opens Window To Buy, Build, Renovate Your Home
Dreaming of owning your own house in Nigeria? The Federal Government has made it easier – and cheaper!
And the deal is unbeatable: *Just 6% interest per annum with up to 30 YEARS to repay!*
Here is the simple step-by-step guide on how to apply, who is eligible, and how you can move from tenant to landlord without breaking the bank.
According to FMBN on its website, the current information shows that eligible contributors can access up to ₦50 million, subject to affordability and the value of the property.
Here are the key things applicants should know about the scheme and how to apply.
What is the FMBN mortgage loan?
The NHF Mortgage Loan is a housing finance facility administered by FMBN through accredited and licensed Primary Mortgage Banks (PMBs).
The facility can be used to buy, build, improve or renovate an owner-occupied home. The property being financed serves as security for the loan.
Unlike a conventional commercial mortgage, the NHF facility is designed to provide contributors with longer repayment periods and a concessionary interest rate.
Who is eligible?
* Completed mortgage loan application form;
* Evidence of NHF contribution;
* Proof of income;
* Recent payslips or other income evidence;
* Property title documents;
* Valuation report for the property;
* Bill of quantities where the loan is for construction;
* Relevant tax and employment documents; and
* Other legal documents required by the mortgage institution.
The exact documentation can vary depending on whether the applicant is buying, building or renovating a property.
5. Submit the application
The application and supporting documents are submitted to the accredited mortgage institution.
The institution assesses the applicant’s income, repayment capacity, property and documentation before forwarding the application to FMBN where applicable.
6. Property and legal checks
The property is subjected to valuation and legal checks. FMBN’s conditions require the mortgaged property to provide adequate security and comply with relevant planning and legal requirements.
7. Approval and disbursement
Once the relevant conditions are satisfied and the loan is approved, the funds are disbursed through the mortgage loan originator for the approved housing purpose.
What can the loan be used for?
The NHF Mortgage Loan can be used to:
* Buy a residential property;
* Build a home;
* Improve an existing home; or
* Renovate an existing home.
FMBN specifically describes its NHF facility as covering these housing purposes.
How can Nigerians check their NHF contributions?
FMBN provides digital channels through which contributors can access information about their NHF accounts. The Bank’s website also provides online registration and account services for contributors.
Important warning for applicants
Applicants should be careful of individuals who claim they can “secure” an FMBN loan in exchange for money.
FMBN’s official website carries warnings about fraudsters posing as NHF facilitation officers. Applicants should deal only with FMBN and its accredited mortgage institutions and verify any request for payment before proceeding.
FMBN’s official website provides information on its mortgage products, NHF services and application channels.
Apply Here: https://fmbn.gov.ng/products/nhf_mortgage_loan
SOURCE==PUNCH==EXCEPT THE HEADLINE AND INTRO PLUS A FEW PARAGRAPHS
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