National Housing Fund (NHF) Loan Scheme What You Need To know!
National Housing fund (NHF) is a Federal Government introduced scheme, to which all public servants and employees in the organised private sector within the country are expected to contribute 2.5% of their monthly salary to Federal Mortgage Bank of Nigeria, managers of the fund.
Benefits
- Housing loan of up to 90% of the cost of the house.
- Interest on loans remains fixed throughout the life of the mortgage at 6% p.a.
- Long period of repayment of up to 30 years.
- Contributions can serve as additional old age security.
- Up to N15 million can be borrowed.
- Refunds with 2% interest on retirement.
- Loan repayment is about the same as a typical monthly rent.
- Every contributor has: a lifetime registration number, a passbook for personal recording of contributions and the account statement.
Who can apply?
- Any Nigeria above the age of 21
- You must be a contributor to the NHF for a period of not less than one year, if you are not yet registered, it is required you pay in arrears for a period of 18 months.
- You must have a satisfactory evidence of regular flow of income to guarantee loan repayment.
Purpose?
- The loan shall be for the purpose of purchasing a house only.
Requirements
- Completion of Masters Golden Estate Subscription Form @ N10,000
Other Requirements
- Evidence of Registration With NHF Scheme (Passbook).
- Income Statement (Recent Payslip for Past six (6) Months, for workers and 1 years statement of account for self employed).
- Tax Clearance Card.
- Utility Bill (Nepa, Water, Or Waste).
- Identity Card (Drivers License Or International Passport).
- Age Declaration/Birth Certificate.
- Eight Recent Passport Photographs.
- Employment Letter/Confirmation Letter.
- Letter of declaration as first time applicant.
- Handwriting NHF Loan application.
- Employer mortgage confirmation.
- Affidavit of Support from Spouse/Relation (where necessary).
