How to Apply for FG Mortgage Loan in Nigeria

The Federal Mortgage Bank of Nigeria (FMBN) provides mortgage financing to eligible Nigerians via the National Housing Fund (NHF), enabling them to buy, build, improve, or renovate homes. The NHF Mortgage Loan is available at an interest rate of 6% per annum, with a repayment period of up to 30 years.

Eligible contributors can access loans up to ₦50 million, contingent on affordability and property value. Key eligibility criteria include being a Nigerian citizen aged 18 or older, continuous NHF contributions for at least six months, and having a stable income.

The property financed must meet legal and planning requirements, and the loan repayment is assessed based on a maximum of one-third of the applicant's income. The NHF facility is designed to offer longer repayment periods and lower interest rates compared to conventional mortgages.

FMBN's current terms indicate that the maximum loan amount is ₦50 million, although older documents may still reference ₦15 million. Applicants must apply through accredited Primary Mortgage Banks.