How to buy a house on loan in Nigeria with the Federal Housing Authority and the Federal Mortgage Bank

If you are a Nigerian living and working in Nigeria, then it should be really easy for you to own your own home, especially with the Federal Housing Authority; an agency of the Federal Government in charge of tackling housing deficit in the country. Well, you heard it here first. These are steps to take if you want to own your home with the housing scheme recognized by the Federal Government.

  1. Go open an account with the Federal Mortgage Bank (FMB).

  2. Save with them for 6months.

  3. Open an account with FHA.

  4. Locate a property.

  5. Apply for it.

Note: Govt can’t fund more than 15m. However if the property you want to acquire is more than 15million, let’s say 20million, then you will have to come up with the 5 million on the 20 million and the 10- 30% of the 15 million then government will fund the rest.

How do you pay back?

The payment will be spread within the number of years you have in active service. E.g: If you’re 30, its assumed that you have 35 more years in service. So d rest of d payment will be spread into 35yrs.

You will be required to pay it monthly but u can clear it within one year or more; not waiting for the 35 years to elapse, if good things happen and God picks your call.

However, there are some properties that don’t require equity. These are properties below 5 million.

  1. You will be given an offer letter that will specify d amount u will pay.

  2. After payment u will get an allocation letter.

  3. There will be other forms u will fill before you get your key.

  4. You will be a house owner.
    ©Efe Okposio.

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Thank you @keepmesafe, for what can I ever do without you? This is amazing!

For further reading and understanding for everyone,please go through the FAQ on the page down here :point_down:
https://www.fmbn.gov.ng/National%20Housing%20Fund/nhf.html

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Thanks @Abbey. You’re enough inspiration for me, you know? Keep being you and I’ll keep supporting you. You’re tested and trusted and still remain valid. Please look into the information shared above. It has enough power.

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This a very good idea because, repayment of the loan monthly is like paying back the house rent you were suppose to pay

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Very insightful topic. Has to be on the featured page

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You can bet it’s already there, hun!

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