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Who has access to NHF loan in Nigeria
With its directory of contributors up to 570,000 and N186bn new collections the last years, the National Housing Fund, NHF scheme boasts 8,700 developed homes with 29,133 housing units in Nigeria.
This brings the total number of NHF contributors up to 5.1 million from about 4.5 million. Also, in September 2020, its collections stood at an aggregate of N418bn the Managing Director of Federal Mortgage Bank Nigeria, FMBN, Ahmed Dangiwa, said during the 2020 Housing Summit in Abuja.
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The FMBN ideally disbursed a total of N265bn under the National Housing Fund (NHF) with home renovation micro-loan thriving under the scheme as well.
The National Housing Fund is a Federal Government, NHF Act 3, 1992 scheme to cater to Nigeria’s housing needs.
The scheme provides long-term housing solution and the act requires that all Nigerian employees contribute 2.5% of their monthly basic salary to the Fund through the Federal Mortgage Bank of Nigeria (“FMBN”). Employees could be self-employed or salaried workers.
Contributors can access affordable housing loans at an interest rate of 6% yearly.
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How contributors can access housing fund under the NHF scheme
A contributor to the NHF scheme must have a six months record of participating prior to the loan application.
The Primary mortgage bank (PMB) have accreditation to accept applications from contributors and passes it on to FMBN.
Applications backed by stable financial movement will also facilitate NHF loan as it is an assurance of loan reparation.
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