How To Apply For FMBN Housing Property Loan (Rent To Own)

How To Apply For FMBN Housing Property Loan (Rent To Own)

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Did you know? As an eligible contributor to the National Housing Fund (NHF) Scheme, you could apply to own an Federal Mortgage Bank of Nigeria FMBN financed housing property loan, move in as a tenant, and conveniently pay to own it over time using the FMBN Rent-to-Own housing product.

What is FMBN Rent To Own?

The FMBN Rent-to-Own scheme is an innovative affordable housing product, which provides an easy and convenient payment plan towards homeownership for Nigerian workers. The scheme is specifically designed to make it possible for Nigerian workers to move into FMBN homes as tenants, pay for and own the properties through monthly or yearly rent payments spread over periods of up to 30years.

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According to FMBN, payments could be made in monthly or annual installments over periods as long as 30 years - depending on age and number of years in service - at an interest rate of 7 percent.

Who can apply?

1) Any Nigerian above the age of 18

2) Applicant must be a contributor to the National Housing Fund for a minimum period of six (6) months.

3) Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

Product Features:

a) The maximum purchase price of the property shall not be more than N15,000,000.00 (Fifteen Million Naira), affordability of which shall be determined by the income limit of the beneficiary and the projected tenancy duration.

b) The rent repayment period shall not exceed thirty (30) years.

c) Interest rate shall be 7% of the price of the property on annuity basis.

d) Monthly or annual payment shall not exceed 1/3 of the applicant's monthly/annual income.

e) The facility shall not be available to any contributor who has enjoyed an NHF loan to buy or build a house.

f) Properties would be insured against Fire & Special Perils and Credit Life Assurance as covered in interest rate.

How to apply:

a) An interested subscriber will visit any of the Federal Mortgage Bank of Nigeria Branch Offices nationwide to check out the available houses and prices.

b) The applicant will then fill the form, attaching all necessary documents as stipulated and return same to the Branch Office.

For further information, kindly visit the FMBN website

You may want to also check What You Need To Know about The Family Homes Fund (FHF)

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