How To Get A Federal Mortgage Bank Loan

The Federal Mortgage Bank of Nigeria (FMBN) has been helping Nigerians achieve their dream of owning a home since 1956. In 1994, it became the main mortgage institution in the country. One of its key programs is the National Housing Fund (NHF), a savings initiative aimed at providing affordable loans to contributors.


Who Can Apply for a Federal Mortgage Bank Loan?

To be eligible for a Federal Mortgage Bank loan, you must be a Nigerian citizen above 18 years old. You should have been contributing to the National Housing Fund for at least six months and be able to show evidence of a steady income.

Purpose of the Loan:

These loans are intended for building, purchasing, or renovating residential properties. They cannot be used for refinancing existing loans.

Requirements for FMBN Loans:

  1. Maintain a savings account with a registered primary mortgage bank.
  2. Contribute to the National Housing Fund for a minimum of six months.
  3. Provide proof of a regular income flow.
  4. Submit photocopies of supporting title documents.
  5. Include survey and site plans.
  6. Provide an approved building plan.
  7. If available, a Bill of Quantities.
  8. A valuation report from registered surveyors and valuers (if applicable).
  9. Tax clearance certificate covering three years.
  10. Letter of consent to your chosen primary mortgage bank.
  11. Complete the mortgage loan application form.
  12. Show evidence of National Housing Fund contributions.
  13. Provide payslips for the past three months.
  14. For self-employed applicants, submit Articles and Memorandum of Association, along with a Certificate of Incorporation.

How to Apply:

Applicants must apply through a licensed and accredited primary mortgage institution, not directly to the Federal Mortgage Bank of Nigeria (FMBN). Ensure your chosen institution is authorized by the FMBN to access the national housing fund facility. Application forms can be obtained from these primary mortgage institutions.


Loan Amount and Interest Rate:

Borrowers can apply for a maximum loan of N15 million, or an amount advised by the bank. However, no individual should receive a loan exceeding 90% of the property’s value. The interest rate is set by the National Housing Fund Act and does not exceed 6% per annum.

Loan Tenure:

Repayment can extend up to 30 years, and borrowers must repay through the primary mortgage institution from which they obtained the loan.


The Federal Mortgage Bank of Nigeria is committed to helping Nigerians own homes through the National Housing Fund. By meeting the eligibility criteria and providing necessary documentation, you can take a significant step towards realizing your dream of homeownership.

Leave a Reply

Your email address will not be published. Required fields are marked *