Nigeria's FMBN offers housing loans up to ₦50 million

The Federal Government of Nigeria, through the Federal Mortgage Bank of Nigeria (FMBN), is offering mortgage financing to eligible citizens via the National Housing Fund (NHF). The scheme is designed to assist Nigerians in buying, building, improving, or renovating owner-occupied homes.

Eligible contributors can access loans of up to ₦50 million, subject to income, repayment capacity, and property value. The interest rate is capped at 6 per cent per annum, with repayment periods extending up to 30 years. To qualify, applicants must be Nigerian citizens aged 18 or older, have contributed to the NHF for at least six months, and demonstrate a stable source of income.

Applications must be submitted through accredited and licensed Primary Mortgage Banks (PMBs) rather than directly to the FMBN. The property being financed serves as security for the loan, and the total loan amount generally should not exceed 90 per cent of the property's cost or value.