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Apply for National Housing Fund Scheme 2021 – Own a House at your desired location

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Apply for National Housing Fund Scheme 2021 - Own a House at your desired location

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The National Housing Fund (NHF) Scheme provides an affordable path to homeownership for Nigerians.

The only official website to apply is https://www.fmbn.gov.ng/

When you register and contribute 2.5% of your monthly income for six consecutive months, you become eligible to apply and benefit from FMBN’s suite of affordable housing products at the best rates. This includes single-digit interest rates and long tenors of up to 30 years, depending on age and years in service.

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AIMS & OBJECTIVES

  • Mobilization of funds for the provision of affordable residential houses for Nigerians.
  • Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  • Insurance Companies are mandated to invest 20% of non-life and 40% life funds in the housing sector with 50% of these directly in the funds.
  • Financial contributions of the Federal Government.

FUNDING

  • Mandatory contribution of 2.5% of monthly income of Nigerians earning =N=3000 and    above per annum.
  • Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  • Insurance Companies are mandated to invest 20% of non-life and 40% life funds in the    housing sector with 50% of these directly in the funds.
  • Financial contributions of the Federal Government.

BENEFITS

  •   Housing loan of up to 90% of the cost of the house.
  •   Interest on loans remains fixed throughout the life of the mortgage at 6% p.a.
  •   Long period of repayment of up to 30 years.
  •   Contributions can serve as additional old age security.
  •   Up to N15 million can be borrowed.
  •   Refunds with 2% interest on retirement.
  •   Loan repayment is about the same as a typical monthly rent.
  •   Every contributor has: a lifetime registration number, a passbook for personal recording    of contributions and the account statement.

ELIGIBILITY

  • Registration via NHF 1 (employer) and NHF 2 (employee) forms.
  • Deducted monthly contributions remitted to FMBN promptly (At least 6 months    contributions should be made)
  • Passbook to be updated by employer and is transferable from one employment to the    other.
  • Yearly statement of cumulative contributions plus accrued interest
  • Apply through any accredited Primary Mortgage Bank(PMB)
  • Applicant must provide satisfactory evidence of regular income.

PROCEDURE FOR REGISTRATION   

All Nigerians in employment, whether self-employed or in paid employment, are    required by the NHF Act No.3 of 1992 to contribute 2.5% of their basic salary/income to    the fund. The Procedure for registration is as follows:


  • The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration Form (NHF1) to employers.
  • Employers will complete form NHF1 and return to the nearest branch of the Federal Mortgage bank of Nigeria.
  • Federal Mortgage Bank of Nigeria will register the Employer and issue an employer’s registration number.
  • Federal Mortgage Bank of Nigeria will issue form NHF2 to employers for completion by employees or directly to self employed or individual.
  • Employee will complete the form NHF2 and return to the employer.
  • The employer or self-employed individuals will return completed form NHF2 to Federal Mortgage Bank of Nigeria.
  • Federal Mortgage Bank of Nigeria will register Employees on Form NHF2 and allocate employees participation number to each employee/self-employed individual.
  • Federal Mortgage Bank will issue a passbook to each of the registered employees where the monthly deduction of his/her 2.5% basic salary will be posted by the employer
  • At this point, an employee is now a registered participant of the National Housing Fund.
  • Employer will commence deduction of contributions at source. Such deductions/contributions are remitted to Federal Mortgage Bank of Nigeria with  schedule of payment indicating the amount contributed by each employee and the period covered.
  • Self–employed contributors will also commence monthly remittances of contributions to FMBN.
  • Federal Mortgage Bank of Nigeria will accept contributions and issue receipts for payments.

CONDITIONS FOR REFUND

  • Refund is made to a contributor who has attained 60 years of age or has put in 35     years in service.
  • Refund is also made to a contributor that has obtained a loan, liquidated the loan and     has attained the age of 60 years or have put in 35 years in service.
  • Retired from employment and becomes incapable of continuing the contribution to the     Fund.
  • For applicants from the underlisted professions, the retirement ages are as stated     below: –  

– Professors, Judges and Medical Consultants – 70 years of age

–  Academic, Non-Academic Staff, Judicial Staff – 65 years of age

–  Military Officers – 62 years of age

– Refund is made to the next-of-kin of a contributor in case of a deceased contributor.

Documents required for refund of contribution

  • Application letter requesting for refund of contribution.
  • Letter of offer of appointment.
  • Birth certificate or Declaration of age certificate.
  • Completed NHF Contribution withdrawal forms.
  • Bank Account details through which refund would be paid.
  • Medical report of incapability to continue contributions due to failing health
  • Letter of administration & Death Certificate (in case of a deceased contributor)
  • Evidence of contribution. (Receipt for self-employed contributor)
  • Biometric Verification Number (BVN)

Kindly use the link above to apply for the National Housing Fund Scheme 2021


Bernard Bassey is a graduate of Software Engineering from AfriHUB University, Abuja. He is an expert in field journalism, his interest in socio-politics activities is keen.

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