NATIONAL HOUSING FUND LOAN (NHF)
National Housing Fund (NHF) is a Federal Government scheme, which entitles all Nigerians
above the age of 21years in paid employment to a low interest, government funded loan
National Housing Fund (NHF) is a Federal Government scheme, which entitles all Nigerians above the age of 21years in paid employment to a low interest, government funded loan. Members of the scheme contribute 2.5% of their monthly salary to the fund through Federal Mortgage Bank of Nigeria. The maximum amount obtainable under the NHF used to be N5 million but has since been increased to N15 million. The borrowed capital is repayable over a maximum of 15 years at the rate of 6% interest.
WHO CAN APPLY
Any Nigerian above the age of 21. They must be a contributor to the National Housing Funds for a period of not less than six months. For individual borrowers there must be satisfactory evidence of regular flow of income to guarantee loan repayment.
FEATURES
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 15 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