How to apply for Federal Mortgage Bank Non Interest Loan

We bring to you easy steps on how to submit application for Federal Mortgage Bank Non Interest Loan

The FMBN Rent-to-On Program is an innovative affordable housing product that offers Nigerian workers a simple and easy homeownership payment plan. This scheme is specifically designed for Nigerian workers who move into FMBN homes as tenants, payers, and owners of the property through monthly or annual rent payments for a period of up to 30 years.

Payments could be made in monthly or annual installments over as long as 30 years – depending on age and number of years of service – at a 7% interest rate, according to FMBN.

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The innovative housing product was recently approved by the FMBN Board of Directors and is designed to enable Nigerians to own their homes using mortgages without engaging in any interest-bearing transactions

Interest-Free Loan from the Federal Mortgage Bank of Nigeria Loan from FMBN As an eligible participant in the National Housing Fund (NHF) program, you can now apply to own the Federal Mortgage Bank of Nigeria FMBN Financed Housing Loan, become a tenant, and use the FMBN lease. own time-consuming products in your home

Who can apply Federal Mortgage Bank Non Interest Loan?

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 for Federal Mortgage Bank of Nigeria Interest Free Loan FMBN Loan:

a) If you’re interested in FMBN Interest Free Loan , kindly 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: https://www.fmbn.gov.ng/

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