According to the constitution of Nigeria, the Federal Mortgage Bank was established to meet the housing needs of all citizens of the country. … It is regarded as the apex mortgage finance institution in the country and regulates the activities of primary mortgage loan originators.
Then, how do I apply for a NHF loan?
REQUIREMENTS FOR ACCESSING AN NHF LOAN
- Open a savings account with a registered PMB.
- Contribution to the fund for at least six months prior to application.
- Have satisfactory evidence of the regular flow of income to guarantee the loan.
- Submit photocopies of valid title documents (e.g. C of O).
- Approved survey/site plans.
- Dial *219# and send.
- Type 2 and send.
- Type 1 and send.
- Type the exact month i.e 1 to 12 and send.
Similarly one may ask, how do I register for NHF number?
To Register as a New User
- Click on the “Register” icon.
- 2 Enter your NHF Number.
- 3 Enter your preferred password.
- 4 Confirm your preferred password.
- 5 Click on the “Submit” button. …
- 6 Enter your Mobile Phone Number.
- 7 Enter your preferred email address.
- 8 Click on the “Submit” button to continue registration.
How do I access my federal mortgage?
Requirements for accessing an NHF Loan
- Open a savings account with a registered PMB.
- Contribution to the fund for at least six months prior to application.
- Have satisfactory evidence of regular flow of income to guarantee the loan.
- Submit photocopies of valid title documents (e.g. C of O).
- Approved survey/site plans.
How do I get a loan from federal mortgage bank?
Documents required to process a loan include:
- Completed application form.
- Photocopy of title documents.
- Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
- Three years tax clearance certificate.
- Evidence of NHF participation.
What are the 3 types of mortgages?
8 Types of Mortgage Loans for Buyers and Refinancers
- 30-year fixed-rate mortgage. The 30-year fixed-rate mortgage is a home loan with an interest rate that’s set for the entire 30-year term. …
- 15-year fixed-rate mortgage. …
- Adjustable-rate mortgage. …
- FHA mortgage. …
- VA mortgage. …
- USDA mortgage. …
- Jumbo mortgage. …
- Interest-only mortgage.
How much is the monthly payment on a 300 000 Mortgage?
A
| Annual Percentage Rate (APR) | Monthly payment (15 year) | Monthly payment (30 year) |
|---|---|---|
| 3.00% | $2,071.74 | $1,264.81 |
What is a NHF grant?
The NHF Sapphire down payment assistance program is a California homebuyer grant for moderate income individuals and families who can qualify for a mortgage but need assistance with down payment to closing costs. … The Sapphire Grant is not not limited to first time home buyers!
How do I retrieve my NHF number?
Phone Number To Check My NHF Number
The first step it to dial the following code: *219#.
What are the functions of federal mortgage bank?
Establish and operate a viable secondary mortgage market. Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act. Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.
Is National Housing Fund compulsory?
The National Assembly recently proposed a new law, the National Housing Fund (Establishment) Act 2018. The key provisions of the Bill are: A compulsory contribution of 2.5% of monthly income by employees in the public and private sectors. The threshold for contributors is employees who earn a minimum wage and above.
What is National Housing Fund in Nigeria?
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.
How many mortgage banks are in Nigeria?
The Approved List of 34 CBN-Licensed Primary Mortgage Banks In Nigeria As At Sept 30, 2018. The Central Bank of Nigeria (CBN) has published the list of thirty-four (34) entities as licensed primary mortgage banks in Nigeria as at the month ended September 30, 2018.