National Housing Fund Scheme (NHF)

NHF is a scheme created by Federal Government and managed by the Federal Mortgage Bank of Nigeria. The objective of the scheme is to enable every Nigerian have access to affordable and decent homes through Primary Mortgage Banks (PMB) e.g. Nigeria Police Mortgage Bank (NPMB) Plc.

NPMB guarantees you quick and stress free access to the National Housing Fund subject to compliance with guidelines.

a. Loan amount is N 15 million.
b. Interest rate currently at 6% per annum
c. Tenor is subject to age or length of service (within 60 years age limit)
d. Monthly repayment shall not exceed one – third of beneficiary’s gross monthly emolument.
e. Minimum opening balance of N 50,000.00
f. Flexible deposit option i.e. daily, weekly, monthly, or quarterly
g. Free mortgage finance advisory services
h. Low equity contribution
i. Your own home before retirement
j. Fixed rate throughout the duration of the loan. No fluctuation in interest rate.
k. Minimum savings of 10%, 20% OR 30% of loan amount required.

What to do:

  • Open a Nigeria Police Mortgage Bank Mortgage Account. Application must be made on a prescribed NHF loan application form.
  • Make Equity Contribution of 10%,20% or 30% depending on loan amount required.
  • Letter of awareness from employer.
  • Evidence of income
  • Valid registered title.
  • Deed of Sale between Vendor and Purchaser which includes the clause that the vendor will execute a Deed of Assignment upon receipt of balance of payment.
  • Become a contributor to the NHF (if you are not one already) through making monthly contribution. You qualify after 6months of REGULAR savings/remittance to FMBN.  and a copy of NHF Passbook showing updated remittance.
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