A Guide on How to Own a House through Federal Mortgage Bank new interest-free Loan Product can be accessed below..
GoldenNewsNg gathered that the Federal Mortgage Bank of Nigeria (FMBN) has provided more details about its rent–to–own mortgage housing that will attract no interest.
As against the previous seven percent interest paid on an annual basis, the bank said it introduced non-interest housing to encourage financial inclusion in the country.
According to a release by the spokesperson of the bank, Lawal Kauri, the disclosure follows the approval of the bank’s Board of Directors.
To access the housing, interested persons are advised to walk into any branch of the bank nationwide to apply at no cost. They must be contributors to the National Housing Fund.
According to Mr Kauri, houses will be made available instantly for applicants who have had their finances accessed to be able to fully pay.
The bank said the non-interest housing is designed to enable Nigerians to own their homes using a mortgage without engaging in an interest-bearing transaction.
Under the arrangement, the bank retains ownership of the property until the financing term ends or at any time during the lease period that the beneficiary wishes to purchase the property.
The non-interest rent-to-own product is available to Nigerians who must be contributors to the National Housing Fund (NHF) Scheme.
It covers both FMBN and non-FMBN-funded properties with a maximum price of N15 million.
Beneficiaries have the option to pay to own the property in monthly/quarterly or annual rental installments over 30 years depending on their age and years in service.
The bank says it currently has over 3,190 housing units available for off-take on a rent-to-own basis across several locations nationwide.
Some of these houses are said to be located in FMBN-funded estates in seventeen states and the Federal capital territory
FCT, Ondo, Adamawa, Jigawa, Ogun, Taraba,Nasarawa, Enugu, Sokoto, Abia, Kwara, Niger, Akwa Ibom, Kogi, Borno, Katsina, Kano, Kaduna.
Requirements to Apply for Federal Mortgage Bank of Nigeria Interest Free Loan / FMBN Loan
1.One passport-sized photograph (with a white background), name, and signature behind
2. NHF contribution number
3. Proof of identity (valid driver’s license, National ID Card, international passport, staff ID or Tax Payee Card)
4. Pay slip for the last 3 months preceding the application.
5. Certified personal bank statement for the last six months.
6. Copy of letter of confirmation by employer.
7. Letter of undertaking to deduct the rental payment from the beneficiary’s salary and allowances and remit to FMBN’s TSA account
8. Bank Verification Number (BVN)
The bank says it currently has over 3,190 housing units available for off-take on a rent-to-own basis across several locations nationwide.
Some of these houses are said to be located in FMBN-funded estates in seventeen states and the Federal capital territory
FCT, Ondo, Adamawa, Jigawa, Ogun, Taraba,Nasarawa, Enugu, Sokoto, Abia, Kwara, Niger, Akwa Ibom, Kogi, Borno, Katsina, Kano, Kaduna.
How to apply for Federal Mortgage Bank of Nigeria Interest Free Loan FMBN Loan :
a) If you’re interested in an 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 out the form, attaching all necessary documents as stipulated, and return the same to the Branch Office.
For further information, kindly visit the FMBN website: https://www.fmbn.gov.ng/
