Apply for Federal Mortgage Bank of Nigeria Interest Free Loan – How to Apply can be accessed below.
GoldenNewsNg reports that the Federal Mortgage Bank of Nigeria (FMBN) has introduced its interest-free loan products in an contribution to boost financial inclusion in Nigeria.
Following Federal Mortgage Bank of Nigeria Interest Free Loan FMBN Loan Update, we learnt that as an eligible participant in the National Housing Fund (NHF) program, you can apply to own the Federal Mortgage Bank of Nigeria FMBN Financed Housing Loan, become a tenant and use the FMBN lease. own over time products at your home
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. Could
The FMBN Rent-to-On Program is an innovative affordable housing product that provides a simple and easy homeownership payment plan for Nigerian workers. This scheme is specifically designed for Nigerian workers moving to FMBN homes as tenants, payers and owners of the property through monthly or annual rent payments for up to 30 years.
According to FMBN. payments could be made in monthly or annual installments over periods as long as 30 years – depending on age and number of years in service – at an interest rate of 7 percent.
Who can apply FMBN Loan?
1) Any Nigerian above the age of 18
2) Applicant must be a contributor to the National Housing Fund for a minimum period ol six (6) months.
3) Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
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/
More Information about FMBN Loan
FMBN has developed products to address the challenges that eligible Nigerians who wish to own their homes through the National Housing Fund (NHF) scheme face due to the interest-based nature of the bank’s existing housing products.
The product uses a rent-to-its-own model that allows beneficiaries to move into homes with FMBN and non-FMBN funds and make convenient payments for full ownership using monthly / quarterly or annual rent.
The financial structure of the product is based on the non-interest financial agreement of the lender Muntahia Bitmalik (Lease to Own). Under this arrangement, FMBN retains ownership of the property until the finances expire or at any time during the lease term when the beneficiary wishes to purchase the property.
According to a statement from Laval Isa K / Sori, Head of Corporate Communications, FMBN non-interest rent for its products is available to Nigerians who must contribute to the National Housing Fund (NHF) scheme. It covers FMBN and non-FMBN funded assets with a maximum value of N15 million. Beneficiaries have the option to pay for property ownership in monthly / quarterly or annual rental installments over thirty (30) years depending on their age and years of service.
In his comments, MD / CEO, FMBN, Arc. Ahmed Musa Dangiva noted that the launch of the non-interest mortgage product marks a historic milestone in the bank’s drive to strengthen access to inclusive mortgage financing for all Nigerians.
“I am just happy to be able to solve this decades-old problem. For over thirty years, a significant number of the more than five million Nigerians who have contributed to the National Housing Fund (NHF) scheme have been barred from exercising their rights due to the interest-based nature of FMBN housing products. What we’ve done with this product is to create a financial system that recognizes, respects and speaks to their real concerns for inclusion. “Chap Ahmed Musa Dangiva, FMBN MD / CEO.
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