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NHF LOAN APPLICATION REQUIREMENTS

APPLICATION REQUIREMENTS 

1. Open NHF account with a Primary Mortgage Bank (PMB) 

  • All members of Metro Coop will access their funds through AG Mortgage Bank.

2. Equity contribution towards the cost of the property thus;

 

3. A completed and executed NHF Loan Application form

4. A written application letter for NHF loan

5. Applicant’s pay slip (last three months).

6. Evidence of Registration with FMBN as NHF contributor (Copy of updated NHF passbook Minimum of 6-months continuous contribution)

7. Copy of Birth certificate/Age declaration

8. Account Opening Deposit - N5,000 (Payable to the PMB)

9. Payment of a non-refundable fee of N105,000 as processing fee

10. Tax Clearance Certificate (non-civil servants)

11. Six passport photo graphs

12. Valid ID; e.g. National ID, International Passport, Driver’s License, Voter’s Card

13. Letter of undertaking by the applicants that He/She has not earlier obtained NHF loan

14. Six months bank statement (Salary Account or other accounts); Bank statement of at least one year is required for Informal sector (Private businesses etc.)

15. Employment/Promotion letter.

FEES REQUIRED FOR PROCESSING NHF

  1. Interest rate – 6% per annum

  2. Mortgage Fee – 2.25% Flat of the approved loan amount (payable upfront)

  3. Perfection fees – 10% of the approved loan amount (payable to FMBN)

  4. Mortgage protection Insurance – 0.55% of the approved loan amount (payable annually)

  5. Property Insurance – 0.25% of the value of the property (payable annually)

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