National Housing Fund

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. The maximum amount obtainable under the NHF used to be N5 million but has since been increased to N15 million. The borrowed capital is repayable over a maximum of 30 years at the rate of 6% interest.

Who Can Apply

Any Nigerian above the age of 21. They must be a contributor to the National Housing Funds for a period of not less than six months. For individual borrowers there must be satisfactory evidence of regular flow of income to guarantee loan repayment. This condition is easy to ascertain for applicants in paid/salary employment.

Purpose

The loan shall be for the purpose of building, purchasing or renovating residential accommodation. No loan shall be for refinancing.