Apply for National Housing Fund (NHL) Home Renovation Loan Application Form. Application form portal is open for interested Nigerians. Towards the end of this post you will know who is eligible to apply and loan disbursement. Register here.
NHF Home Renovation Loan
Table of Contents
The loan is to afford Nigerians an opportunity to access mortgage loans for the renovation or improvement of their existing homes. The product is specifically designed for Nigerians who are contributors to the National Housing Fund and desire to renovate or improve existing properties which are personally owned by them or through family ownership.
- The applicant shall be contributor to the NHF.
- The maximum loan amount shall be =N=1Million, subject to the income limit of the beneficiary as well as the ultimate cost of renovation
- Applicant will apply through the Federal Housing Board in the case of the Federal Civil Servants and through the Office of the Head of Service of the State or any other relevant authority recognized by the Bank (in the case of civil servants) and employees of the organized private sector.
- Approved loan amounts shall be disbursed in lump sum to the Federal Housing Board (in the case of Federal civil servants) and directly to the account of beneficiaries in the case of state civil servants and employees of the organized private sector, after acceptance of offer and the fulfillment of conditions precedent to draw-down.
- The loans tenor shall be a maximum of 4 years or employee’s remaining years of service, whichever
is less.
Requirements for National Housing Fund Home Renovation Loan Application Form
- Any Nigerian above the age of 18
- Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
- Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment
How to apply for Home Renovation Loan
To apply online – visit official website here
- At the Federal level, applications are aggregated by the Federal Government Staff Housing Loans Board (FGSHLB).
- At the State level, applications are aggregated by the relevant authority and forwarded to FMBN.
- Employees in the organised private sector (including other government agencies and parastatals not covered by the activities of FGSHLB) the applications are aggregated by the Permanent Secretary or Chief Executive of the organisation.
Repayment for National Housing Fund Home Renovation Loan
- Repayment of the loan shall be through monthly repayment for a tenor not exceeding 4 years, via direct deductions by the FHB and the respective Head of Service/Accountant General’s office of the states or other relevant authority recognized by the Bank for private sector employees.
- Monthly repayment shall not exceed 33 1/3 percent of applicant’s monthly salary/income
- Interest rate shall be 8 percent for the duration of the loan for FGSHLB and 6 percent for state governments.
- The facility shall not be available to any contributor who has enjoyed an NHF loan to build or buy a house.
- The facility can be taken jointly by a couple, subject to an income assessment of both parties.
- The loan can only be taken once in 5 years.
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