Federal Mortgage Bank Of Nigeria FMBN Loan – How to Get Access


Federal Mortgage Bank Of Nigeria FMBN Loan - How to Get Access

 

 

 

 

 

 

Federal Mortgage Bank Of Nigeria FMBN Loan

How To Get A Federal Mortgage Bank Of Nigeria (FMBN) Loan.

A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.

Getting a loan from The federal mortgage bank of Nigeria is very easy because it is the apex mortgage bank in the country.

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The FMBN has many loan and credit facilities that is of big benefit to Nigerians, especially to low and medium income earners. One of it’s biggest loan facility is the National Housing Fund (NHF) which enables low income earners who are not able to have a house, build a house of their own.

 

 

 

Duties Of Federal Mortgage Bank Of Nigeria (FMBN)

Below are the mandates of FMBN:

  1. Provide long-term credit facilities to mortgage institutions in Nigeria.
  2. Encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.
  3. Mobilizing both domestic and offshore funds into the housing sector.
  4. Link the capital market with the housing industry.
  5. Establish and operate a viable secondary mortgage market.
  6. Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act.
  7. Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.

Fmbn Loan Collateral Requirement

The loan requirement for FMBN loan differs. It depends on the kind of loan you seek. Generally, the collateral requirement is very easy and something anyone should get. For example, the collateral requirement for the National Housing fund is the property to secure the loan for. That is, the property that you are seeking loan to build, you can use it as collateral.

 

 

 

How To Get FMBN Loan

Follow these steps to get a loan from the Federal Mortgage Bank Of Nigeria (FMBN:

1. Decide on the type of loan that you want.

The FMBN offers different loan facility to Nigerians. You need to decide which one is best for you. There is the NHF loan, Home renovation loan, estate development loan and more. You can find details of these loans below.

2. Get your documents and requirements ready

Once you have decided on the loan facility that suits you, get all the requirements for that loan ready.

3. Apply

Once you have meet requirements, you can apply. In many cases you do not apply directly to FMBN, you apply through accredited Primary Mortgage Banks (PMBs). You can reach out the the PMBs to help in your application.

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