How to Get a Loan from the Federal Mortgage Bank of Nigeria – The Federal Mortgage Bank of Nigeria (FMBN) offers several types of mortgage loans, allowing you to find the one that’s best for your home purchase or refinance situation.
Whether you are buying or refinancing, the bank provides competitive rates and flexible terms, making it easy to get the loan you need without having to compromise on price or terms and conditions. Below is how to get a loan from the Federal Mortgage Bank of Nigeria.
Do you Need a Mortgage Loan?
If you are interested in applying for a loan from The Federal Mortgage Bank of Nigeria, you will need to first determine if you meet their credit criteria. With any loan application, there are things that you can do beforehand that will make it easier. For example, having good credit with financial institutions in Nigeria is an important factor when applying for a mortgage or car loan. So if your score is low, consider paying back previous loans obtained from any other lenders in Nigeria before applying for your home loan at FMBN.
The Federal Mortgage Bank of Nigeria offers loans with interest rates ranging from 6% – 11%. These loans come with fixed monthly payments over a period of 30 years, depending on how much money you borrow and what type of loan you apply for. If approved, they will also require collateral such as property deeds or stocks/bonds.
Requirement for Obtaining Mortgage Loan at FMBN
Below are the requirements for obtaining mortgage or housing loan at the Federal Mortgage Bank of Nigeria ( FMBN).
- Loans are offered to Nigerians who have attained 18 years.
- Loan applicant must be a contributor to the National Housing Fund for a minimum period of six months.
- Loan Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
- The maximum amount loan request must not be above 15 million naira.
Complete an Application Form
If you don’t have enough savings to get started, there are some options available. The Federal Mortgage Bank of Nigeria (FMBN) offers different types of loans that can help you get your own property and mortgage. Although you won’t be granted an FMBN loan unless you have at least N100,000 down payment, it is possible for qualified applicants to secure one with as little as 5%. You may also qualify if you earn regular income that’s sufficient for repaying the loan.
What happens after I Complete an Application Form?
A loan officer at The Federal Mortgage Bank of Nigeria (FMBN) will review your application. If it is deemed viable, you will be invited for an interview and asked to submit additional documentation such as income tax returns, bank statements and proof of homeownership (if applying for a mortgage). If you are approved, your funds are wired into your designated bank account. You must then make all payments on time, as they are due, in order to remain current on your loan.
How To Access the FMBN Housing loan?
The Federal Mortgage Bank of Nigeria (FMBN) is now open for online application. The process is quite simple and could be done in 3 simple steps: apply online; receive approval on next business day; funds transferred into your account within 24 hours after approval.
Also you can apply for housing loan through any of the Primary Mortgage Banks in Nigeria accredited to facilitate the National Housing loan Scheme.
List of Accredited Primary Mortgage Banks in Nigeria (PMBs) below.
1. FHA Homes Savings & Loans Ltd
2. Jubilee Life Mortgage Bank Plc
3. Homebase Mortgage Bank Limited
4. First Generation Mortgage Bank Ltd
5. Platinum Mortgage Bank Ltd
6. Abbey Building Society Plc
7. First Trust Mortgage Bank Plc
8. Nigeria Police Mortgage Bank
9. Delta Trust Mortgage Bank Ltd
10. Jigawa Savings & Loans State
11. City Code Savings & Loans Limited
12. AG Homes Savings & Loans Limited
13. LivingTrust Mortgage Bank Plc (Formerly Omoluabi Mortgage Bank Plc)
14. Lagos Building Investment Company Plc
15. Brent Mortgage Bank Limited
16. Gateway Mortgage Bank Ltd
17.Infinity Trust Mortgage Bank Plc
To apply through any of the Primary Mortgage Banks, you must first meet the FMBN loan requirements for obtaining housing loan and also have a bank account in any of the Mortgage Banks. So you can go ahead to apply to open a bank account by filling out and sending in application form at any of the primary mortgage banks in Nigeria. Upon approval, you will be sent a user ID and password. Remember to save these somewhere safe as they will allow you access your account at any time. How do I fill out my loan application?: To complete your loan application, simply log into your account at the any of mortgage banks and follow these steps:
1) Click on Apply for a Loan under My Account on the left-hand side of screen.
2) Select your loan type (Home, Business or Personal).
3) Complete all sections of your application and submit it online. How long does it take to get approved?: After you have submitted your application, The mortgage bank will review it within one business day and contact you via email if any additional information is required or if they require further clarification. If you are approved, you will be notified by email that your loan has been funded and is ready for disbursement into your bank account.
How do I know if my Application was Successful?
If you’re approved for your loan, you’ll receive an email telling you how much you can expect to receive. This can be transferred into your bank account (after you provide details). You may also choose to have cash paid out on your next payday (if you provided us with your employer information), or get it in store at one of our many customer service locations. The amount you receive will depend on how much you applied for and what terms we agreed upon. Please note that if your application is unsuccessful, we won’t know why and will not be able to offer any feedback about what could have been done differently. We hope that doesn’t happen!
I believe this guide on how to get mortgage or housing loan from the federal mortgage bank of Nigeria has really helped you. For further information on how to obtain housing loan in Nigeria from the Federal Mortgage Bank of Nigeria please contact customer care representatives via FMBN official website Here.