- Are there any restrictions as to where a contributor can build his/her house ?The property can be located anywhere, provided it is within Nigeria. The applicant must however provide acceptable title documents to the land.
- How does a low income earner get collateral to qualify for the NHF loan ?The only collateral required from the loan beneficiary is the property in question.
- How many times can I get NHF loan ?A contributor can enjoy the NHF loan facility only once.
- What is the maximum loan amount and repayment time for the NHF ?A contributor is eligible to enjoy a maximum of N15 million repayable over a maximum of 30 years at an affordable interest rate of 6%.
- Can the NHF loan be used to acquire land ?The scheme does not allow you to purchase a piece of land. However, a prospective applicant who wishes to obtain a loan to build a house is expected to have his/her land and acceptable title documents to the land prior to enjoying a loan facility.
- What happens to my previous contribution if I change job ?Contributions are not lost in the event of change of job or transferred to the individual’s registration number which is a permanent allotment. It would be transferred to the new employer to sustain the contributor’s records.
- Apart from building a house, for what other uses is the NHF loan ?Loan from NHF are available to also make outright purchases, renovate or expand an existing house. The loan is strictly for residential buildings.
- Can I liquidate my loan at any time before maturity ?YES.
- I have housing loan from other institution to refinance through the NHF loan to purchase a bigger residential property. Is this allowed ?Loans advance under the NHF scheme cannot be used to refinance another loan
- Do I need to open an account with your Bank to access the NHF Loan ?YES
- Can spouses jointly apply for NHF loan ?NO
- Can Spouses use the same property as collateral for their separate applications ?NO except they have other proven source of steady inflow of income.
- Can I apply on behalf of my student child ?NO
- Can I apply as foreigner ?NO
- Can I apply as non resident Nigerian ?YES
- How much do I need to contribute as my equity ?If the house cost N15m that will require 30% equity, if the house cost N10m that will require 20% equity and if the house cost N5m and below, it will require 0% equity
- Can I use a land without a registered title as collateral for NHF loan ?NO