Federal mortgage bank Nigeria – there three basic things man need on earth. These basic things are Food, Clothing and Shelter.
When shelter is mentioned, it directly or indirectly refers to one thing which is House or Housing. Housing issues in Nigeria has brought an era of review of the general welfare and well-being of Nigerians.
The issue of housing has adversely affected the life span of Nigerian since wealth, comfort and provision are the things that makes a man’s life averagely meaningful.
Most Nigerian are living as tenants without hope of ever owing a house in this lifetime.
In this topic we will be discussing the provisions of Federal Government of Nigeria is it concerns the housing scheme system in Nigeria.
Below are our key notes on this topic:
- What is Mortgage bank in Nigeria?
- What is federal mortgage bank?
- Sources of fund for federal mortgage bank of Nigeria
- How do I access my federal mortgage in Nigeria? / How do I get a mortgage for a house in Nigeria?
- What is the function of mortgage bank?
What is Mortgage bank in Nigeria?
Mortgage bank in Nigeriaare banks that are concerned primarily with the issuance of loan for either outright purchase of an already built house, building of a new house or renovation of an existing house from a pool of fund of which the borrower is a major contributor to.
These purposes building a house, making outright purchase of an already built house, renovation of an existing house and renting of estates owned or managed by mortgage companieswhich fall in line as the answer to what is the function of mortgage bankare also the answer to the question on what are the 4 types of qualified mortgages?
These banks, upon request, gives the borrower a certain amount from what he contributed to make up with the added funds in other to meet up with the customer’s needs.
Now calm your nerves on the need to know how many mortgage banks are in Nigeria because there are a lot of them each at your service.
Many money deposit banks, Cooperatives, Companies, individual money bags and Micro Finance Banks are into this Mortgage services too but we are concerned with the services of Federal mortgage bank Nigeria which leads us to the question:
What is federal mortgage bank?
Federal mortgage bank Nigeria is an agency mortgage banking institution of the federal government which sees to the financial lending of all its contributors (mostly civil servants) through a pool of fund known as National Housing Fund for the purpose of either outright purchase of an already built house, building of a new house or renovation of an existing house hence the concept of Federal mortgage bank of Nigeria home renovation loan.
The above is concept of NHF Loan which is guided by edit known as the National housing fund act
The federal government mortgage takes is source of funds from multiple facets like
How do I access my federal mortgage in Nigeria?
Accessing fund from Federal mortgage starts with identifying the following:
- That you have need for such financing.
- Identify the proposed house project and how much it will take to start it from zero to finishing point.
- Then visit the federal mortgage house or better still where you are not attached to the federal government housing scheme then visit a mortgage company with a nice package, a nice rate and availability of fund to execute agreement reached between yourself and the mortgage company as contained in the offer letter.
- Fill your forms and submit all relevant documents. If you meet their requirement then the mortgage loan then it will be availed to you.
This answers the question on how do I get a mortgage for a house in Nigeria?
Now it is time to clear a certain belief in the mind of people.
The beauty of a mortgage bank is not in its building or affluence but in its mortgage rate and mortgage packages.
The following are your lookouts for you to know which bank is best for mortgage loans:
- They must have a very nice package that contains what you want in the facility
- They must have a very nice mortgage rate which determines the percentage of their charges and fee.
- They must be ready to fulfill the content of their offer letter acceptable by you.
What kind of mortgage is best?
It is now obvious from the above that a mortgage loan one can consider as the best is mortgage with a nice package, a nice rate and availability of fund to execute agreement reached between yourself and the mortgage company as contained in the offer letter.
You must make sure you consider this before you accept any mortgage loan a mortgage company or any Federal mortgage bank of Nigeria loan.
The above topic is for your own better life and you need to get keyed into it.
You can visit any of their offices at:
- Federal mortgage bank Abuja office
- Federal mortgage bank office in Lagos
- Federal mortgage website for more details.
FinanceDropbox is the brain child of Okekeobi Chisom Ferdinand, a seasoned Banker. He holds in his treasure box a whopping 13 years of Banking experience from which you are being furnished with the very best of financial information and blogs.
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Okekeobi Chisom Ferdinand