How to Access the New Federal Mortgage Bank Loan | Up to N15 Million
How to Access the New Federal Mortgage Bank Loan | Up to N15 Million: If you are planning to build your own house or become a landlord, there is a need to be updated on the new Federal Mortgage Bank Loan requirements and how to access it
As we all know, the Federal Mortgage Bank of Nigeria (FMBN) is the only reliable Federal Government Bank responsible for dishing out loans to Nigerians who aspire to build, renovate or purchase their own houses
One of the primary reasons why many Nigerians are denied Federal Mortgage Loans is because, their intention after getting the money is NOT to purchase, construct or renovate a building project.
Before accessing this loan, you must be interested in investing money in real estate. This is the first criterion for having this loan.
Please if you know you will not use this loan to purchase, construct or renovate a building project, it is better you don’t step foot on any of the Federal Mortgage Banks nearby
A lot of people collect the Federal Mortgage Loan and use it for other purposes not intended, some use it to add more cars to their fleets, desist from this, it will deny genuine people who have intentions to build their own houses
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Requirements criteria for FMBN Loans
The requirements for this Federal Mortgage Bank Loan
Completed mortgage loan application form
Photocopies of other substantiating title documents.
Survey and site plans
A copy of an approved building plan
Valuation report prepared by registered surveyors and valuers where applicable
Tax clearance certificate for three years
Letter of consent to your chosen primary mortgage bank
Evidence of National Housing Fund contribution
You must be 18 years and above
Pay slips for the previous three months
Bill of Quantities (If you have one)
Savings account with a registered primary mortgage bank
Contribution to the fund for a minimum of six months.
If you are a self-employed applicant, a copy of the Articles and Memorandum of Association and a copy of the Certificate of Incorporation should be submitted.
Evidence of a regular flow of income.
How to Access the New Federal Mortgage Bank Loan
Accessing the New Federal Mortgage Bank Loan is now easy and simple, you don’t need to queue in the bank or have “a godmother or father” or anyone in Abuja
Visit any of the mortgage Bank branches close to you
If you go direct to Federal Mortgage Bank, your files will not only be thrown out, you will be sent away, so first visit Mortgage Bank (state) branch near you, it is important, they will process your forms
New Federal Mortgage Bank Loan.
Up to N15million will be given to you, to finance your property dream with a 6% interest rate
Note- you cannot get credit above 90% of the value of the mortgaged property