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Loan And Grant

How to Access the New Federal Mortgage Bank Loan | Up to N15 Million

by myeduproject October 12, 2022
written by myeduproject October 12, 2022
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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

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