20/05/2023
Are you a civil servant or business owner in Nigeria who dreams of owning a home of your own?
If so, then you need to know about the National Housing Fund (NHF) loan.
Here is what you need to know:
The NHF loan is a government-backed mortgage loan that is specifically designed to help civil servants own their homes in the most affordable way.
It’s actually worrisome that Nigerian civil servants contribute a mandatory 2.5% of their monthly salaries for years and yet have no idea how to leverage on this to buy a home of their own and mostly of live all their lives paying rent.
However, with the NHF loan, you only need to make a deposit of just 5% - 30% of the property and pay off 70% through mortgage loan.
Here are some of the benefits of buying a home with an NHF loan:
Affordable: NHF loans are very affordable, with interest rates starting at just 5%
Convenient: The NHF application process is simple and easy to follow. (We can process it for in a matter of weeks)
Secure: NHF loans are backed by the government, so you can be sure that your investment is safe.
Also, here are some the answers of some frequently asked questions about the NHF Act:
Who is eligible for an NHF loan?
To be eligible for an NHF loan -
you must be a Nigerian citizen and you must meet the following criteria:
- You must be employed in the public or private sector.
- You must have a regular income.
You must have a good credit history.
How much can I borrow?
- The amount of money you can borrow from the NHF —
depends on your income and your employment status. It now ranges from 15 million - 50 million.
What are the interest rates?
The interest rates for NHF loans are very affordable. The current interest rate is 5%
What are the repayment terms?
The repayment terms for NHF loans — is also very flexible. You can repay your loan over a period of 25 to 30 years.
How do I apply for an NHF loan?
To apply for an NHF loan, you must complete an application form and submit it to the NHF.
You will also need to provide the following documents:
-Proof of identity
-Proof of income
-Proof of employment
-Credit report
END!
Ahmad Abdullahi.
