DID YOU KNOW (19)? You Can Now Own a Home Through FMBN’s New Interest-free Product

The Federal Mortgage Bank of Nigeria (FMBN) has introduced a rent-to-own mortgage housing scheme that will attract zero interest. It covers both FMBN and non-FMBN funded properties, with a maximum price of N15 million.



The Bank currently has more than 3,190 units of houses available for off-take on rent- to-own basis across the country. Beneficiaries have the option to pay to own the property in monthly/quarterly or annual rental installments within 30 years depending on their age and years in service.

The houses are in FMBN-funded estates in the following 17 states plus the Federal capital territory: Ondo, Adamawa, Jigawa, Ogun, Taraba, Nasarawa, Enugu, Sokoto, Abia, Kwara, Niger, Akwa Ibom, Kogi, Borno, Katsina, Kano, Kaduna.

REQUIREMENTS TO QUALIFY FOR THE SCHEME

  1. One passport-sized photo (white background) plus name/ signature behind.
  2. NHF contribution number.
  3. Proof of identity (valid driver’s license, National ID Card, international passport, staff ID or Tax Payee Card).
  4. Pay slip for last 3 months preceding the application.
  5. Certified personal bank statement for last 6 months.
  6. Copy of letter of confirmation by employer.
  7. Letter of undertaking to deduct rental payment from beneficiary’s salary/ allowances and to remit to FMBN’s TSA account.
  8. Bank Verification Number (BVN).

HOW TO APPLY FOR THE SCHEME
A. Walk into any branch of FMBN nationwide.
B. Schedule an inspection to check available FMBN houses.
C. Fill the Application forms and submit, at no cost.

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