Well, if this is your first time hearing this, or you already have this knowledge but yet to act on it, then count yourself lucky.
The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium-income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers, etc. Stating that any intending beneficiary must be a registered contributor and up to date with his/her contributions.
Act 3 of 1992 established the National Housing Fund (NHF). Section 2 of the Act outlines the aims and objectives of the NHF fund. Sections 20, 21 and 22 defines the offences and penalties for non-compliance.
The NHF policy states that a contributor interested in obtaining an NHF loan applies through a registered and duly accredited mortgage loan originator (e.g. Primary Mortgage Banks), who packages and forwards the application to FMBN.
And the good news is that the federal government, through the PENCOM has authorized that Salaried employees can now access 25% of their RSA balance as an equity contribution, then add it up with their NHF Loan to buy a house in any part of Nigeria.
The 2.5% of the monthly basic salary contribution qualifies you to access the loan. The pool of funds created by the contributors nationwide becomes available to any contributor to borrow from, after contributing for a minimum of six months.
Whether you are an employee or self-employed worker, you don’t have to wait for your retirement before you can acquire a home of your own.
Everything has changed for good, as long as you are an NHF contributor and you have a steady income, then you can start this journey right away to owning your own apartment in any part of Nigeria.
Note that with the NHF loan, you can either purchase a finished apartment, build one for yourself or complete an ongoing residential housing project. And you have up to 30 years to pay back.
