How Nigerians can apply for FG loans to buy or build houses

The Federal Government, through the Federal Mortgage Bank of Nigeria (FMBN), offers eligible Nigerians mortgage loans of up to ₦50 million at a concessionary interest rate of 6 per cent per annum with repayment periods of up to 30 years under the National Housing Fund scheme — one of the most affordable home financing options available in the country.

Vanguard reports that applications are submitted through FMBN-accredited Primary Mortgage Banks rather than directly to the bank. Eligibility requires Nigerian citizenship, NHF registration, at least six months of continuous contributions and a regular income source.

Loan amounts depend on income, repayment capacity and property value, with FMBN generally financing up to 90 per cent of the property’s cost.