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Accessing The National Housing Fund (NHF) Loan Scheme

by M.A. Oluwole

At a recent Consultative Meeting between Management and one of its in-house Union - RATTAWU, the effectiveness of the National Housing Fund Scheme as catalyst for affordable Mass Housing was deliberated.

This Circular is therefore inspired by the need to enlighten staff members on the activities of the scheme towards satisfying the yearnings of personal home ownership by workers.

1. OPERATIONS OF NATIONAL HOUSING LOAN SCHEME

The National Housing Fund is a creation of the National Housing Policy launched in 1991 aimed at creating a sustainable base for affordable mortgage financing window for the benefit of all Nigerians.

2. FUND MANAGEMENT

The Federal Mortgage Bank of Nigeria (FMBN) manages and administers the financial resources of the scheme through the provision of long term housing loans to contributors, through wholesale lending to Primary Mortgage Institutions (PMIS). Thus, the Fund provides 80% of the mortgage loan while PMIS provide the balance.

3. REGISTRATION

The Federal Mortgage Bank of Nigeria (FMBN) registers and allocate permanent participation Numbers to contributors to the scheme.

4. REMITTANCE OF CONTRIBUTIONS

The National Housing Fund Decree No.3 of 1992 empowered employers of Labour to deduct 2.5 percent as contribution from monthly salary of every worker registered with the scheme and to ensure prompt remittance of same to the FMBN. Records of Monthly Contributions are reflected in Individual Staff Passbooks.

5. PROCEDURE FOR ASSESSING NHF LOAN FACILITY

(i) The Applicant opens an Account with a Primary Mortgage Institutions of his/her choice.

(ii) The Applicant applies for the loan through the PMI by completing the prescribed NHF Mortgage Application Form.

(iii) The licensed PMIS (Appendices A1-A3) with which the contributor has an account, packages the applications for onward processing by Federal Mortgage Bank of Nigeria.

6. CONDITIONS FOR ACCESSING NHF FACILITY

The terms and conditions for accessing the National Housing Fund facility are anchored on the following criteria.

(a) A borrower must be a contributor to the fund and must have contributed for a period of not less than six (6) months.

(b) A borrower must have satisfactory evidence of regular flow of income to guarantee loan repayment.

(c) Not more than one third (1/3) of the income of the borrower shall be considered for a loan repayment – Affordability level (Appendix ‘B’).

(d) Maximum loan to an individual applicant shall not be more than N5,000.000.00 (Five Million Naira only).

(e) Possession of valid title to land or property to be mortgaged shall conform to the existing planning laws and regulations.

(f) No individual shall be granted a loan in excess of 90% of the cost or value of the property to be mortgaged.

7. BENEFITS OF THE SCHEME

(i) Membership of the NHF Scheme automatically qualifies a staff member for a housing loan after continuous contribution.

(ii) Contributors enjoy a fixed interest rate throughout the tenor of the loan (currently 6% on compounding basis).

(iii) The loan is repayable over a period of twenty-five (25) years.

(iv) The property (residential accommodation) for which the loan is sought shall serve as collateral for the loan.

(v) Where a contributor retires from service or can no longer continue in employment due to ill-health, contribution to the fund is refundable with accrued interest.

(vi) The Monthly Contribution of the fund does not determine the amount a contributor can borrow at any given period.

You are please enjoined to draw attention of all staff members to the content of this Circular for information.

LIST OF PREMIARY MORTGAGE INSTITUIONS ACCREDITED FOR ACCESSING NHF FACILITY

S/NO.	PRIMARY MORTGAGE INSTITUTION	LICENCE NO.	MAIN OFFICE ADDRESS
1.	Abbey Building Society Limited	000026	19, Warehouse Road, Apapa, Lagos
2.	Acclaim Home Savings and Loans Ltd.	000103	11B, Karimu Kotun Street, P. O. Box 73077, Victoria Island, Lagos, Lagos State.
3.	Accord Savings and Loans Limited	000178	2, Aromire Avenue, Ikeja, Lagos, Lagos State.
4.	Akwa Savings and Loans Limited	000304	42, Oron Road, P.M.B. 1108, Uyo Akwa Ibom State.
5.	Allwell Savings and Loans Limited	000253	90, Upper New Market Road, P.M.B. 1664, Onitsha, Anambra State.
6.	Amex Savings and Loans Limited	000219	10, Ogul Road, P.M.B. 01355, Enugu, Enugu State.
7.	Anambra Home Ownership Company Limited	000071	10, Achafla Road, P.M.B. 5919, Awka, Anambra State.
8.	Aso Savings and Loans Limited	000310	8, Ogbomosho Street, P.M.B. 332, Area 8, Garki District, Abuja, Federal Capital Territory.
9.	Atiba Iyalamu Savings and Loans Ltd.	000305	10, Jebba Road, Sango, P.O.Box 5484, Ilorin, Kwara State.
10.	BAICO Building Society Limited	000286	12, Abibu-Oki Street, P.O.Box 3461, G.P.O. Marian, Lagos, Lagos State.
11.	Benhouse Building Society Limited	000314	KM 4, Otukpo Road, P.M.B. 102122, Makurdi, Benue State.
12.	Centage Savings and Loans Limited	000147	16, Opebi Road, P.O.Box 9286, Ikeja, Lagos, Lagos State.
13.	Coop Building Society Limited	000247	15, Seventh Day Adventist Road, Oke-Bola, P.M.B. 5061, Ibadan, Oyo State.
14.	County Savings and Loans Limited	000079	94, Awolowo Road, Ikoyi, Lagos, Lagos State.
15.	Credence Savings and Loans Limited	000276	Eleganzer Plaza, Block 1, Opp. Old Alaba Market, Orile Iganmu, Badagry Express way, P.O.Box 554 Surulere, Lagos, Lagos State.
16.	DALA Building Society Limited	000313	Ministry of Works, Housing and Transport, headquarters, Dan-Hausa Road, Nasarawa GRA, P.M.B. 3068, Kano, Kano State.

17.	Delta Building Society Company Limited	000316	126B, Nnebisi Road, Asaba, Delta State.
18.	Dominium Building Soceity Limited	000149	58, Norman Williams Street, S.W. Ikoyi, Lagos, Lagos State.
19.	EIB Building Society Limited	000307	Tisco Plaza, Plot 5, Commercial Scheme, Business District, Alausa, Ikeja, Lagos, Lagos State.
20.	Estaport Building Society Limited	000265	29, Associaition Avenue, Ilupeju, P.O.Box 2034, Mushin, Lagos State
21.	Euro-Banc Savings and Loans Limited	CBN	Euro-Banc Villa, No. 8, Fure Avenue, Off CBN Quarters Road, Hotoro G.R.A. P.O .Box 826, Kano, Kano State.
22.	Federal Mortgage Finance Limited	000278	Plot 700, Tafawa Balawa Way, Area 8, Garki District, P.M.B. 440, Abuja, Federal Capital Territory.
23.	FHA Homes Limited	000315	FHA Housing Estate, 54-56, 34th Crescent, Gwarinpa 11, Abuja, Federal Capital Territory.
24.	FINACORP Building Society Limited	000273	14B, Anifowoshe Street, Off Adeola Odeku Street, P.M.B. 80136, Victoria Island, Lagos.
25.	First Capital Savings and Loans Limited	000201	37, Murtala Mohammed Way, P.M.B. 02707, Jos, Plateau State.
26.	Guardian Trust Savings and Loans Ltd.	000169	31, Ademola Street, S.W. Ikoyi, P.O. Box 71641, Victoria Island, Lagos, Lagos State.
27.	HallMark homes Ltd. (Savings & Loans)	000183	58B, Adeola Odeku Street, Victoria Island, P.M.B. 12917, Marina, Lagos, Lagos State.
28.	Harvard Trust Savings and Loans Limited	000281	2, Red Cross Way, opposite Main market, P.M.B. 01515, Enugu, Enugu State.
29.	Hope Building Society Limited	000229	Plot 879, Samuel Manuwa Street, Victoria Island, Lagos Lagos State.
30.	Horizon Building Society Limited	000014	Plot 146, Lusaka Road, Zone 6, P.O.Box 8714, Wuse District, Abuja, Federal Capital Territory.
31.	Jigawa Savings and Loans Limited	000318	Maigtari Hotel Complex maigtari L.G.A., Jigawa State.
32.	Kebbi State Home Savings and Loans Limited.	000318	Ahmadu Bello Way, P.M.B. 1110, Birni-Kebbi, Kebbi State.
33.	Kogi Savings and Loans Limited	000151	No. 4, Old John Holt Road, P.O.Box 472, Lokoja, Kogi State.

34.	Lagoon Home Savings and Loans Ltd.	000188	Plot 292A, Ajose Adeogun Street, P.M.B. 80100, Victoria Island, Lagos State.
35.	Lagos Building Investment Company Limited	000005	LBIC House, ASSBIFI Road, Central Business District, Alausa, Ikeja, P.O.Box 7525, Lagos, Lagos State.
36.	Living Spring Savings and Loans Ltd.	000317	No. 23A, Ojegunle Street, Olankoro, Along Ikirun Road, P.M.B. 4419, Oshiogbo, Osun State.
37.	Mac-Arthur Savings and Loans Limited	000216	17/23, Ogui Road, P.M.B. 01738, Enugu, Enugu State.
38.	Magna Building Society Limited	000092	16, Boyle Street, Onikan, P.O.Box 54720, Falomo, Ikoyi, Lagos, Lagos State.
39.	Magnet Savings and Loans Limited	000236	22, tijani Ashogbon Street, Bariga, P.O.Box 1389, Yaba, Lagos State.
40.	Mansion Saving and Loans Limited	000118	Plot 1632B, Oko-Awo Close, P.M.B. 80099, Victoria Island, Lagos, Lagos State.
41.	Mayfresh Savings and Loans Limited	000301	83, Aba-Owerri Road, Aba, Abia State.
42.	Multibanc Savings and Loans Limited	000256	Plot 200, Ajose Adeogun Street, P.O.Box 71095, Victoria Island, Lagos, Lagos State.
43.	New Patriot Savings and Loans Limited	000048	Great Nigeria house (9th Floor), 47/57, Martins Street, P.O.Box 7662, Marina, Lagos, Lagos State.
44.	OASIS Savings and Loans Limited	000233	298, Ikorodu Road, Anthony Village, P.M.B.21203, Ikeja, Lagos.
45.	Perpetual Savings and Loans Limited	000064	13, Ereko Street, (2nd Floor), P.O.Box 98, Satellite Town, P.O. Box Lagos, Lagos State.
46.	Personal Trust Savings and Loans Ltd.	000239	67, Ogunlana Drive, P.O.Box 960, Surulere, Lagos, Lagos State.
47.	Primrose: Savings and Loans Limited	000243	18, Moloney Street, P.O.Box 9117, Lagos, Lagos State.
48.	Refuge Home Savings and Loans Limited	000161	4, Adeniyi Jones Avenue, Ikeja, Lagos, Lagos State.
49.	Royal Mortgage Savings and Loans Ltd.	000055	37, Effurun-Sapele Road, P.M.B. 101, Effurun, P.O. Warri, Delta State.
50.	Safetrust Saving and Loans Limited	000116	Safetrust Centre, 18, Keffi Street, S.W. Ikoyi, P.O.Box 54408, Ikoyi, Lagos, Lagos State.
51.	Sakkwato Savings and Loans Limited	000309	Sossco Building, 8, Kano Road, P.M.B. 2214, Sokoto, Sokoto State.
52.	Stallion Home Savings and Loans Limited	000020	2A, Akerele Street, Bosikona, Off Ogunlana Drive, Surulere, P.O. Box 516, Ikeja, Lagos, Lagos State.
53.	Sub-Urban Trust Savings and Loans Ltd.	000203	4B, Bank Anthony Way, P.O. Box 8333, Ikeja, Lagos, Lagos State.
54.	Supreme Savings and Loans Limited	000163	A10, Falomo Shopping Centre, Awolowo Road, Box 52096, Falomo, Ikoyi, Lagos, Lagos State.
55.	TMC Savings and Loans Limited	00013	Plot 287, Ajose Adeogun Street, Victoria Island, Lagos, Lagos State.
56.	Torchmark Savings and Loans Limited	000176	36, Awolowo Rd., P.O.Box 55090, Ikoyi, Lagos, Lagos State.
57.	Union Homes Savings and Loans Ltd.	000288	Royal House, 153, Ikorodu Road, Onipanu, P.M.B. 041, Shomolu, P.O. Lagos, Lagos State.
58.	Urban Shelter Savings and Loans Ltd.	000130	17B, Oko-Awo Close, P.M.B. 80118, Victoria Island, Lagos, Lagos State.
59.	Yankari Savings and Loans Limited	000311	10, Yandoka Road, Bauchi, Bauchi State.

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