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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.