FMBN Rent-to-Own Scheme



Federal Mortgage Bank of Nigeria (FMBN)


Any Nigerian above the age of 18
Applicant must be a contributor to the National Housing Fund for a minimum period of six (6) months with consistent NHF remittances.
Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.
Applicants must be first time beneficiaries of the NHF loan.
Applicants must have verifiable means of income.
The scheme allows an eligible beneficiary to own a residential property through rentals.
Monthly or annual payment shall not exceed 1/3 of the applicant’s monthly/annual income.
The facility shall not be available to any contributor who has enjoyed an NHF loan to buy or build a house.
Beneficiaries will be given immediate possession of the property.
Is an alternative to mortgage or borrowing.
Beneficiaries will not need to immediately perfect fund mortgage documents as collateral for the mortgage.
No future increase in the unit cost of the house.
There are no supplementary or hidden charges.
Help provide access of more Nigerians to housing and assist in reducing the country’s housing deficit.
Assist government to address the housing needs of its citizens.
Insurance shall offset any loss due to fire, windstorm or any unforeseen situation.

Loan Limit

The maximum purchase price of the property shall not be more than N15,000,000.00 (Fifteen Million Naira), affordability of which shall be determined by the income limit of the beneficiary and the
projected tenancy duration.

Interest Rate

Interest rate shall be 7% of the price of the property on annuity basis.

Max Tenor

The rent repayment period shall not exceed thirty (30) years. The beneficiary shall make a monthly or annual repayment.

Security Required

The subject property for the transaction purchased in the name of FMBN and held in trust by the Bank and the title will be transferred to the beneficiary upon full payment for the property.
Properties would be insured against Fire & Special Perils and Credit Life Assurance as covered in interest rate.

Documents Required

One passport sized photograph (with white background standard), name and signature behind.
NHF contribution number.
Proof of identity – Valid driver’s license, National ID card, international passport, staff ID card or Tax Payee Card.
Pay-slip for the for the last three (3) months preceding the application.
Certified personal bank statement for the last six (6) months.
Copy of letter of confirmation by Employer.
Letter of undertaking by the employer to deduct the rental payment from the beneficiary’s salary and allowances and remit same to FMBN’s TSA account.
Evidence of additional income to service the rent (if any).
Provision of Bank Verification Number (BVN).
An interested subscriber will visit any of the FMBN Branch Offices nationwide to check out the available houses and prices.
The applicant will then fill the form, attaching all necessary documents as stipulated and return same to the Branch Office.

Approval Time

About Four (4) months from the time you submit all the required documentation

Thinking About Repayment Plan?

Calculate the monthly payment and overpayment for the loan
10 00010 000 000

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