Frequently Asked Questions

What is Mortgage?

A loan from a bank to purchase property by which the property is used as collateral and conveyance of title becomes void upon the full payment of the loan.

How does a mortgage work?

For individual mortgage (30%) and Group mortgage (20%) equity of the property will be paid while the remainder will be repaid through mortgage over a maximum period of 25years.

How do I qualify for a mortgage?

To qualify for mortgage, you must have your equity, a steady income and a good credit score.

What is the mode of repayment?

Repayment is done on monthly installments from the income of the beneficiary.

What is the Group Save for Shelter about?

This product is designed to take advantage of numbers through economies of scale to deliver quality and affordable homes with ease of payment to group of individuals, workers, unions and cooperators

What is the minimum amount I can save?

You can save a minimum of N2,000 (Two thousand Naira) monthly.

Can I save more than N2,000?

Yes. N2,000 is the minimum savings amount.

Can I withdraw my savings before retirement?

Yes, although withdrawal of savings forfeits the benefits attached to the scheme.

Can I withdraw after 2years and continue from where I stopped after paying the previous contribution?

You can continue from where you stopped but you cannot get an immediate allocation.

How are the houses allocated to each individuals?

For cooperatives, the bank does the allocation having received the list of eligible cooperators from their cooperatives.

What is the Women Save-for-Shelter about?

This product is designed to direct the Nigerian women’s saving culture towards home ownership through a convenient monthly contribution which qualifies them for quality and affordable homes on cheap long tenured mortgage.

What is the Women Target Savings about?

This account type is designed to help women achieve their goal within a pre-determined period and provides a structured savings plan to achieve set goals.

What is the minimum amount I can save?

You can save a minimum of N2,000 (Two thousand Naira) monthly

Can I save more than N2,000?

Yes. N2,000 is the minimum savings amount

Can I withdraw my savings before retirement?

No, until retirement.

What if I am not interested in the house but want to save?

You can save without applying for mortgage.

What are the benefits of this product?

It comes with a guaranteed single digit interest rate on mortgage, zero equity contribution to access mortgage, 1.5% higher interest rate than a regular savings rate and qualifies a woman to access mortgage after 2years of consistent savings.

What is the fixed savings about?

This package is both an investment and a savings account in which deposits are made for a special period.

What is the benefits of fixed savings?

This product attracts higher interest rates than the regular savings rates.

What is the Help to Buy about?

This package is designed to assist individuals living outside the country, particularly in the UK to secure a house in one of the CMB financed estates in Nigeria.

What currency is accepted for repayment?

Any form of currency is accepted but preferably dollars.

What is the process of repayment?

People without a work permit abroad will have a wallet with the bank while those with permits will pay via an agent.

Can I pay off the mortgage before the maturity date?


Who can benefit from the scheme?

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.

Any intending beneficiary must be a registered contributor and up to date with his/her contributions.

How can only 2.5% of my monthly basic salary or income be sufficient to obtain a loan, to build a house?

The 2.5% of monthly basic salary contribution qualify you to access the loan.

The pool of funds by contributors nationwide becomes available to any contributor to borrow from, after contributing for a minimum of six months.

How does a contributor obtain an NHF loan?

A contributor interested in obtaining NHF loan applies through a registered and duly accredited mortgage loan originator like CMBank, who packages and forwards the application to FMBN.

Are there restrictions as to where a contributor can build his/her house?

The property can be located anywhere in Nigeria. The applicant must however provide acceptable title documents to the land.

How many times can I get NHF loan?

A contributor can only obtain NHF loan facility once in a lifetime.