Frequently Asked Questions
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.
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.
To qualify for mortgage, you must have your equity, a steady income and a good credit score.
Repayment is done on monthly installments from the income of the beneficiary.
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
You can save a minimum of N2,000 (Two thousand Naira) monthly.
Yes. N2,000 is the minimum savings amount.
Yes, although withdrawal of savings forfeits the benefits attached to the scheme.
You can continue from where you stopped but you cannot get an immediate allocation.
For cooperatives, the bank does the allocation having received the list of eligible cooperators from their cooperatives.
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.
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.
You can save a minimum of N2,000 (Two thousand Naira) monthly
Yes. N2,000 is the minimum savings amount
No, until retirement.
You can save without applying for mortgage.
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.
This package is both an investment and a savings account in which deposits are made for a special period.
This product attracts higher interest rates than the regular savings rates.
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.
Any form of currency is accepted but preferably dollars.
People without a work permit abroad will have a wallet with the bank while those with permits will pay via an agent.
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.
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.
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.
The property can be located anywhere in Nigeria. The applicant must however provide acceptable title documents to the land.
A contributor can only obtain NHF loan facility once in a lifetime.