Federal Mortgage LoansGerman federal mortgage loan
Staff from various companies who actively participate in the system can use registered primary mortgage lenders to gain full use of the funds.
Contributors are eligible for a NHF grant for the construction, purchase or renovation of a housing estate and not for a funding grant. Contributors are eligible for a principal of up to fifteen million euro (N15,000,000,000.00) or as determined by the PMI (Accredited Mortgage Institute).
Nobody is granted a credit that exceeds 90% of the costs or the value of the real estate to be pledged, as an investor has to pay an own capital sum of 10% to 30% of the amount of the credit. The amount of your capital injection depends on the amount of the loans. Additions to shareholders' equity in relation to the amount of the loans are as follows:
NHF loans have a 30 year payback limit, taking into account your current pension level, 60 years of pension and are repayable on a recurring basis. For the NHF credit there is no extra guarantee as the object to be financed is the guarantee, i.e. the land for which the credit is requested serves as guarantee for the credit.
Immovable properties must comply with the applicable design legislation and rules (approved edifice e.t.c.). There must be enough value in the real estate to get the credit back. All risks of the mortgage object must be covered. Loans are backed by a first mortgage on the land between the claimant and the lender and transferred to the Federal Mortgage Bank of Nigerian.
Commit to the National Housing Fund for a duration of at least six month. Provide sufficient proof of periodical cash flows to secure credit repayments. What you can do to help NHF; you must apply to the Federal Mortgage Bank of Nigeria. The National Housing Fund receives 5% of their base salary/income.
FMBN (Federal Mortgage Bank of Nigeria) provides employment agencies with an application template for NHF1 employment. Workplaces fill out the NHF1 application sheet and go back to the next Federal Mortgage Bank of Nigeria office. The Federal Mortgage Bank of Nigeria will record the applicant's employment and assign an employment number. The Federal Mortgage Bank of Nigeria will provide the NHF2 blank sheet to workers for filling in by workers or directly to self-employed persons or individuals.
Fill in the NHF2 contact sheet and send it back to the company. Confirm that the NHF2 application has been filled in and returned to the Federal Mortgage Bank of Nigeria by the applicant. The Federal Mortgage Bank of Nigeria will record the staff on the NHF2 and assign the staff bonus number to each employee/self-employed person. The Federal Mortgage Bank will provide each of the enrolled staff members with a savings book in which the month's 2nd installment will be deducted.
As of this date, one member of staff is now a member of the National Housing Fund. Those deductions/contributions will be transferred to the Federal Mortgage Bank of Nigeria, with the pay plan specifying the amount paid in by each staff member and the periods of coverage. The Federal Mortgage Bank of Nigeria will receive subscriptions and provide receipt for repayments.