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NHF: Federal Mortgage Bank Of Nigeria Tax, Calculations, Eligibility

A lot of employees wonder where the tax they are paying with regards to Federal Mortgage is going to. Like me, I was worried too because if I could not actually access loans then I can imagine what usefulness I can make of the money if it were in my personal account.
I am certain that you know its 2.5% of your income that you pay monthly into the NHF account and trust me it is accessible.

These mortgage loans are available once you must have spent around a year in an organization and you are above 18.
In other to be clear, you are eligible for the loan if;
a. You are above 18.
b. You have been working for around while paying the monthly tax of 2.5% of your income.
c. You have your NHF remit card with you.

The loan is a minimum of NGN1, 000, 000 payable in three folds to those who request for it. Will explain.
The loan is available for the following reasons;
a. To build a house.
You must have an original certificate of occupancy which has you as the original owner of the house. You drop this with the Federal Mortgage back as guarantee and you automatically get a loan.

'The loan is in three folds'... What this implies is that, they divide the loan into 3 and give you the first part to start your project. After you must have used that, an investigation is conducted to ascertain that the loan was actually used for the purpose of building then the second and third part is disbursed respectively.

b. To renovate.
You can also be given a loan to renovate and in this case the house must be in your name. If it is a family house, you must change the house name into your own before you can be eligible to take the federal mortgage loan.

c. To purchase a house out-rightly.
To purchase a house, you must commit around 15% of the total amount of the house with your personal funds before you can be given a loan. This means that if you are buying a house of NGN5, 000, 000 then you must have NGN750, 000 down payment of your own personal funds.

To access this loan, you would have to visit a local mortgage bank who would process your details and send it to the FMBN for further investigations and processing.

Sometimes, it has been discovered that some of these local mortgage banks give out loans in their own terms to clients while lying that it is from FMBN and unsuspecting employees fall into their trap.
Once you get your batch number from the mortgage bank you are using, call the FMBN on their hot-line to ascertain how genuine it is before you are allowed to be scammed.

Ask questions and share please.

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