Rent to Own Housing Scheme for Nigerians

Interested Nigerians can apply and own a house on a rent-to-own basis. All you need is a steady income from the formal or informal sector to move in and pay on a continuous basis (subject to terms of the loan) until the principal is repaid while paying rent (inclusive of the monthly or quarterly deductions)


  • 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.
  • Applicant must have satisfactory evidence of the regular flow of income to guarantee loan repayment.


• The scheme allows an eligible beneficiary to own a residential property through rentals


  • The maximum purchase price of the property shall not be more than N15,000,000.00 (Fifteen Million Naira), the affordability of which shall be determined by the income limit of the beneficiary and the projected tenancy duration.
  • The rent repayment period shall not exceed thirty (30) years.
  • The interest rate shall be 7% of the price of the property on an annuity basis. • 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.
  • Properties would be insured against Fire & Special Perils and Credit Life Assurance as covered in interest rate.


  • 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 out the form, attaching all necessary documents as stipulated and return the same to the Branch Office.


• 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.


  • Applicant must have registered with National Housing Fund for a period of not less than 6 months with consistence NHF remittances.
  • Applicants must be first time beneficiaries of the NHF loan.
  • Applicants must have verifiable means of income.


  • 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).


• The beneficiary shall make a monthly or annual repayment and the maximum period shall be 30 years.


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