What are the function of Federal Mortgage Bank of Nigeria?
According to the constitution of Nigeria, the Federal Mortgage Bank was established to meet the housing needs of all citizens of the country. It is regarded as the apex mortgage finance institution in the country and regulates the activities of primary mortgage loan originators.
What is mortgage bank and it function?
A mortgage bank is a bank with a specialization in lending the money against the mortgage of any specific securities. They structure various loan products at a cheap rate or with better funding arrangements and involves various activities like loan origination, mortgage sale, and Loan servicing/mortgage servicing.
How do I apply for a federal mortgage bank?
Documents required to process a loan include:
- Completed application form.
- Photocopy of title documents.
- Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
- Three years tax clearance certificate.
- Evidence of NHF participation.
How do I access my federal mortgage in Nigeria?
Requirements for accessing an NHF Loan
- Open a savings account with a registered PMB.
- Contribution to the fund for at least six months prior to application.
- Have satisfactory evidence of regular flow of income to guarantee the loan.
- Submit photocopies of valid title documents (e.g. C of O).
- Approved survey/site plans.
What is the main function of a mortgage company?
A mortgage company is often just the originator of a loan; it markets itself to potential borrowers and seeks funding from one of several client financial institutions that provide the capital for the mortgage itself.
What is mortgage example?
The principal is the total amount of the loan given. For example, if an individual takes out a $250,000 mortgage to purchase a home, then the principal loan amount is $250,000. Lenders. … typically like to see a 20% down payment on the purchase of a home.
How many mortgage banks are in Nigeria?
There are 34 firms that have been licensed by the Central Bank of Nigeria (CBN) as primary mortgage banks in Nigeria.
What is the full meaning of NHF?
The National Housing Fund (NHF) was established by the NHF Act of 1992 to mobilise funds that will facilitate the provision of affordable housing for Nigerians. Under the extant NHF law, every Nigerian earning N3,000 or more per annum is required to contribute 2.5 percent of their monthly basic salary to the NHF.
How do I find my NHF number?
Phone Number To Check My NHF Number
The first step it to dial the following code: *219#.