Here is a list of Questions with answers that Customers usually have as regards NHF and Mortgage generally. If you have a question that you would like answered but it does not appear here, you can send a mail to mails@resortng.com

Questions

1. What is the average turnaround time of loan disbursement?
   -The turnaround time is about 6 months from the completion of documents.


2. Can I approach FMBN directly to process my Mortgage Loan?
   -No, you have to apply through an accredited Primary Mortgage Institution i.e. Resort Savings & Loans Plc


3. How does one make contribution?
   Contribution is 2.5% of monthly income of Nigerians earning =N=3000 and above per annum.


4. How do I know the status of my contributions to the fund?
   -Every contributor has:
   • A lifetime registration number;
   • A passbook for personal recording of contributions; and
   • A statement of account


5. What measures are in place to guarantee the safety of my contributions?
   -FMBN is set up by an Act.


6. Who can benefit from the scheme?
   
   • Medium and low income individuals.
   • Private sector employees and public servants.
   • Self-employed, businessmen and tradesmen


7. How can only 2.5% of my monthly basic salary or income be sufficient to obtain loan to build a house?
   -This is your contribution to the pool of fund.


8. Is it the monthly contribution that determines the loan amount?
   - No


9. Can I liquidate my Mortgage Loan when I have windfall on cashflow?
   Yes


10. If I liquidate my NHF loan, can I re-apply for another loan from FMBN?
    -No, it is obtainable once in a lifetime


11. What are the documents required when applying for the loan?
12. What is the mode of repayment?
    Monthly


13. Can a contributor obtain NHF loan if a mortgage loan originator is not in his/her state?
    Yes


14. Are there restrictions as to where a contributor can build his/her house?
    -No, there are no restrictions as long as it is in Nigeria


15. How can a low income earner get collateral for loan?
    -The property to be financed is the collateral.


16. What is the maximum loan amount and repayment time for NHF loan?
    -Up to N15 million can be borrowed


17. Can I obtain NHF loan to purchase a piece of land to build a house?
    -No


18. What happens to my house incase of my demise and my next of kin cannot afford the repayment?
    -Mortgage assurance is put in place so the insurance company pays back.


19. Can I get loan as an individual to build a house or must I buy from the Government owned Estate or Private Estate Developer?
    
    1. Yes, you can get loan to build a house.
    2. No, it should not necessarily be from a government-owned estate or a private estate developer


20. Is it possible to process refund of contributions?
    -Yes, refund can be made after the age of 60 years or retirement.


21. What happens to my previous contributions if I change jobs?
    -The contribution number remains the same


22. Apart from building a house, what other use is NHF loan for?
    It can be used for renovation

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