Wed 22nd March, 2023
GTSL Diaspora Accounts
Bookmark and Share


In line with the Federal Government program for Mass Housing Scheme (MHS), the Federal Mortgage Bank of Nigeria has evolved an arrangement to assist Estate Developers in constructing affordable housing units for the average Nigerians.  Such developers would acquire land and title from governments, provide necessary infrastructure, develop the affordable housing units, identify a PMI that would market the units and put in place, a sound post implementation arrangement for the estate.  The root title of the estate land would be post implementation arrangement for the estate.  The root title of the estate land would be sub-leased to the ultimate beneficiaries.  This arrangement is to remove constraints being encountered by average Nigerians in obtaining land and titles for residential purposes.

To qualify for an estate development loan from the Bank, an Estate developer has to meet the following conditions:-
  1. The loan is for residential housing estate development only, at an interest rate of (ten) 10% p.a (on annuity basis) and for a tenor not exceeding 24 months subject to revision.
  2. The Bank finance Infrastructural facilities (up to 70% for private developer only), while Housing Corporations and government owned development projects are to provide 100% infrastructure.  Developer is expected to submit financial plan and budget for the provision of infrastructure in the housing estate.
  3. The proposed estate must have good title that can be sub-leased to individual allottees/purchasers of the housing units therein.
  4. Housing units under the proposed project must fall within the target price not more than N5.0 million so that they can be affordable to NHF contributor/buyers within the range of low-to medium-income earners.  Theses units shall be in line with the type plans specified by FMBN.  Units falling outside the target type plans must be financed from the resources of the developer.
  5. There must have been firm commitment from buyers/allottees of the housing units.  For this purpose, a named accredited Primary Mortgage Institution is to be identified in order to facilitate introduction of the project to prospective buyers/allottees who must be contributors to the National Housing Fund (NHF).  The associated PMI must confirm the relationship and forward a marketing plan for the disposal of the housing units.
  6. A financial projection to suit the proposed financial arrangement on the project must be provided.  The projection must include developer's equity participation on the project at the present rate of 10% p.a.
  7. The Security for the Loan is an acceptable Bank guarantee.
  8. The following documents should be submitted with the loan application package to the Bank:
    • Certificate of incorporation.
    • Photocopy of Articles of Memorandum of Association of the company (estate developer) with certified true copies of Forms CO2 and C07 attached.

    *   Details Profile of the Company including:-
    • List of Board of Directors (Names, Position and Profession in Table form)
    • List of Share holding profile of the Board of Directors and Others.
    • List of Management Staff including rank, designation, profession, qualification and years of experience.
    • Technical Team if different from management staff.
    • List of Projects Executed by the developer indicating Location, Name of Estate, House Type, number of housing units and cost.
    • Audited Annual Accounts with the signature, seal and certification stamp of the Auditors, for the previous three (3) years.
    • Photocopy of Tax Clearance Certificate of the organization for recent three years.
    • Photocopy of registered title document on the land for the proposed project
    • Approved building and layout plans.
    • Resolution of the Executive Council as well as a motion of the State House of Assembly approving the application for a loan from FMB for State Housing Agency.
    • The Company's Board Resolution to borrow signed by the chairman and companies Secretary.
    • The paid up share capital of the company shall not be less than a quarter of the loan amount applied for.
    • Valuation Report signed by a registered Valuer on the proposed project.
    • Priced Bill of Quantities (BOQ), signed by a registered Quantity Surveyor, giving detailed cost estimate on the various housing types/units.
    • Feasibility and Viability Development Report.
    • Cash Flow Projection stating the current interest rate of 10% for the loan as well as proposed periodic repayment.
    • Project Work Program/Plan.
    • Detailed/Budgeted Cost and source of fund for the Estate Infrastructure and Amenity facilities.
    • Letter of marketing commitment from a Primary Mortgage Institution (PMI) to be responsible for the disposal of the houses to the NHF contributions/allottees.

  9. Evidence of registration with the National Housing Fund as an employer and up to date remittance of employees' contribution to the Fund.
  10. Payment of a non-refundable Application fee of N20,000.00 (Twenty thousand naira only) for applications for amounts below N50 million and a multiple of N20,000.00 on every further N50 million.
  11. Evidence of the membership of Real Estate Development Association of Nigeria (REDAN) and financial contributions.
  12. A viable facility management for the proposed Estate and Programme for its sustainability.
  13. Any other relevant information that may facilitate quick consideration of the loan.
Telephone:  01-6215041, 6213141

Related Links
Home | Corporate Info | Products & Services | NHF | Rates & Fees | Download Forms | Career | FAQ | CSR | Contact us | Webmail
Copyright 2010 Global Trust Savings & Loans. All Rights Reserved. is the source of information about and access to Mortgage & Banking services provided by 
Global Trust Savings & Loans.
Plot 740, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria