Federal Mortgage Bank of Nigeria

If you’re considering buying a home in Nigeria or looking for the branches and addresses of the Federal Mortgage Bank of Nigeria, you’re in the right place! In this post, whether you’re a first-time homebuyer or simply searching for the bank’s locations in your area, we’ve got comprehensive information to assist you. Let’s dive into the details

The Federal Mortgage Bank of Nigeria (FMBN) is a specialized organization established by the Federal Government to address housing challenges in Nigeria. Its origins date back to 1956 when it was known as the Nigerian Building Society. Initially, its primary role was to provide long-term loans to Nigerians for the construction of houses.

Over the years, FMBN has played a significant role in addressing housing issues in Nigeria. It has financed the construction of numerous houses and granted mortgage loans to a large number of Nigerians, facilitating greater homeownership.

The core mission of FMBN is to assist Nigerians across all income levels in acquiring comfortable and affordable homes. In simpler terms, their aim is to ensure that individuals can achieve their dream of homeownership without depleting their financial resources.

What does the Federal Mortgage Bank of Nigeria do?

The Federal Mortgage Bank of Nigeria (FMBN) provides a range of services to fulfill its mission of making homeownership accessible and affordable. Here’s a breakdown of the services offered:

Mortgage Loans:
- FMBN offers mortgage loans to Nigerians, regardless of employment status (salaried, self-employed, or cooperative society members).
Rent To Own:
- This service enables Nigerian workers to reside in FMBN homes as tenants and eventually own the house by making rent payments, either monthly or annually, over a period of up to 30 years.
National Housing Fund (NHF):
- FMBN manages the NHF, a collective savings account to which both public and private sector workers contribute. The funds collected are used to finance housing projects across Nigeria.
Construction Loan:
- Specifically designed for NHF contributors, this loan assists individuals in building their own homes or homes for family use.
Estate Development Loan:
- Provided to private builders, such as real estate companies, this loan supports the construction of a large number of houses sold to contributors at affordable prices, thereby increasing access to moderately priced housing.
Home Renovation Loan:
- FMBN offers affordable loans to Nigerians for renovating their existing homes.
Diaspora NHF Mortgage Loan:
- Created to help Nigerians living abroad own homes in Nigeria.

These services collectively contribute to achieving the FMBN’s goal of promoting widespread homeownership.

What are the functions of federal mortgage bank of nigeria

The Federal Mortgage Bank of Nigeria (FMBN) performs several crucial functions in the housing sector to promote affordable homeownership and encourage investments. Here are some of its key functions:

Affordable Mortgage:
- FMBN works collaboratively with other banks to enhance the affordability of mortgage loans. This involves restructuring existing loans to reduce the financial burden on individuals, allowing them to pay less for their homes.
Encouraging Investments:
- FMBN serves as a strategic platform to mobilize funds both locally and internationally. These funds are then invested in various housing financing initiatives, contributing to the overall development of the housing sector.

In essence, the FMBN plays a pivotal role in making homeownership more accessible and affordable for Nigerians. Additionally, it acts as a catalyst for attracting investments, thereby facilitating the growth and expansion of housing-related projects.

Now, let’s find out where you can find the Federal Mortgage Bank of Nigeria across the country.