🇳🇬 Federal Mortgage Bank of Nigeria (FMBN) • NHF Act
Nigeria National Housing Fund (NHF) Calculator
Compute statutory 2.5% basic salary deductions, check FMBN 6% subsidized mortgage loan eligibility, monthly repayment schedules, and retirement savings refund.
🏠 Basic Salary & Contribution Details
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NHF contribution is legally mandated at 2.5% of monthly basic pay.
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Minimum 6 consecutive months of contribution required to apply for FMBN mortgage.
🏦 FMBN Mortgage Loan Simulator
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Standard FMBN NHF loan ceiling: ₦15,000,000 (up to ₦50M under revised terms).
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Maximum tenor: 30 years (or until contributor reaches age 60).
📊 NHF & Mortgage Breakdown
Monthly NHF Statutory Deduction
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Annual Contribution: ₦0
Total Cumulative Contributions to Date ₦0
FMBN Loan Eligibility Status Eligible (24+ Months)
Refundable at Age 60 / Retirement ₦0 (+2% Interest)
🏡 FMBN 6% Fixed Mortgage Comparison 6.0% p.a. Fixed
FMBN Monthly Repayment ₦0/mo
Total Interest Paid (FMBN at 6%) ₦0
Commercial Bank Monthly (at 26%) ₦0/mo
Monthly Savings with FMBN Loan ₦0/mo
📜 About the National Housing Fund (NHF) Scheme
Established under the National Housing Fund Act No. 3 of 1992, the scheme is administered by the Federal Mortgage Bank of Nigeria (FMBN):
- Mandatory 2.5% Contribution: All Nigerian employees earning above national minimum wage contribute 2.5% of their monthly basic salary.
- Subsidized 6% Interest Rate: While commercial mortgage interest rates in Nigeria fluctuate between 22% and 30%, FMBN offers a guaranteed subsidized rate of 6% per annum.
- Full Refund Guarantee: Any contributor who does not access a housing loan is entitled to a full refund of all cumulative contributions plus accrued 2% interest upon reaching retirement age (60 years) or completing 35 years of service.
📊 Statutory Breakdown Matrix
| Statutory Component | Amount / Metric |
|---|---|
| Total Accumulated NHF Savings | -- |
MS
Engr. Muhammad Shahzad
Principal Financial Systems Architect & Statutory Compliance Specialist
Lead software and systems architect specializing in high-performance browser computing, algorithmic validation, financial models, and zero-telemetry client-side privacy architecture.