Home Loans Assistance Fund

We complement existing mortgage financing facilities by providing targeted assistance to people on low income through our Home Loans Assistance Fund – Help to Buy as part of the Governments' Social Intervention Programme. The assistance will be in the form of a deferred loan for up to 40% of the cost of their home with no payments for the first 5 years.

Most Nigerians aspire to own their own home. However, for those on low to medium income this aspiration is often outside their reach. As a result, they are forced to rent and in many cases make do with poor housing conditions and a lack of security. They can be forced to move at the whim of a landlord which can disrupt their employment prospects and the education of their children.

The assistance will be in the form of a deferred loan for up to 40% of the cost of their home. For the first 5 years of the loan, no payments need to be made. From year 6, monthly payments will be made to start repaying both interest and capital. To assist the purchaser, the amount paid starts low and increases each year in gradual steps (average 6.5% per annum) in order for the HTB loan to be fully repaid by year 20, the same year as the mortgage is expected to be fully repaid. To qualify, households should have earnings between N600k to N1.2m per annum and the new home must cost less than N7.5m. An exception is made in Abuja, Lagos, Port Harcourt and Kano where the cost of a new home can be as high as N9m. Households benefiting from Loan Assistance must not already own a suitable home and need to include one income earner who is under 35 years of age and does not have to be one of the people applying for the scheme or the loan but must available to help with repayments.