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How to apply for 200bn CBN Social Housing Loan

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CBN Social Housing Loan
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CBN Social Housing Loan: The Central Bank of Nigeria (CBN) has announced a financing initiative to support the Federal Government’s Economic Sustainability programme, the plan by the apex bank is to fund the Social Housing programme to the tune of N200bn.

You will be updated on this page on how to apply for this CBN Social Housing Loan today.

But first let’s see some benefits applying for this CBN Social Housing Loan.

Benefits applying for CBN Social Housing Loan

1. The CBN social housing loan is to be implemented in collaboration with Family Homes Fund Ltd (FHFL) as the lead developer and eligible obligor. FHFL is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority (NSIA), it was founded with the aim to address the country’s housing deficit.

2. The Term of the loan is to enable FHFL finance the construction of social housing units for people on a low income. The aim is to fast track the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory.

3. The Housing Fund will be released to FHFL on project basis, a project is defined as cluster of homes in the same geographical location and covered with the same title documents and approvals.

They currently have 5 (five) estates projects around Nigeria. In Delta, Kaduna, Kano, Nasarawa and Ogun.

4. The programme is also aimed at creating up to 1.5 million direct construction sector jobs and the potential to create a further 1 million job through its supply chain

5. The social housing programme is designed to utilize at least 90% locally manufactured inputs and as a result conserve foreign exchange, local construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks among others.

“For example, it is estimated that the programme will require up to 1.7m doors, 7m door hinges and locks among others.”

For people interested in the homes, the application will be through the Family Homes Fund Ltd (FHFL), they currently have 5 (five) estates projects around Nigeria. In Delta, Kaduna, Kano, Nasarawa, and Ogun. You can fill out an expression of interest form on their website www.fhfl.com.ng

Now you’ve seen the benefits of applying for the CBN Social Housing Loan. Its now up to you to decide to follow the steps to apply now.


Read Also: CBN Social Housing Loan Registration Portal www.fhfl.com.ng


How to apply for CBN Social Housing Loan

Once a project sponsor has determined that their project is eligible for a FHFL loan and that it is appropriate for them, they may apply for project financing. FHFL will work on a cooperative basis with the project sponsor to ensure that all requirements for financing are addressed in a timely manner.

Application Process

Step 1: Go to the CBN N200 Billion Social Housing Registration Portal via www.fhfl.com.ng, then Complete the Online form and upload supporting documents.

Step 2: If project meets FHFL’s initial requirements, sponsor will be required to
submit additional information.

Step 3: Further due diligence carried out including site evaluation. Sponsor required to pay appraisal fee.

Step 4: Feedback.

This fund is to fast track the construction of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to 1.5 million jobs in 5 years.

In addition to the 1.5 million direct construction sector jobs particularly young people on a low income, the programme also has the potential to create further 1 million jobs through its supply chain.

The funds, which would be released to the Family Home Funds (FHF) by CBN on a project basis is subject to the cumulative maximum limit of N200 billion. The facility type which would be a term loan is to enable FHF finance the construction of social housing units for low-income earners and is for a 3-year tenor from the date of disbursement.

The facility, which is expected to be repaid in not more than 3 instalments within the tenor of the facility, has an interest rate of not more than 5% per annum.

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Johnny Diakpomrere is a Nigerian and a student. He's a very passionate blogger that loves reading and writing, business minded with solution to complete financial tips. He learned how technology can enrich both professional and personal lives by using the right tools. And he has shared those suggestions on many websites over time. With thousands of articles under his belt, Johnny strives to help others use technology to their advantage.

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