Frequently asked questions (FAQ)

What is “My Own Home” Scheme?
“My Own Home” Scheme is a Public Private Partnership (PPP) whose goal is to increase access to housing finance and housing in Nigeria. It has broad-based stakeholders and partnerships that include; the Federal Government of Nigeria, Federal Ministry of Finance, Central Bank of Nigeria, the World Bank, Federal Ministry of Power, Works & Housing, the Federal Ministry of Justice and Mortgage Banking Association of Nigeria (MBAN). Mortgage originating institutions are participating in the scheme through equity stake they took in Nigeria Mortgage Refinance Company (NMRC).
What is the difference between this scheme and other housing schemes in Nigeria?
The “My Own Home” scheme has set up a framework that will revamp the housing finance sector and also make access to housing finance a lot easier through the following components:
  • Nigeria Mortgage Refinance Company (NMRC): Providing long-term refinancing of mortgages and standardizing mortgage procedures.
  • Mortgage Guarantee Scheme: Through this scheme, borrowers with insufficient or no equity contribution (initial down payment) can access mortgage for home ownership.
  • Housing Microfinance Scheme: Would stimulate increased lending to low-income earners in the formal and informal sectors in Nigeria through Microfinance Banks for incremental housing construction or housing improvement.
Who can benefit from the “My Own Home” scheme?
Every Nigerian that meets the borrowing requirements of a mortgage originating bank or a housing microfinance bank.
Who are the participating mortgage originating Banks?
The list of participating Primary Mortgage Banks and Commercial Banks or Housing Microfinance Banks is provided below. For more details, log on to www.myownhomescheme.com There are also MFBs involved in housing microfinance.
How can I own a house through the “My Own Home” scheme?
Go to any of the “My Own Home” participating Mortgage originating bank or housing finance institutions and ask for requirements to participate in the scheme.
Can I also get a mortgage from Nigeria Mortgage Refinance Company?
No, NMRC does not grant mortgages to individuals. It funds only the mortgage originating bank i.e. the Primary Mortgage Banks and Commercial Banks which in turn lend to borrowers.
I don't have an account with a commercial bank or a mortgage bank can I access a mortgage loan?
No. You will need to open an account with a participating mortgage bank of your choice as one of the requirements for eligibility.
What if I have an account with a Microfinance bank?
You will only be eligible for a housing microfinance loan if your microfinance bank offers housing microfinance products in addition to meeting other criteria.
What is the interest rate structure for home loans under 'My Own Home' Scheme:
Interest rates differ from one mortgage originating bank to the other. You can negotiate the interest rate offered to you. It is important to note that the interest rate on the 'My Own Home' scheme is not subsidised but tied to the cost of long-term funds in the market.
What is the tenor of mortgage loan under this scheme?
Typically between 15 and 25 years depending on the age of the borrower, their income and desired tenor.
How long will it take to process a mortgage?
This will depend on the mortgage lender. Processing time differs between mortgage originators and depends also on your ability to meet all the loan requirements. (See Housing Finance in Nigeria- A Consumer's Guide).
How much do I need as equity contribution to get a mortgage loan?
It varies depending on the Loan Amount desired by a Borrower from one mortgage operating bank to the other. Underwriting standard requirements vary from 20% to 50%.
How do I get the “My Own Home” Mortgage Guarantee?
You can get the “My Own Home” Mortgage Guarantee from any of the participating mortgage originating banks. Ask your mortgage banker for your eligibility.
How much do I need to contribute to get the “My Own Home” Mortgage Guarantee?
The “My Own Home” Mortgage Guarantee is available to eligible applicants with insufficient or no equity contribution. Discuss with your mortgage banker to see the option that best suits you.
I don't have an account with a commercial bank or a mortgage bank can I access a mortgage loan?
No. You will need to open an account with a participating mortgage bank of your choice as one of the requirements for eligibility.
What if I have an account with a Microfinance bank?
You will only be eligible for a housing microfinance loan if your microfinance bank offers housing microfinance products in addition to meeting other criteria.
What is the interest rate structure for home loans under 'My Own Home' Scheme:
Interest rates differ from one mortgage originating bank to the other. You can negotiate the interest rate offered to you. It is important to note that the interest rate on the 'My Own Home' scheme is not subsidised but tied to the cost of long-term funds in the market.
What is the interest rate structure for home loans under 'My Own Home' Scheme:
Interest rates differ from one mortgage originating bank to the other. You can negotiate the interest rate offered to you. It is important to note that the interest rate on the 'My Own Home' scheme is not subsidised but tied to the cost of long-term funds in the market.
What is the tenor of mortgage loan under this scheme?
Typically between 15 and 25 years depending on the age of the borrower, their income and desired tenor.
How long will it take to process a mortgage?
This will depend on the mortgage lender. Processing time differs between mortgage originators and depends also on your ability to meet all the loan requirements. (See Housing Finance in Nigeria- A Consumer's Guide).
How much do I need as equity contribution to get a mortgage loan?
It varies depending on the Loan Amount desired by a Borrower from one mortgage operating bank to the other. Underwriting standard requirements vary from 20% to 50%.
How do I get the “My Own Home” Mortgage Guarantee?
You can get the “My Own Home” Mortgage Guarantee from any of the participating mortgage originating banks. Ask your mortgage banker for your eligibility.
How much do I need to contribute to get the “My Own Home” Mortgage Guarantee?
The “My Own Home” Mortgage Guarantee is available to eligible applicants with insufficient or no equity contribution. Discuss with your mortgage banker to see the option that best suits you. foreclosure. (See Accessing Housing Finance in Nigeria - A Guide to Responsible Lending)
Do I need insurance for 'My Own Home' scheme housing loan?
Yes. Most housing finance operators request an insurance cover on any property they are giving a loan on. This is to help cover risk of losing their money in case the loan goes bad.
Can I cancel a mortgage contract after signing it without any penalty?
Yes you can cancel your loan contract if you have not made any withdrawals from the account and it has to be done five days after signing the loan contract.