This product is designed specifically for contributors to the National Housing Trust Fund.

The scheme was established in 1992 for workers to contribute 2.5% of their basic salary into the fund to be used to grant mortgage loans to them at very concessionary terms for the purchase, building, expansion or renovation of their houses.

The funds can be accessed through a Primary Mortgage Institution (PMI) accredited by FMBN.

Diamond Mortgages Limited has designed this product to enable our customers that are contributors to the NHTF scheme to access the loan from Federal Mortgage Bank.

Features:

• Maximum loan amount is N5 million.
• Contributors benefit only once in their life time.
• Interest rate currently at 6%.
• Tenor is subject to the difference between applicant’s age and sixty (60) years or length of service years remaining, whichever is earlier.
• Monthly repayment shall not exceed one-third of beneficiary’s gross monthly emolument.

What to do:

• Open a Diamond Mortgages NHTF Account.
• Application must be made on a prescribed NHTF loan application form.
• Three passport-sized photographs of loan applicant.
• Past 3 years income tax clearance certificate.
• Have a satisfactory evidence of regular flow of income to guarantee loan repayment 
  – include past three months pay slip for an employee
    _ statement of account for self – employed individual contributors
• 10% equity contribution.
• Submit photocopies of valid title documents to land. Viz; Certificate of Occupancy, Deed of sublease/assignment of certificate of occupancy (C of O), Deed of 
    Conveyance
• Valuation report is required for buying an existing building.
• An approved building plan.
• Approved survey/site plan.
• Priced Bill of Quantities bearing the stamp, seal and signature of a registered 
    Quantity Surveyor where applicable.
• Valuation report prepared by a firm of registered surveyors.
• Letter of introduction from employer stating present position and annual emolument.
• Letter of undertaking from employer:
  - To communicate current terminal benefit to Diamond Mortgages Ltd.
  - To remit monthly repayment (optional) and if employment ceases, part or whole of terminal benefit will be remitted to liquidate facility.
    In case of buying existing property:
  - Offer letter from vendor.
  - Letter of Acceptance from Buyer
  - Submit letter of allocation (For Government Houses/Developers Estates).
  - Letter of commitment from vendor to deliver title documents directly to Diamond
  Mortgages Ltd upon final payment.
  - The draft for the balance of the purchase price will be exchanged with original title
  documents in DML office after the approval of the facility
  - Deed of Sale between Vendor and Purchaser which includes the clause that the
  Vendor will execute a Deed of Assignment upon receipt of balance of payment.
  - Copy of NHTF Passbook showing updated remittance

Benefits:

• Low interest rate of 6%.
• Long tenor of 30 years to ease repayment burden.
• Fixed –rate mortgage throughout the duration of the loan so no need to worry about fluctuating interest rates.
• The loan amount you benefit is much more than your contribution into the Fund.
• Settle yourself into your home before you retire.