Renewed Hope Affordable Housing Program
Renewed Hope Affordable Housing Program: Loan Amounts, Repayment Terms and Fees
Nigeria’s housing deficit, estimated at over 20 million units, remains one of the most pressing socioeconomic challenges facing the country. To directly address this gap, the Federal Government launched the Renewed Hope Affordable Housing Program, a flagship initiative designed to place homeownership within reach of low- and middle-income Nigerians. Backed by the Federal Mortgage Bank of Nigeria (FMBN) and linked to the National Housing Fund (NHF), this program represents one of the most comprehensive and well-subsidized housing finance offerings in the country’s history.
What Is the Renewed Hope Affordable Housing Program?
The Renewed Hope Affordable Housing Program operates across three main tracks: Renewed Hope Cities (higher-density urban housing), Renewed Hope Estates (mid-range residential developments), and the Renewed Hope Social Housing Programme (targeted at the lowest income bracket). Together, these tracks deliver housing units to Nigerians across earnings levels, from formal-sector employees to artisans, traders, and commercial drivers.
The program is administered primarily through the FMBN, which manages NHF mortgage contributions and disburses long-term mortgage financing to eligible applicants. Properties under the scheme carry government-approved uniform selling prices, making them significantly more affordable than open-market alternatives.
Loan Amounts and Property Prices
The Renewed Hope housing scheme sets clear boundaries for both property prices and the maximum mortgage you can obtain:
- Maximum Mortgage Amount: ₦50,000,000 (₦50 million), an increase from the previous ₦30 million cap, effective 2026.
- 1-Bedroom Semi-Detached Bungalow: Approved uniform price of ₦8,500,000.
- 2-Bedroom Semi-Detached Bungalow: Approved uniform price of ₦11,500,000.
- 3-Bedroom Semi-Detached Bungalow: Approved uniform price of ₦12,500,000.
- Phase 2 — Renewed Hope Cities: 1-bedroom studios from ₦18M–₦30M; 2-bedroom flats from ₦25M–₦45M; 3-bedroom bungalows/terraces from ₦40M–₦65M.
A minimum equity contribution of 10% to 30% of the property value is required, depending on the developer and the specific housing track. Applicants contributing to the NHF for at least 6 months qualify for the most favorable terms under the scheme.
Repayment Terms and Interest Rates
The program offers two distinct interest rate tracks depending on the product applied for:
- FMBN Renewed Hope Mortgage (NHF-linked): Interest rate of 9.25% fixed for the first 5 years, effective February 2026. After the fixed period, the rate reverts to a market-linked rate of approximately 1–2% above the Monetary Policy Rate (MPR).
- Standard NHF Mortgage Loan: A single interest rate of 6% per annum for NHF contributors, with a maximum repayment tenor of 30 years.
- Renewed Hope Social Housing Track: Participants earning from ₦30,000/month contribute one-third of their monthly income, making it feasible even for the lowest earners.
The maximum repayment tenure of 30 years (for NHF mortgage holders) results in significantly reduced monthly installments. For a ₦12,500,000 loan at 6% over 30 years, the monthly repayment amounts to approximately ₦75,000, a figure within reach for many formal-sector workers.
Fees Included
Applicants should budget for the following standard costs in addition to the loan principal and interest:
- NHF Contribution: A monthly contribution of 2.5% of your monthly salary, deducted and remitted to FMBN. This is a pre-condition for access to the NHF mortgage.
- Legal and Documentation Fees: Costs associated with title verification, property survey, and mortgage deed preparation vary by state but typically range from 1%–5% of the property value.
- Mortgage Processing Fee: A standard administrative fee charged by the FMBN for processing your mortgage application.
- Valuation Fee: Paid to a certified estate surveyor to assess the market value of the property.
- Property and Life Insurance: Both are mandatory. Property insurance protects the asset; life insurance ensures loan settlement in the event of the borrower’s death.
Why Is the Renewed Hope Program Worth It?
The table below compares the Renewed Hope Housing Program against standard commercial bank mortgages and the open property market:
| Feature | Renewed Hope Program (FMBN/NHF) | Open Market / Commercial Bank |
|---|---|---|
| Interest Rate | 6% – 9.25% p.a. | 18% – 27% p.a. |
| Maximum Loan | ₦50,000,000 | Varies (often lower for low-income) |
| Maximum Repayment Tenure | 30 years | 10 – 15 years |
| Minimum Property Price | From ₦8,500,000 | Market-driven (often ₦20M+) |
| Equity Contribution | 10% – 30% | 20% – 40% |
| Low-Income Track Available | Yes (Social Housing, from ₦30k/month) | No |
| Diaspora Eligibility | Yes | Rarely available |
| Government Price Control | Yes — uniform approved prices | No |
| NHF Contribution Required | Yes (2.5% of monthly salary) | Not applicable |
| Mandatory Insurance | Life + Property | Life + Property |
Learn more
The Renewed Hope Affordable Housing Program is the Federal Government’s most ambitious and structured response to Nigeria’s housing crisis. With an interest rate as low as 6% per annum, a maximum loan of ₦50 million, repayment periods extending to 30 years, and government-controlled property prices starting at just ₦8.5 million, this program delivers real, measurable affordability at every income level.
If you currently contribute to the National Housing Fund, or are ready to begin contributing, contact the Federal Mortgage Bank of Nigeria (FMBN) through its official portal at fmbn.gov.ng or visit any FMBN state office to begin your application and secure your place in this transformative housing initiative.
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