What is FMBN Rent-to-Own Programme?

Dec 03, 2023


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What is FMBN Rent-to-Own Programme?

In Nigeria, owning a home might be challenging. Many people never seem to be able to realise their ambition, mostly due to the exorbitant cost of housing resulting from rising inflation and interest rates. We'll examine the Central Government's rent-to-own plan, which makes it easier for Nigerians to become house owners.

With the rent-to-own scheme, you can get your own property on lease or rent and have the payment removed on installment from your monthly salary.


  • How can I qualify for the programmes where I may rent to own?

You have to fulfil specific requirements in order to be qualified for the RTO programme. They include:

  • You have to be from Nigeria.
  • You have to be older than eighteen.
  • You have to have made at least six months' worth of contributions to the National Housing Fund.
  • It is your first time applying.
  • You must have a job or good proof that you can regularly make money.
  • Which real estate types are eligible for the rent-to-own programme?

There is a cap on the home's worth while using the RTO scheme, but you may purchase any kind of property.The property must not be more than ₦15,000,000.

Eligibility for your choice of property also depends on your income limit and the projected tenure of your tenancy. Under the programme, you have up to 30 years to repay your loan, and the interest you have to pay back on the loan will be calculated at 7% of the property's purchase price. The interest will be paid out over time. This means that you will pay back the interest in a series of identical payments regularly. E.g., if the value of the home is ₦12,000,000, the yearly interest rate at 7% would be ₦840,000. This means that your monthly payment will be ₦70,000. In any event, your recurring payment cannot exceed 33 percent of your monthly or annual salary. Find out enough information about when you are expected to repay the loan. This will help you make adequate budgets.


  • How can I apply for the RTO programme?

Visit any Federal Mortgage Bank of Nigeria location nationwide to view available homes and submit an application for the project. As an alternative, you may download the 2021 brochure by clicking this link to have a better picture of the properties. 

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What is FMBN Rent-to-Own Programme?

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