How much is NHF contribution?

How much is NHF contribution?

National Housing Fund (NHF) contributions The employer is required to deduct 2.5% of basic salary from employees earning more than NGN 3,000 per annum and remit it to the Federal Mortgage Bank of Nigeria within one month of deduction.

How do I access my NHF contribution?

How to Check NHF Monthly Contributions

  1. Dial *219# and send.
  2. Type 2 and send.
  3. Type 1 and send.
  4. Type the exact month i.e 1 to 12 and send.

How do I check my NHF balance?

– Dial *219# USSD code and Send. – Type 3 and Send. – Your NHF number will be displayed.

What is the purpose of NHF contribution?

What is the purpose of NHF contribution? The Scheme provides housing loans at an affordable interest rate of 6% per annum. deducts any sum of money from the basic salaries of his employees for the purpose of the Fund and fails to remit the money so deducted to the bank, is guilty of an offence under this Act.

What is the typical pension contribution in Nigeria?

An employee shall make monthly contributions of a minimum of 7.5% of the total of his/her monthly emoluments (i.e., monthly basic salary, transport allowance and housing allowance) into his RSA.

What is the typical national housing fund contribution in Nigeria?

National Housing Fund (NHF) is a Federal Government scheme, which entitles all Nigerians above the age of 21years in paid employment to a low interest, government funded loan. Members of the scheme contribute 2.5% of their monthly salary to the fund through Federal Mortgage Bank of Nigeria.

What is the penalty for not contributing to NHF?

4. A person who prevents or obstructs the deduction or remittance of the contribution due to the bank under this Act is guilty of an offence and liable on conviction to a fine of N5,000 or to imprisonment for a term of one year or to both such fine and imprisonment.

How long does it take to get NHF loan?

3-6 months
How long does it take to process NHF Loan? It takes at least 3-6 months depending on the geographical location of the property and customer’s ability to satisfy all the requirements.

What is national housing fund?

NHF (National Housing Fund) is a scheme created by the Federal Government for Nigerian workers, to help them access flexible financing to get their own homes. The scheme was established by the NHF Act of 1992 and is administered by the Federal Mortgage Bank of Nigeria (FMBN).

What is the minimum pension contribution 2021?

What are minimum pension contributions? The minimum total contributions under automatic enrolment have been set by the government. The current minimum total contribution will be 8% for most people. Your employer must contribute a minimum amount, in most cases this is 3%.

Is NHF mandatory?

Under the extant NHF Act, every Nigerian earning N3, 000.00 or more per annum is obligated to contribute 2.5% of their monthly basic salary to the NHF. The contributions will thereafter be made available to contributors at affordable interest rates to build houses of their choice.

Who is required to contribute to NHF?

All Nigerians in employment, whether self-employed or in paid employment, are required by the NHF Act No.3 of 1992 to contribute 2.5% of their basic salary/income to the fund. The procedure for registration is as follows The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration Form (NHF1) to employers.

What is National Housing Fund (NHF)?

The National Housing Fund (NHF) was established by the NHF Act of 1992 to mobilise funds that will facilitate the provision of affordable housing for Nigerians. Under the extant NHF law, every Nigerian earning N3,000 or more per annum is required to contribute 2.5 percent of their monthly basic salary to the NHF.

What is the NHF scheme?

The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers etc. Any intending beneficiary must be a registered contributor and up to date with his/her contributions.

What are the financial contributions of the federal government in Nigeria?

Financial contributions of the Federal Government. Housing loan of up to 90% of the cost of the house. Interest on loans remains fixed throughout the life of the mortgage at 6% p.a. Long period of repayment of up to 30 years. Contributions can serve as additional old age security. Up to N15 million can be borrowed.