By Akhigbe Dominic.M. Esq.
…continued from last edition.
TUE, FEBRUARY 14 2017-5. Does my employer need to take part of my NHF Contribution?
NO!! Your employer is not permitted by law to take any part of your contribution. The contribution, which is deducted at source, is expected to be remitted to the National Housing Funds by the employer. As a matter of fact, the employer is statutorily expected to contribute a percentage in addition to your deduction into your account. If your money is not remitted to the National Housing Funds scheme as at when due, this actually counts against the contributor which may work against you at the point of accessing the Housing loan from the Federal Mortgage Bank of Nigeria. In view of this, I enjoin the contributors to keenly monitor their contribution and ensure the employers do the needful promptly. Where the employers fiddle with the Contributor’s fund, you are advised to report to the appropriate authorities to call your employers to order or sanction them if unrepentant. Otherwise, your aim will be defeated.
- Can I enroll in the Scheme if I work outside the Country?
Basically, the National Housing Funds scheme is for Nigerians who are employed in Nigeria or are engaged in meaning income yielding endeavors. If you fall in this category and for whatever reason, you are posted off country, you can still enroll. The duty of remittance is that of your employers who are expected to be based anywhere in Nigeria. In furtherance, should you be engaged by a company that is not Nigerian and you are engaged to discharge your duties outside of the shores of NIGERIA, YOU MAY CONSIDER THE OPTION OF ENROLLING AS A PRIVATE BUSINESS PERSON PROVIDED YOU MEET UP WITH THE REQUIREMENTS NEEDED FROM PRIVATE BUSINESS PERSONS IN THE CIRCUMSTANCE.
- How long do I contribute before I qualify for a Housing Loan?
A contributor is expected to have been on the scheme for not less than eighteen months before he qualifies to apply for the Housing Loan. It is important to note that the contribution must be continuous and regular. It is further important to note that a lot of people are on this scheme and as such could be competitive. This is the point where it is important to attend awareness seminars where one would be equipped with the information and the know-how of how to access the National Housing Loan fund through the National Housing Funds scheme.
- How much do I need to have in my NHF Account before I am qualified to apply for a Housing Loan?
Do not forget that your contribution is a very minute fraction of your income. You may not have had such huge sum in your account before your maturity; when you could apply. The amount is not specific. What is certain is that, you should be a contributor and you would have been contributing for up to eighteen months to be qualified for application. It is very important to note that the very essence of the National Housing Funds scheme is to serve as a platform for qualification for the Housing Loan from the Federal Mortgage Bank of Nigeria.
9.Must I have all the money I require to buy or build a house in my NHF Account before I apply?
This question was really not too interesting when I got it in my email for the first time. When a number of readers asked me this same questions from various parts of the country, it was clear to me that I needed to take it seriously. If you could put together the entire money you require to buy or build your house, you do not need to go for a housing loan. Your contribution is basically an expression of interest. This actually forms part of the funds you require for your Housing need while the difference is given to you by the Federal Mortgage Bank through the National Housing Funds scheme. We will dwell on this in greater details when we address ‘HOW TO APPLY FOR THE HOUSING LOANTHROUGH THE NHF’ at a latter date. You are not expected to contribute all the money you require in your National Housing Funds scheme account before you get a loan for your house. I advise you to jettison this information as it is very untrue.
….to be continued
Akhigbe Dominic.M. Esq., /Property Law Expert/CEO, H.I.E Properties & Homes Ltd/SENIOR STRATEGIC PARTNER, PropertyLogic Incorporated/Seasoned Business Coach/Columnist of The BusinessDay/Contributing Editor,govandbusinessjournal.com.ng <https://govandbusinessjournal.ng>*
