The Federal Mortgage Bank of Nigeria (FMBN) will launch its first Non-Interest Mortgage Product in Kano on Tuesday, October 27, 2026, under the Ijarah Muntahia Bittamleek (IMBT) model, also known as Lease-to-Own.
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The launch will take place at 10:00 a.m. at Tahir Guest Palace, No. 4 Natsugune Road, Nasarawa GRA, Kano. The initiative will expand housing finance options and help eligible Nigerians work towards homeownership.
Under the product, FMBN acquires a residential property and leases it to an eligible customer. The customer makes rental payments while occupying the property. Ownership transfers to the customer after the contractual obligations are fulfilled at the end of the agreed tenure.
Approved by the Central Bank of Nigeria (CBN), the product operates within Nigeria’s non-interest finance regulatory framework. It offers an alternative to interest-based mortgages and is designed to support financial inclusion, transparency and choice in housing finance. Eligibility is not restricted by religion or background.
As part of Tuesday’s launch, FMBN will commission the FMBN-Ijarah-01 Estate in Bichi Local Government Area of Kano State. The Bank will also hand over keys to beneficiaries under the lease-to-own arrangement, marking a step in implementing the new product.
Who is eligible
The product complements FMBN’s mortgage options. However, it is not automatically available to every Nigerian. The Bank says applicants must be eligible National Housing Fund (NHF) contributors who have not previously benefited from the NHF scheme and must meet the stipulated loan requirements.
How to benefit
Interested Nigerians should confirm that they are eligible NHF contributors and have not previously benefited from the NHF scheme. They must also meet FMBN’s stipulated loan requirements. The announcement does not provide application dates, forms, income thresholds or a detailed application procedure. Prospective applicants should consult FMBN through its official channels for the product’s terms and application guidance where available.
