The Family Homes Fund (FHF) Rent-to-Own scheme is a product designed to help Nigerians who are interested in owning a home but are unable to pay the upfront cost of purchasing a home. The Rent-to-Own scheme enables eligible applicants to pay a monthly rent, which gradually builds up to equity ownership of the home.
The following are the steps to apply for the FHF Rent-to-Own scheme:
Check your eligibility: The first step is to check if you meet the eligibility criteria for the scheme. Eligibility criteria may vary depending on the state and location of the property. In general, applicants must be first-time homebuyers, Nigerian citizens, and must be able to afford the monthly rent payments.
Select a property: Once you have confirmed your eligibility, you can select a property that is available under the Rent-to-Own scheme. The FHF website provides a list of available properties and their respective locations.
Apply for the scheme: The next step is to apply for the Rent-to-Own scheme. The application form is available on the FHF website. You will need to provide personal information, such as your name, address, employment details, and income information.
Provide documentation: You will need to provide supporting documents, such as a valid form of identification, proof of income, and bank statements. The documentation requirements may vary depending on the state and location of the property.
Pay the reservation fee: Once your application has been approved, you will be required to pay a reservation fee, which is usually 10% of the total value of the property.
Sign the tenancy agreement: You will be required to sign a tenancy agreement, which outlines the terms and conditions of the Rent-to-Own scheme. The tenancy agreement will also specify the monthly rent payment and the duration of the tenancy.
Move into the property: Once you have signed the tenancy agreement and paid the reservation fee, you can move into the property and start paying the monthly rent. The monthly rent payment will gradually build up to equity ownership of the property over the agreed period.
In summary, the process of getting a Rent-to-Own from the Family Homes Fund involves checking eligibility, selecting a property, applying for the scheme, providing documentation, paying the reservation fee, signing the tenancy agreement, and moving into the property. The Rent-to-Own scheme provides an affordable pathway for Nigerians to own their own homes.
