The NHFC will assess the application to determine if such application meets its eligibility credit criteria. Lenders will be able to participate in this home ownership initiative provided that they comply with the following general criteria:-
- They must subscribe to the aims of the NHFC in addressing the housing needs of the target market;
- They must enjoy a sound reputation and be known for their integrity;
- They will be required to submit audited financial statements for the last two years and a 5 year projections.
- They need to possess appropriate technological capacity;
- They should have appropriately trained staff in terms of the specific functions they will be required to perform;
- All approved lenders will be required to conform to 20% capital adequacy requirements.
- The intermediary takes full responsibility for the loan made available to them;
- The intermediary shall submit monthly management accounts i.e. income statement, balance sheet, cash flow statement and the debtors aging analysis report.
- NHFC shall reserve the right to access and review the records of the company at all times.