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Housing Scheme

STAFF HOUSING LOAN SCHEME

This is a scheme organized and managed by the Convention to help members of the Convention family, build their personal houses by means of loan facility from the Scheme, repayable in installments over a period of time with affordable interest rates.

Membership: membership lf the scheme is open to:

·         Pastors in the local Churches of the Convention

  • Staff of Theological InstitutionsWorkers in the Baptist Building
  • Staff of Convention subsidiaries such as
  • Baptist Press
  • Baptist Bookstore
  • Women Missionary Union

Eligibility for Loan

·         Applicant must be an employee of the Nigerian Baptist Convention

  • He / She must be a member of the NBC Retirement Benefit Scheme (Pension Scheme)
  • He / She must be a faithful contributor to the Scheme
  • He / She must have contributed not less than 15% of the loan desired.
  • He / She must have contributed for a period of not less than two years before applying for loan.
  • He / She must have a legally valid title to the land on which the building is to be erected
  • He / She must have an approved building.

Limit
The maximum loan obtainable is 500,000 payable monthly within five years
Interest
The loan interest rate is 4% per annum on reducing balance basis, while 2% per annum interest shall be given to contributors
Security