Section 16: Interest rate

(1) The loans made by the bank shall be at interest rates slightly lower than the prevailing commercial rates in Nigeria.
(2) The interest rate for each loan shall be fixed for the duration of the loan.
(3) The bank shall charge a mortgage institution not more than one percentage point above its borrowing rate.
(4) Mortgage institutions shall be allowed a minimum spread of four percentage points above the rate charged by the bank.