Home Ownership Mortgage Account (HOMA)
- Interest earning account
- Mortgage loan tenor up to 15 years
- Equity contribution reduction for self-employed customers from 30% to 25%
- Equity contribution reduction for paid-employment customers from 20% to 15%
- 1% less the prevailing lending rate
The product comes in 3 categories and each category is named after the unique parts of and elephant (which is the emblem of the FirstBank Group). They are:
- HOMA ‘TUSK’ – (The premium account) – The customer shall make a minimum monthly deposit of N150, 000 for 6 months.
- HOMA ‘TRUNK’ – (The median account) – The customer shall make a minimum monthly deposit of N100, 000 for 9 months.
- HOMA ‘TUFT’ – (The basic account) – The customer shall make a minimum monthly deposit of N50, 000 for 12 months.
Any withdrawal within the initial deposit period account falls back to base interest