MORTGAGE SERVICES

Make home ownership a reality!

Home Ownership Loan

This product is designed for individuals who wish to build, renovate, refurbish or expand a house and will like to take advantage of a mortgage facility in order to ease the financial stress on their general income flow. It is into two categories:

1
Outright Purchase Mortgage
2
Construction Finance
  • Outright Purchase Mortgage
  • Construction Finance

Mortgage facility that enables our customer to buy a completed house.

Features

  • Fifteen (15) years tenor
  • Payment of Equity Contribution of minimum of 20% of the cost of the property to be purchased
  • Contribution or repayment can be made from any bank by direct debit / standing order or cheque
  • Repayment can be made by direct deduction from employee’s salaries
  • Monthly repayment shall not exceed one third of monthly salary / income of the beneficiary

Requirements

  • Letter of offer of sales/allocation stating the conditions
  • A letter of request for the facility
  • A duly completed Home Ownership Mortgage Loan application form
  • Duly completed current Account Opening form
  • Copy of title documents to the property (ownership must be in the name of the vendor)
  • Copy of approved building plan
  • Valuation report (including rental valuation if the property will be let) on the property prepared by a registered
  • A copy of the applicant’s Tax Clearance Certificate for 3 years
  • Evidence of employment (for employees) and proof of employment and other personal income (Salary account; bank statements for 12 months and pay slips for 6 months)
  • If self-employed, the following are needed:
    • Company profile
    • Company bank account statement for 12 months
    • 3 years audited accounts for the company
  • Security is a legal mortgage on the property being financed
  • Deposit of non-refundable fees for:
    • Valuation report fee
    • Legal Searches fee
  • Deposit for cost of Legal documentation as will be advised by the bank

Equity Release

This is property refinance facility that allows individuals who owns properties with valid title to unlock cash in their properties by way of accessing loan against the property for a purpose that is at their discretion.

Requirements

  • A letter of request for the facility
  • A duly completed Home Ownership Mortgage Loan application form
  • Duly completed current Account Opening form
  • Duly completed current Account Opening form
  • Copy of title documents to the property (ownership must be in the name of the vendor)
  • Copy of approved building plan
  • Valuation report (including rental valuation if the property will be let) on the property prepared by a registered
  • A copy of the applicant’s Tax Clearance Certificate for 3 years
  • Evidence of employment (for employees) and proof of employment and other personal income (Salary account; bank statements for 12 months and pay slips for 6 months)
  • If self-employed, the following are needed:
    • Company profile
    • Company bank account statement for 12 months
    • 3 years audited accounts for the company
  • Security is a legal mortgage on the property being financed
  • Deposit of non-refundable fees for:
    • Valuation report fee
    • Legal Searches fee
  • Deposit for cost of Legal documentation as will be advised by the bank

NHF Loan

The National Housing Fund was established by Act 3 of 1992. By virtue of the Act, Nigerians earning ₦36,000.00 and above per annum are required to make a mandatory contribution of 2.5% of their monthly income.

Features

  • Up to N15 million can be accessed
  • 0% equity contribution for facility of ₦5m and below
  • Equity contribution of at least 10% for facility between ₦5m and ₦15m
  • Interest on Loans remains fixed throughout the life of the mortgage at 6% per annum
  • Long period of repayment of up to 30 years

Every Contributor has:

  • A lifetime Registration Number
  • A Pass Book for personal recording of contributions; and Account Statement

Mortgage Refinance (Mortgage Loan Buy-out)

Refinancing of existing mortgage loan from another financial institution

Features

  • Up to 15 years tenor
  • No Equity Contribution

Co-operative Loan

This loan will enable the cooperative society to acquire houses for its members and also assist them to build for its members where they already have land.

Features

  • Up to 15 years tenor
  • No Equity Contribution