Mortgage is a unique and accessible opportunity for you to own the house of your dreams without breaking the bank! We understand that buying a house can be quite a big financial step. That’s why we have designed an amazing mortgage program that makes your dream ownership come true, without the burden of significant upfront investment.
Let’s get started.
WHAT IS MORTGAGE?
mortgage (sum of money) is the transfer of ownership of a property (home) by a borrower (home-owner) as a security to a lender (Mortgage Bank) upon an agreement, express or implied condition that the property (home) will be re-transferred to the borrower (home-owner) upon the repayment of the mortgage.
Mortgages play an even more important role in maintaining the market in residential housing since they permit individuals with relatively little personal credit to purchase a house by offering the house itself as security for the loan.
You can get up to ₦100,000,000 to finance your dream home at a competitive interest rate with a Mortgage Financial Scheme and Enjoy benefits such as:
- Flexible repayment option
- Repayment tenor of up to 20 years
- Simplified application process
- Joint mortgage application (for a couple)
- Free pre-approval and assessment
- A professional and thorough guide through the process
- No hidden charges
Making the owning a house much more affordable and flexible.
Some requirements checked to get a mortgage in Nigeria include
- Your monthly income
- Your monthly expenditure
- Your existing debt profile
- The value of the property you want to be financed
- Investigate if a mortgage is something you can afford
- Minimum equity of 20% of the property’s value
- The property must have a registered title (C-of-O, R-of-O)
Getting mortgage loans is achievable with high-performing rates in cities like Lagos and Abuja but you might face some difficulties.
Here is a process for getting mortgage facilities.
- Save a deposit:
When you are planning to buy a home, you will need to make a deposit. A certain percentage is required by the property owners and the financing institution involved in giving the loan.
- Look for house-buying schemes:
The national housing fund is specifically designed to provide financing solutions to contributors to the scheme.
- Ability to repay the loan:
The financing institution needs to know you can pay your loan over a long period of time as many mortgages are not short-term commitments. Looking at your current income, subtract your monthly expenses and see how much you can drop solely for a mortgage every month.
- Start looking at properties:
Not all homes are necessarily sold or can be bought with a mortgage hence why you need to look out for properties readily available and can be purchased with mortgage facilities.
- Obtain a mortgage loan:
You have a property that can be bought with a mortgage, you have made your deposit and can prove to your financier that you can commit to a long-term payment contract.
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Proceed to sign an agreement and go get your property.
The National Housing Fund
NHF (National Housing Fund) is a scheme created by the Federal Government for Nigerian workers, to help them access flexible financing to get their own homes and is administered by the Federal Mortgage Bank of Nigeria (FMBN).
With NHF, Nigerians can access a single-digit low interest-housing loan and utilise it for the purchase, construction, renovation or expansion of their residential buildings. It is a statutory contribution that stipulates that all Nigerians earning the minimum national wage and above, should contribute 2.5% of their basic monthly salary to the fund.
Documents required to apply for an NHF loan include
a) Completed application form
b) Photocopy of title documents
c) Current valuation report on the proposed house to buy
d) 3 years tax clearance certificate
e) Evidence of NHF participation (Minimum of 6 months)
f) Copy of pay slips for the previous 3 months
g) Equity contribution
Who is eligible for the Federal Mortgage Loan?
Before you could stand a chance to get a loan successfully. You must be eligible to apply. In order to be eligible for a Federal Mortgage Loan in Nigeria, you should:
- You should be at least 18 years old.
- You will use NHF 1 (employer) and NHF 2 (employee) forms to register.
- Must remit the monthly contributions they deducted to FMBN promptly (which must be at least 6 months’ contributions)
- Employers must update the passbook, which is transferable from one job to the next.
- You must have made at least six (6) months of contributions to the Fund.
- To ensure loan payback, the applicant must show that he or she has a steady stream of income.
How To Apply For The Federal Mortgage Loan
It’s not news that you must apply for a loan before you get it. When you need a loan, all you have to do is go for it.
This is how you to apply for the Federal Mortgage Loan Nigeria:
- Institutional borrowers can apply directly to the Federal Mortgage Bank of Nigeria for the loan (FMBN)
- Individuals can only apply through a Primary Mortgage Bank (PMB) of their choice that is fully licensed. However, you cannot apply for the loan directly through FMBN.
- You must get the loan applications from the same Primary Mortgage Institution.
- To use the national housing fund facility, you must have registered your principal mortgage institution with FMBN.
GET STARTED, CHAT US UP.
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