Mortgage banks in Nigeria are the best place to get a loan for your dream home or business. Having difficulty getting a mortgage loan with a good interest rate? Borrowing money is important to every family. Home Mortgages, Auto Loans, Business Loans, Student Loans, etc. are just some of the loan services that most people require.
Mortgage banks in Nigeria are financial institutions that offer different loans. They offer housing and commercial and personal loans. And in this post, you will get all 33+ Primary Mortgage institutions or mortgage banks in Nigeria of your choice.
What Are Primary Mortgage Banks in Nigeria?
Primary mortgage banks in Nigeria are commercial banks that offer home loans to individuals and organizations. They also offer other financial products and services such as investment, insurance, and trading.
Primary mortgage banks typically offer a range of loan options, including fixed-rate mortgages and floating-rate mortgages. Fixed-rate mortgages have a lending rate that does not change over the life of the mortgage while floating-rate mortgages have a variable interest rate that can rise or fall.
Primary Mortgage Institutions As Approved By CBN
These are all the primary mortgage institutions listed by the Central Bank Of Nigeria (CBN).
Below are our best Mortgage Institutions in Nigeria and how to get a mortgage loan package in minutes.
1. ABBEY Mortgage Bank
Abbey has a product offering or an account type specifically to help Nigerian citizens become real estate owners. It’s also one of the oldest mortgage banks in Nigeria, helping citizens to own properties in Nigeria, especially in Lagos, Abuja, and Port Harcourt.
According to them, “This product allows customers to develop a savings culture”. They cited this with the fact that you needed to be consistent in saving a certain amount monthly for 6 months to be pre-qualified.
Their account opening packages start with a minimum opening balance of N6, 000, N10, 000 then N50, 000, and/or N100, 000 for their Bronze, Silver, Gold, and Platinum plans respectively.
How to Apply For Mortgage Loan With Abbey Bank
To apply for Abbey mortgage bank, you need to meet all their loan requirements and visit their website to follow further instructions.
Standard Chartered Bank Nigeria also offers mortgage loans opportunity to qualified individuals in Nigeria. It has one of the most tolerated interest rates so far as seen from their website starting from 15% per annum.
With SC, you can access a minimum mortgage loan of N5m and a maximum of up toa N250m, which can be paid in 1-20 years loan tenor.
However, to be pre-qualified, you need a constant income from a verified source up to N350,000 monthly income.
First Trust is a national mortgage bank in Nigeria providing support in all states of the country, which means you can finance and own a home from any part of the country if you qualify for their loan.
Access bank has “My First Home Mortgage Savings Plan, Easy Home Mortgage, Off-Plan Mortgage, and Home Equity Loan.
It tailored all these plans to help customers own their dream homes or construction projects. It also has a mortgage loan interest rate of 15% – 17% per annum and can be spread across 1-20 years loan tenor.
One of their mortgage loan requirements is that the customer should be able to cover 20% of the total cost of the property, which is fair enough.
UBA pre-qualify their customers based on their income and other ascertainable resources before giving them an indicative guide of the value of the property they should prospect.
That means how much you can afford to service your mortgage loan will determine how much you can borrow and hence the worth of the property you can acquire.
Guaranty Trust Bank of Nigeria offers a special product tailored to people who dream to own houses but can’t afford the outright payments of the purchase amount.
GTMortgage as a product only offers credit facilities to customers who own or operate salaries or business accounts with the bank to enable them to own a home in selected cities within the country.
How To Get Mortgage Loans In Nigeria?
Getting a mortgage loan in Nigeria is no longer an issue as it used to be. However, the question remains how you can get your loan approved. You have made an application, followed by all the due process, but you are yet to hear anything from the bank. What do you do? It is at this point that many people give up and assume that their application has been rejected.
Whether you are seeking a property loan or car loan, getting the best mortgage loans in Nigeria is not as difficult as it used to be. The banks are actually competing with each other to attract customers to apply for their loans. This has made getting a mortgage loan quite easy nowadays overcoming the challenges of getting approved for a mortgage loan in Nigeria.
Each bank has its own requirements, which sometimes require a minimum monthly salary of N200,000, a stamped bank statement of the previous 6 months, and an awareness letter from your employee.
Now let’s see banks that give mortgage loans in Nigeria. You can get a mortgage loan from one of the following financial institutions:
A primary mortgage bank in Nigeria is a financial institution that directly lends and advances funds to customers. The Central Bank of Nigeria (CBN) registers and supervises the primary mortgage banks in Nigeria and is also licensed by the Securities and Exchange Commission (SEC).
Acquiring a mortgage from a commercial bank always has lower interest rates but with too much paperwork, while PMI has to do with opening a savings account to honor your mortgage loan requests.