How to secure a Mortgage Loan in Nigeria

If you take a little look around forums on the internet, you will see most persons asking questions on how to secure a mortgage loan in Nigeria. The general consensus is that it is very hard to secure this kind of loan facilities in our country. However, I must point out that this is a very wrong notion.

Securing mortgage loans in Nigeria is easy depending on how you are going about it. It only becomes hard when you don’t know the requirements and the places to go to in order to make your request. In Nigeria, the body in charge of Mortgage Loans is known as the Federal Mortgage Bank of Nigeria (FMBN). This bank gives out the loans through various lenders and most notably banks. So to get the loans, one has to go to these banks and lenders. The funding for the loans is usually done through the National Housing Trust Fund. So for you to get a mortgage loan, you will have to meet the lenders and banks. Fortunately, most banks operating in the country today have a mortgage scheme going on and thus you can start by asking your current bank what they have.

If your bank has a mortgage program going on, you can then sit down with them and talk out the modalities required to get the loan. During these talks, ensure that you understand the whole detail of the program. Although they are likely to be taken care of in the paper work they are going to give you, it is always good to iron out things like collateral requirements, interest rates, management fees etc from the onset.  When you are convinced about what they are offering, you can then accept the forms you will be given.

This is a list of what you are going to be submitting alongside the duly signed documents:

·         Your  salary notification slip

·         Statement of accounts especially if you are a new customer coming from another bank

·         An introductory letter from your Employers

·         A photocopy of your company ID card

·         A copy of valid identification documents such as international passport or driver’s license

·         Proof of address documents like utility bills

·         Proof of loan purpose

·         A valuation report on the property

·         Guarantor’s letter (two is the usual requirement)

The above is just about what you need as supporting documents.  Please, do not be tempted to forge any documents regarding this as you will be prosecuted if caught with the forged documents.

And of course the vital question: which mortgage bank? Well here's a list of them to help you out.

1. List of Primary Mortgage institutions In nigeria: http://www.cenbank.org/supervision/Inst-PMI.asp

 So you no longer need to worry about how to secure a Mortgage Loan in Nigeria just go on and locate a lending bank today!