7 Best Mortgage Finance Housing Schemes By Nigerian Banks

By Cami Ezenwa

Criticisms notwithstanding, there are indeed, many Nigerian mortgage and commercial banks offering Best Mortgage Finance Housing Schemes.

.These, have, with a variety of products on their stable, helped the home ownership of their burgeoning customers to become a reality.

In this write-up, we x-ray 7 Nigerian commercial banks offering such a valuable programme to the Nigerian public.

Read on but do not forget to drop a comment afterwards. Thank you.

1. FEDERAL MORTGAGE BANK OF NIGERIA (FMBN)

The Federal Mortgage Bank of Nigeria (FMBN) is a foremost mortgage financing institution in Nigeria.

It aims to be the preferred mortgage institution, providing reliable and affordable access to homeownership for Nigerians

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Its mission includes to drive delivery of accessible and affordable homeownership by providing sustainable liquidity, innovative products and services, and excellent customer service to customers.

It ranks foremost amongst 7 best mortgage finance housing schemes by Nigerian banks.

With integrity, Professionalism Accountability, Customer Centricity as core values, the FMBN has been a source of long-term credit facilities to mortgage institutions in Nigeria

  Upon establishment in1956, it was known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. Following the introduction of the Indigenization Policy, the Federal Government, by Indigenization Act (1973), acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria (FMBN).

2. ABBEY MORTGAGE BANK LTD

Abbey Mortgage Bank ranks among the Primary Mortgage Banks with a leading edge based on ability to deliver on promise.

Incorporated on 21st July, 2004 to carry on business as a Primary Mortgage Institution [PMB), it got mortgage banking licence by the Central Bank of Nigeria in December, 2004 and commenced full operations by 31st January, 2005.

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Its innovative products overtime, have won it clients’ accolades and recognition of the Central Bank of Nigeria.

Abbey is accredited by the Federal Mortgage Bank.as a reputable source for accessing the National Housing Fund.

It says it is committed to making home ownership easy for Nigerians irrespective of class or income level.

Home remains a dream for a large portion of the Nigerian population for a number of obvious reasons, and it is for these reasons that mortgage banking is Abbey Mortgage Bank’s strongest point.

Products & Services Portfolio of Abbey Mortgage Bank Limited 

-Lending and Mortgages (Wholesale)

-Corporate mortgages

-Real estate development

-Construction loan

-School loan

What is more? The company has one of the Best Mortgage Finance Housing Schemes in the sector, especially with products that allow you to compare loans from several lenders in minutes. This would help you make the best decision for you

Lending and Mortgages (Retail)

Personal mortgage

Staff housing loan

Equity release

National Housing Fund (NHF)

Personal loan and consumer finance

lastly, Mortgage Education

INNOVATING WITH LEAP INTO MORTGAGE SCHEME

The company not only has a variety of products, but one of the best mortgage financing schemes 

its Leap Into Mortgage Scheme is designed for low income earners who are looking to buy a mortgage contract.

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The borrower could either be an employee or a member of a registered cooperative-The amount could be between N100,000 & N1,000,000 on revolving basis.

-The collateral is the mortgage lien and repayment is structured to meet borrowers’ cash flow.

-A borrower could either be an employee or member of a registered cooperative.

-Between ₦100,000.00 & ₦1,000,000.00 on revolving basis.

-A tenor of 5 yrs.

3. ASO SAVINGS & HOUSING MORTGAGE 

ASO Savings & Loans PLC is a Primary Mortgage Institution (PMI), incorporated in Nigeria as a limited liability company on November 9, 1995.

It formally commenced business on January 2, 1997 and converted to a public liability company (PLC) on September 22, 2005.

Registered by the Central Bank of Nigeria under the Mortgage Institution Decree No. 53 of 1989 to carry out the business of mortgage banking in Nigeria, between November 2006 and January 2007, it transited from a majority Government owned Company to a majority privately owned Company with Government holding about 16% of equity.

That enabled it to acquire over 3,000 new shareholders. As at December 2007, ASO had shareholders’ funds in excess of N4.5bn.

It got listed on the floor of the Nigerian Stock Exchange on April 25, 2008.

With a vision to be the Mortgage Bank of Choice, cots its mission is to build mutually profitable relationships anchored on a passion for excellence

Aso ranks amongst 7 Best Mortgage Finance Housing Schemes By Nigerian Banks

 using a range of products.

MYRESIDENTIAL MORTGAGE LOAN

For the acquisition of a house or property, single family or multi-family clients can access mortgage depending on choice.

Business mortgage

Collateralised by real estate, the borrower may be a partnership, incorporated business, or limited company. Examples of commercial mortgages are build/buyto let, rent or lease etc.

FEATURES

Equity Contribution:

Civil Servants – 30%

Other Employees – 30%

Self Employed – 30%

Tenor: Maximum tenor of 10 years

-house purchase programme.

What is more, Aso is a subscriber to the National Housing Fund (NHF) scheme.

4. FIRST TRUST MORTGAGE BANK LTD

FirstTrust Mortgage Bank Plc prides itself as a frontrunner in the Nigerian mortgage banking sector. 

“We are strategically positioned to help our customers secure their future through home ownership by offering innovative mortgage and real estate finance solutions”, the bank says has a pedigree of long stay in the sector, providing cutting-edge service and adequate response to clients’ varying and demanding needs.
FirstTrust is able to responding to demands combing human capital experience, backed with an impressive finance portfolio.
In fact, it has a strong capital base in excess of ₦36 billion.

STATEMENT OF PURPOSE

For a company which statement of purpose is to go beyond the regular run of products, offered by competitors, FIRST TRUST MORTGAGE BANK LTD does this, leveraging disruptive technology and our people, capital adequacy is indeed important.
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“Our products and services are carefully designed to serve the mortgage and financial needs of Nigerians and we help facilitate the implementation of the National Housing Policy by supporting people in their aspiration to gain stability through home ownership, making it possible for our customers to have a tangible stake in the country’s development”.

It is not a surprise that awards and commendations have rolled in the direction of First trust.

5. FHA MORTGAGE BANK LTD
The story of Nigerian banks with best best mortgage financing schemes would not have been complete without due mention of FHA Mortgage Bank Ltd.
This has to do with track record the bank has followed since incorporation by the Federal Housing Authority (FHA) as wholly owned subsidiary on 18th June 1997.
It commenced work as a Primary Mortgage Institution on 17th December 1998 with License No: 000315, authorized in the endeavour by the two relevant apex regulatory bodies – the Central Bank of Nigeria (CBN) and the National Deposit Insurance Corporation (NDIC).
KEY HOUSING PRODUCT
Fha Home Owners Ship Scheme
Highlights:
-Amount not exceeding N1mMaximum tenor 2 years
-Repayment terms of monthly, quarterly and bulk repayments
-Interest rate 21% per annum
Commitment fee of 2% flat
-The purpose is for house renovation
-Targeted at income earners/civil servants
-Participant in the national housing fund
The scheme was established by Act No.3 of 1992
The bank collects contributions to NHF based mainly on statutory deductions and remittances of 2.5% of monthly basic income of Nigerian workers earning up to N3, 000.00 and above per annum.

An applicant must b e a contributor to the NHF scheme for a period not less than six (6) monthly, Affordability: One third (1/3) of monthly income as maximum repayment.
Loan Tenure: 
The maximum tenure of the loan is 30 years, dependent on the age of the applicant or number of years in service, taking cognisance of retirement age. Interest rate: The loan attracts 6% interest per annum on annuity basis, payable monthly. Security for loan: The loan to an individual must be secured by a first legal mortgage of the property to be financed. A good title to the land is required.
An individual is entitled tom maximum of N15million once in life time.

Mission: To facilitate home ownership by Nigerians through a well anticipated, timely and easily accessible mortgage finance systems  that guarantees security of deposits, soundness of operations and satisfactorily to the stakeholders.
Office:
39, Durban Street Off Adetokunbo Ademola Crescent, Wuse II,
PMB 414 Garki, Abuja, FCT, Nigeria.
Phone: +234-09-2921100 

6. HAGGAI MORTGAGE BANK LTD
With its housing acquisition slogan as “Own A Haven”, HAGGAI Mortgage Bank Limited, is indeed giving value to clients value where it matters most.
With head Office at Haggai Mortgage Bank Limited, 119, Bode Thomas Street
Surulere, Lagos Nigeria and phone number at 07045994840, the bank is wooing clients with forceful promises that stand to make all the difference.
“Have the best comfort in heaven; let’s help you get some on earth too”, it says.
HAGGAI has Mortgages with friendly financing – competitive interest rates and flexible repayment plans. 
Its products ranges include;
Haggai House Completion Mortgage Loan (Hahcom)
Haggai Renovation Loan (Harel)
Haggai House Purchase Loan (Hahp)
Haggai Rent Loan (Harent)
Haggai Camp Home Account And
Haggai Plot Advance

Suffice to add, that the deep religious undertone in the activities of Haggai Homes has remained additional motivation.

The pedigree of its visionary, Pastor Enoch Adeoboye, backed by a disciplined workforce, provides a huge collateral in assurance that money cannot buy.

Also, the bank has a burgeoning army of persons beginning from within, desiring mortgage support and housing delivery. These have contributed in making Haggai Mortgage Bank Ltd one of 7 Best Mortgage Finance Housing Schemes By Nigerian Banks.

7. IMPERIAL HOMES
IMPERIAL HOMES  Primary Mortgage Institution with office address at 38, Saka tinubu, Victoria Island, Lagos.
IT has a full range product & services, some of which are highlighted below.

RESIDENTIAL MORTGAGE

PURPOSE

For acquisition of residential housing unit for personal use.

TENOR

Up to 25 years (depending on your age)

MORTGAGE VALUE

Up to N60 million mortgage facility can be given.

EQUITY CONTRIBUTION

Between 20% to 30% (depending on the value of the property) .

PROCESSING PERIOD

Within 4 weeks (subject to submission and availability of required documents

IMPERIAL FLEX

PURPOSE

Construction of cluster residential properties (minimum of 10 staff).

TENOR

Up to 15 years (depending on age).

MORTGAGE VALUE

Subject to a maximum of N40m.

EQUITY CONTRIBUTION

30% of property value or Land with registered title already acquired.

PROCESSING PERIOD

Within 4 weeks.

IMPERIAL PRO

PURPOSE

To provide mortgages for staff, cash backed with Fixed deposit placement

TENOR

Up to 20 years (depending on your age)

MORTGAGE VALUE

Up to 90% of fixed deposit placement

EQUITY CONTRIBUTION

10% of property value provided loan amount is not more than N70million.

PROCESSING PERIOD

Within 2 weeks.

EQUITY RELEASE

PURPOSE

Equity release on residential property owned by the customer./p>

TENOR

Up-to 15 years (depending on your age)

MORTGAGE VALUE

Not more than 50% of the FSV of the property and subject to a maximum of N50 million

EQUITY CONTRIBUTION

Not Required

PROCESSING PERIOD

Within 4 weeks (subject to submission and availability of required documents.

Conclusion
The above no doubt rank in Nigerian commercial banks with best mortgage finance schemes.
Potential clients are however advised to die proper personal diligence before putting pen to paper.
Stick with schemes that would not burst your pockets while trying to achieve your aspirations