Here we will be discussing on several ways to obtain a Mortgage Loan in Nigeria. A mortgage is a type of loan that is specifically used to finance the purchase of real estate. In Nigeria, there are several mortgage options available to individuals who are interested in purchasing a home.
Ways to obtain a Mortgage Loan
In Nigeria, there are several ways to obtain a mortgage loan:
Approach a Mortgage Bank: Mortgage banks are specialized financial institutions that provide mortgage loans. They offer a variety of mortgage products that cater to the needs of different borrowers. You can approach a mortgage bank to apply for a mortgage loan.
Approach a Commercial Bank: Some commercial banks in Nigeria also offer mortgage loans. You can approach them to inquire about their mortgage products and apply for a loan.
Cooperative Societies: Some cooperative societies offer mortgage loans to their members. You can join a cooperative society and inquire about their mortgage products.
National Housing Fund (NHF): The National Housing Fund (NHF) is a scheme set up by the Federal Government of Nigeria to facilitate the provision of affordable housing for Nigerian workers. The scheme allows contributors to the NHF to access mortgage loans at a low interest rate. You can approach the Federal Mortgage Bank of Nigeria (FMBN) to apply for an NHF loan.
Private Mortgage Companies: There are also private mortgage companies in Nigeria that offer mortgage loans. You can approach them to inquire about their mortgage products and apply for a loan.
Some mortgage banks in Nigeria
Federal Mortgage Bank of Nigeria (FMBN): This is a government-owned mortgage bank that provides long-term housing finance to individuals and groups through primary mortgage institutions (PMIs).
- Abbey Mortgage Bank: This is a private mortgage bank that offers mortgage loans for the purchase, construction, and renovation of residential and commercial properties.
- Trustbond Mortgage Bank: This is another private mortgage bank that provides mortgage finance for the acquisition and development of residential, commercial, and industrial properties.
- Infinity Trust Mortgage Bank: This is a mortgage bank that provides mortgage finance and advisory services for the acquisition and development of residential and commercial properties.
- Homebase Mortgage Bank: This is a mortgage bank that offers a range of mortgage products and services, including home purchase loans, construction loans, and equity release loans.