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Mortgage Rates

  • NMRC (Nigerian Mortgage Refinance Company) Refinanceable Mortgage Loans:

The NMRC is a private company, sponsored by the Federal Ministry of Finance and international development partners including the World Bank and IFC, and licensed by CBN, To encourage and promote home ownership by providing longer tenors and reduced cost funding to mortgage bankers, for on-lending at affordable rates to borrowers. Only natural persons are eligible to borrow under this platform. Borrowers must either be civil servants, self-employed persons or salaried employees from reputable and known organizations. Corporations are not eligible borrowers under this product. jhjshdjs

 

Features and Benefits:


  • Tenor up to 20 years.
  • Minimum & Maximum Loan Amount:      N1.5M& 50M
  • Property must be owner occupied.
  • A married couple may serve as co borrowers on the loan.
  • Borrower must be at least 21 years but not more than 55 years.
  • Interest rates would be fixed for the period.
  • Minimum down payment

  •  
Property Value (N’000) Required Down Payment (Employed) Required Down Payment (Self employed)
40,001-50,000 30% 50%
20,001-40,000 25% 40%
0-20,000 20% 30%


 

  • Form of Mortgage Repayment: deduction from income at source by the employer and borrower to leave a direct debit order to cover any ancillary fees.
  • Seasoning: All mortgages submitted for refinancing must be at least 3 months aged from the date of origination.
  • Security required: Legal mortgage over property financed.
  • Homebase Non refinanceible mortgages:

This product is designed for clients who do not meet one or two of the NMRC eligibility criteria but have good cash flow and are desirous of owning their own property. We are willing to discuss with our clients and work out a mortgage suitable for them.



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