This article is all about all you need to know about top housing loan companies in nigeria and their mortgage products.
The purchase of a home usually comes with getting the housing loans. A loan for housing is a loan that’s intended to help you finance all or a part of the price of housing.
This kind of loan is available when you wish to purchase land for the construction of a home or contemplating a renovation of your house. A variety of banks and institutions in Nigeria provide this kind of credit.
Housing loan companies in Nigeria are not that much because of the low turn up of customers when it comes to mortgage culture in Nigeria.
A number of housing loan companies in Nigeria differ in terms of rates for loans as well as loan conditions as well as the security required should they experience an insolvency.
That’s why it’s crucial to select the best lender for your housing to avoid suffering from a shady financing agreement. We’ve compiled the top 10 residential loan companies that you can pick from.
Table of Contents
1. Abbey Mortgage Bank PLC
Abbey was established on the 26th of August in 1991. The company was authorized to operate as an principal mortgage lender (PMI) through the Central Bank of Nigeria on January 11 in 1992. Commercial operations began fully on March 11 the 11th of March, 1992.
Abbey started with an approved share capital N5 million and currently has a capitalization of N2.1billion. Abbey is able to access the funds through the Nigerian Mortgage Refinancing Company (NMRC) for loaning to customers.
Abbey offers the followingservices:
National Housing Fund The loan is made to housing cooperatives as well as groups
Loans for mortgages home (Individual Corporate, Individual and cooperatives)
Estate Development Loan (EDL)
Co-operative Home Development Scheme
School Development loan
2. Platinum Mortgage Bank Limited
Platinum Mortgage Bank Ltd is one of the top housing loan companies in Nigeria which was established in 1992 by the Corporate Affairs Commission to provide savings, loans and home ownership services and was licensed to operate by both the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989, respectively, to offer Mortgage Banking Services in Nigeria.
Platinum provides the following Mortgage products:
Platinum Fast-Track Mortgage permits prospective homeowners to get access to their home of choice within 48 hours after the date that they submit their expression of interest.
NHF Mortgage Loan A mortgage that is financed by a contributory fund which allows contributors to pay 2.5 percent of their income each month to the fund, and can then receive a mortgage loan to a maximum amount of N15 million.
Private PMBL Mortgage Loan It is a mortgage loan product offered by the bank, designed to satisfy the needs of people who are planning to purchase properties in the open market which are not being advertised through the institution.
3. Mayfresh Mortgage Bank Ltd
Mayfresh Mortgage Bank Ltd was founded on the 22nd of October 1993. It was approved to start Mortgage banking through the Federal Ministry of Works and Housing on April 27, 1995.
It is a company with an authorized Share Capital of N5 billion, Paid-Up capital of N3.64 billion and Shareholders Funds of N6.62 billion at the end of December 2016. May’s fresh offerings include: services:
Mayfresh Gold Home Savings Account
Mayfresh Diamond Home Ownership Account
Mayfresh Platinum Housing Savings
Mayfresh Silver Mortgages Account
Mayfresh Saving Extra Account With Cheque Book
Mayfresh Top Co-operative Ownership Account
Promo for Target accounts
4. Jubilee-Life Mortgage Bank
Jubilee-Life Mortgage Bank Plc. was established at the end of August in 1992. It is an individual Limited Liability Company. Jubilee-Life Mortgage Bank Plc. was created as a result of a mandate from God the Redeemed Christian Church God (RCCG) with the intention of helping with the increasing need for housing.
The Bank has won numerous awards such as the most reliable mortgage Bank of 2017, Most Reliable Mortgage Bank of the Year and Incredibility in Mortgage Business of the year 2017, etc.
The Bank is engaged in retail banking by accepting term and savings deposits, mortgage-focused deposit, mortgage finance as well as mortgage advisory services using mortgage funds to fund loans, and other financial activities that are permitted through the Central Bank of Nigeria.
Jubilee-Life Mortgage Bank Plc. has funded thousands of notable low-cost housing and small to medium-sized enterprise projects across different states across the country which include Lagos, Abuja, Port Harcourt, Oyo, Ogun to name just a few.
5. ASO Savings & Loans PLC
ASO Savings & Loans PLC is a Primary Mortgage Institution (PMI) founded in Nigeria as a limited liability corporation on the 9th of November 1995. The PMI officially opened its doors the 2nd of January, 1997 before being converted into a public responsibility company (PLC) in September 22nd on the 22nd of September, 2005.
ASO is licensed through the Central Bank of Nigeria under the Mortgage Institution Decree No. 53 of 1989, which carries the lending to mortgages in Nigeria. ASO provides the following options for financing homes:
National Housing Fund(NHF)
MyHouse Purchase Program
6. FirstTrust Mortgage Bank Plc
FirstTrust Mortgage Bank Plc is a mortgage lender that was created by the merger of First Mortgages Limited and TrustBond Mortgage Bank Plc in the year 2019. In addition to a robust asset base with capital of more than N20 trillion, FirstTrust is a leader with more than 100 years’ experience in management in offering the mortgage industry with real estate and financing solutions.
FirstTrust provides the following mortgage solutions:
Outright Purchase Mortgage
I VAL Mortgage Loan
Home Mortgage Refinance
Home Improvement Refinance
Land Acquisition / Micro Mortgage
7. Infinity Trust Mortgage Bank Plc
Infinity Trust Mortgage Bank Plc was established on January 28, 2002, forming Infinity Trust Savings & Loans Limited. It began its business activities in Abuja in 2003.
The bank was transformed into an Public Limited Liability Company on the 25th of January, 2013 and was required the name changed to Infinity Trust Mortgage Bank Plc.
In 2014, the bank became the National Mortgage Bank. It currently has an equity stake within the Nigeria Mortgage Refinance Company (NMRC). It provides the following mortgage:
Infinity Mortgage Finance Scheme (IMFS) A mortgage completely paid by the bank and with attractive interest rates.
National Housing Funds Scheme (NHFS) A mortgage completely paid by FBMN.
Haggai Bank started as a finance firm in 1994. It was in the year 2008 when Haggai Bank became a mortgage bank.
Haggai provides the following Mortgage products:
Own A Haven
Haggai House Completion Mortgage Loan
Haggai Renovation Loan
Haggai House Purchase Loan
Haggai Rent Loan
Haggai Camp Home Account
Haggai Plot Advance
9. Imperial Homes Mortgage Bank Limited
Imperial Homes Mortgage Bank Limited is an Mortgage Bank duly licensed by the Central Bank of Nigeria to provide mortgage banking and other related services. It was first established in 1992 under the name Citizens Savings and Loans Limited.
Imperial Homes Mortgage Bank Limited began operations on January 1, 2008.
Imperial’s primary business is the supply of cutting-edge solutions for the mortgage and home sector of the financial service sector, with a special attention to:
Savings and Deposits
Loans and Advances
10. FHA Mortgage Bank Ltd
FHA Mortgage Bank Ltd, a Primary Mortgage Institution was incorporated in June 1997. FHA Mortgage Bank Ltd has been strategically placed to provide mortgage services to individuals as well as corporate entities for financing the purchase, renovation and construction of homes in addition to industrial and commercial properties, while also acting as an agent for the Federal Mortgage Bank of Nigeria (FMBN) in the management of the National Housing Fund Facility (NHFF).
It’s crucial to choose the housing loan provider for your project in the housing sector be sure you are fully aware of the terms of the loan agreement. Do not rush to secure the loan.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.