Are you looking to buy a home in Nigeria and wondering which primary mortgage banks you should consider? Look no further! We’ve compiled a list of all licensed primary mortgage banks in Nigeria so you can rest assured knowing you’re making the right choice in financing your home.
Read on to learn more about Mortgage Banks in Nigeria.
What is a Mortgage?
Mortgage is a loan taken out against your home or property that you use to purchase the property itself.
When you take out a mortgage, you are essentially paying off the full price of the property over an extended period of time. Every month, you make payments that’s referred to as “paying down” your mortgage. These payments usually involve interest charges and principal payments, meaning part of the payment goes towards interest and part goes to reducing how much principal on the loan is left.
In Nigeria, all primary mortgages must be granted by licensed banks and regulated by the Central Bank of Nigeria. That’s why we’ve compiled this comprehensive list so you can easily find the right bank for your needs!
Understanding the Benefits of a Primary Mortgage Bank
Getting a loan from a primary mortgage bank in Nigeria is an attractive option for many people due to the benefits it offers. Here are some of the key features of a mortgage loan from one of these licensed banks:
Low interest rates and repayment plans
Most primary mortgage banks in Nigeria offer low-interest rates and repayment plans that are suited to the borrower’s individual needs. This means that you can choose a plan with reasonable payments, making it easier and more affordable to purchase a property or refinance your existing loan.
Flexible terms and conditions
Mortgage loans from primary banks also come with flexible terms and conditions. This means that you can choose different payment plans, such as fixed or adjustable rate interest, depending on your current financial situation.
Quick turnaround time
Another benefit of getting a loan through one of these banks is that they offer quick turnaround times, meaning you can get the money you need quickly without having to wait for extended periods of time.
Loan protection and security
Most primary mortgage banks also offer protection for their borrowers in case of any unforeseen financial difficulties. They will also take extra precautions to ensure that the loan is secure, so you can have peace of mind knowing that your loan is safe and secure.
List of all Licensed Primary Mortgage Banks in Nigeria
Are you looking for a list of licensed primary mortgage banks in Nigeria?
This comprehensive list of primary mortgage banks in Nigeria is updated as of April 2023 and contains information from the Central Bank of Nigeria (CBN).
The following are the 34 licensed primary mortgage banks in Nigeria:
- Abbey Mortgage Bank, Lagos
- AG Homes, Lagos
- Akwa Savings, Akwa Ibom
- Aso Savings and Loans, Abuja
- Brent (Skyfield) Savings, Lagos
- Centage Savings and Loans, Lagos
- City Code, Lagos
- Coop Savings and Loans, Oyo
- Delta Mortgage Finance, Delta
- FBN Mortgages, Lagos
- FHA Homes Ltd, Abuja
- First Generation Homes, Abuja
- Gateway Savings, Ogun
- Global Trust, Lagos
- Haggai Mortgage, Lagos
- Home-base Mortgage, Lagos
- Infinity Trust, Abuja
- Imperial Homes, Lagos
- Jigawa Savings and Loans, Jigawa
- Jubilee-Life Mortgage Bank, Lagos
- Kebbi State Homes, Kebbi
- Lagos Building and Investment, Lagos
- Mayfresh Mortgage Bank, Abia
- MGSL Mortgage Bank, Abuja
- Mutual Alliance, Akwa Ibom
- New Prudential, Lagos
- Nigeria Police Mortgage Bank, Abuja
- Omoluabi (Livingspring), Osun
- Platinum Mortgage Bank Limited, Abuja
- Refuge Homes, Lagos
- Resort Savings and Loans, Lagos
- Safetrust Savings and Loans, Lagos/Abuja
- STB Building Society, Lagos3
- Trustbond Mortgage Bank, Lagos
Whether you’re applying for a mortgage or just researching the market, this list can help you get started with your research and make an informed decision when it comes to primary mortgage banks in Nigeria.
An Overview of Some of the Popular Mortgage Banks in Nigeria
Now that you have a comprehensive list of primary mortgage banks in Nigeria, it is important for you to understand the key players in this sector to make the most informed decision.
Some of the most popular mortgage banks in Nigeria include the likes of Abbey Mortgage Bank, FBN Mortgages Limited, Platinum Mortgage Bank, and First Bank Mortgage Limited. They are among the most well-known names in the industry and have a well-established presence throughout the country.
Abbey Mortgage Bank Plc
Abbey Mortgage Bank Plc, established in 1991, is one of the leading primary mortgage banks in Nigeria. It offers a range of services to its customers, from traditional mortgage products to innovative mortgage solutions. Additionally, Abbey Mortgage Bank has a wide network of branches and agents across the country, making it easier for customers to access its services. The bank has also invested heavily in technology, providing an efficient and secure platform for customers to manage their mortgage accounts. Abbey Mortgage Bank is dedicated to providing clients with the best customer service and personalized advice to help them make the right decisions regarding their mortgages.
Infinity Trust Mortgage Bank Plc
Infinity Trust Mortgage Bank Plc is one of the leading and longest-established primary mortgage banks in Nigeria. Founded in 2002, the bank has since grown to become one of the most respected and successful mortgage institutions in the country. The bank has a wide branch network and several subsidiaries across the country, providing customers with access to its products and services. Infinity Trust Mortgage Bank offers a variety of financial services, including consumer loans, savings products, mortgages, and home loans. Its online portal provides customers with easy access to their customer service, allowing them to manage their finances and make payments. Infinity Trust Mortgage Bank is dedicated to providing quality service and competitive rates to its customers.
FBN Mortgages Limited
FBN Mortgages Limited is part of the First Bank of Nigeria Plc was established in 2003 with the aim of providing customers with innovative and tailored mortgage solutions. The bank has a wide range of mortgage options to suit different customer needs, from first-time buyers to experienced investors. FBN Mortgages Limited also offers a range of additional benefits, such as loan protection insurance and flexible repayment plans. The bank has a track record of providing excellent customer service and providing customers with helpful advice to enable them to make informed decisions. Furthermore, it provides access to its products and services through its website.
Platinum Mortgage Bank
It was established in 1992 with the help of the Corporate Affairs Commission to offer savings, loans, and home ownership services. The Federal Mortgage Bank of Nigeria and the Central Bank of Nigeria granted it a license in accordance with CBN Decree 24 of 1991 and FMBN Decree No. The bank has since grown to become a leader in providing mortgage financing to homebuyers and investors. Platinum Mortgage Bank has a wide range of products and services, including home loans, commercial loans, and refinancing services. It also offers various loan protection and other insurance products. The bank also prides itself on its commitment to customer service, providing personalized advice and guidance to help customers make the right decisions for their particular circumstances. Platinum Mortgage Bank also has an online portal to provide customers with easy access to information about their services.
First Bank Mortgage Limited
First Bank Mortgage Limited aims to provide customers with innovative and tailored mortgage solutions. It offers a wide range of mortgage products, including consumer loans, mortgages, and home loans. It also offers flexible repayment plans to ensure customers have access to the funds they need. Furthermore, First Bank Mortgage Limited has an online portal which provides customers with easy access to information about their services. The bank also strives to provide quality customer service and has a team of experienced and knowledgeable staff who are available to provide customers with helpful advice.
It is important to ensure that you have a good credit score before applying for any loan, as this will give you access to the best loan terms and interest rates available.
Factors To Consider When Choosing A Lender
Knowing which mortgage bank to choose can be a daunting task. To make the process easier, here are seven factors to consider when choosing a mortgage lender:
Different mortgage banks will offer different interest rates. It’s important to compare different lenders to find the best rate for your situation.
Look for lenders that offer flexible repayment plans to meet your budget. Some will allow you to pay off your loan in one lump sum, while others may offer monthly or bi-monthly payments.
Many mortgage banks will require a minimum credit score before approving a loan. Make sure to check with the lender to ensure you meet their requirements.
Down payment requirements
Each lender will have its own down payment requirements. Make sure to review the lender’s minimum down payment requirements and make sure you can meet them.
Fees and closing costs
Be sure to review all fees and closing costs associated with the loan. These can add up quickly and can add to the overall cost of the loan.
Some lenders may have restrictions on the maximum loan amount they offer. Make sure to check with the lender to ensure you can get the loan amount you need.
Review the loan term to make sure it fits your timeline and budget. Some lenders may offer shorter loan terms than others, so make sure to check all your options.
By considering these factors, you can make an informed decision about which mortgage bank is the best option for your needs. Additionally, these considerations can help you ensure that you are getting the best rate and terms possible.
Frequently Asked Questions
When it comes to taking out a mortgage in Nigeria, there are plenty of questions that come up. We’ve got you covered with some of the most frequently asked queries and their answers!
What is a primary mortgage bank?
A primary mortgage bank is a financial institution that primarily specializes in offering mortgage finance and financial services related to mortgages. In Nigeria, all primary mortgage banks must be duly licensed by the Central Bank of Nigeria (CBN).
What type of mortgages do primary mortgage banks offer?
Primary mortgage banks in Nigeria typically offer home loans, land loans, building loans, bridging credit for real estate development, and other types of mortgages.
In the end, having an understanding of the various mortgage banks in Nigeria is a powerful knowledge to have. It allows you to make the most informed decision when it comes to finding the right mortgage bank to work with. After all, a mortgage is a significant financial decision, and no one wants to make the wrong one. With this list, you can feel confident that you have the right information to make the right decision. So make sure to do your research and pick the perfect mortgage bank for your needs.