Applying for a mortgage loan in Nigeria can be a challenging process, especially when it comes to finding the right bank that meets your financial needs. However, Access Bank, a leading Nigerian commercial bank, offers a range of mortgage loan options to help individuals and businesses achieve their financial goals. In this article, we will cover everything you need to know about applying for an Access Bank mortgage loan in Nigeria, including the requirements, application process, interest rates, and other related topics.
Access Bank Online Nigeria
Access Bank offers a range of online banking services that enable customers to access their accounts from anywhere in the world. Customers can access their accounts through the bank’s mobile app or website.
Access Bank Nigeria
Access Bank is a leading Nigerian commercial bank that offers a range of financial services, including mortgage loans, business loans, personal loans, and more. The bank has a presence in several African countries and the United Kingdom.
Access Bank Business Loan Requirements
Before applying for a mortgage loan with Access Bank, it is essential to meet the bank’s requirements. These requirements include:
- Age Limit: The applicant must be between 21 and 70 years old.
- Proof of Identification: A valid means of identification is required. This can be a National Identity Card, International Passport, or Driver’s License.
- Proof of Income: Applicants must provide proof of a steady income source. This can be in the form of payslips, bank statements, or tax returns.
- Property Valuation: The property to be purchased must be valued and appraised by a professional valuer.
- Down Payment: Applicants must make a down payment of at least 30% of the property value.
How to Apply for Access Bank Mortgage Loan in Nigeria
Access Bank provides mortgage loans to individuals who wish to own property in Nigeria. Here’s how to apply for an Access Bank Mortgage Loan in Nigeria:
- Check eligibility: Before applying for a mortgage loan, it’s important to ensure that you meet the bank’s eligibility criteria. Typically, Access Bank requires borrowers to have a steady source of income, good credit history, and a minimum age of 18 years.
- Gather required documents: To apply for an Access Bank Mortgage Loan, customers must provide the following documents:
- Valid means of identification (National ID, Driver’s License, or International Passport)
- Proof of income (Salary statement, pay slip, or bank statement)
- Proof of employment (Letter of employment or confirmation of employment)
- Proof of property ownership (Certificate of Occupancy or Deed of Assignment)
- Apply online: Customers can apply for an Access Bank Mortgage Loan online by visiting the bank’s website and clicking on the “Apply Now” button. Follow the prompts and provide the necessary information.
- Apply via USSD: Customers can also apply for an Access Bank Mortgage Loan by dialing 1571# and following the prompts.
- Visit a branch: Alternatively, customers can visit any Access Bank branch to apply for a Mortgage Loan. Ensure that you have all the required documents before visiting the branch.
- Wait for approval: After submitting your application, the bank will review your application and documents. If your application is approved, the bank will disburse the loan amount to your account.
Applying for an Access Bank Mortgage Loan in Nigeria is a straightforward process. Customers can apply online, via USSD, or by visiting any Access Bank branch. Ensure that you have all the required documents and meet the eligibility criteria before applying.
Access Bank Business Loan Code
Access Bank has a special code that enables customers to access their loan services. To apply for a mortgage loan with Access Bank, dial *901*11# and follow the prompts.
Access Bank Customer Care
If you have any questions or concerns about Access Bank’s mortgage loan services, you can contact the bank’s customer care center through any of the following channels:
- Phone: +234 1-2712005-7, +234 1-2802500
- Email: contactcenter@accessbankplc.com
- Social Media: Twitter, Facebook, and Instagram.
Access Bank Device Financing
Access Bank offers a device financing option that enables customers to purchase electronic devices such as smartphones, laptops, and tablets. The device financing option allows customers to pay for their devices over a specified period.
How to Apply for Access Bank Mortgage Loan in Nigeria *157*1#
To apply for an Access Bank mortgage loan in Nigeria, follow the steps below:
- Dial *157*1# on your mobile phone.
- Select the mortgage loan option.
- Enter your personal details and loan amount.
- Provide information about the property to be purchased.
- Upload the required documents.
- Submit your application.
How to Access Mortgage Loans in Nigeria
To access a mortgage loan in Nigeria, you must first identify a bank that offers mortgage loan services. Once you have identified a bank, you can visit their website or visit any of their branches to begin the application process.
How to Apply for Access Bank Loan Online
To apply for an Access Bank loan online, follow the steps below:
- Visit the Access Bank website.
- Click on the “Loans” tab.
- Select the type of loan you want to apply for (in this case, a mortgage loan). 4. Fill out the application form with your personal and loan details.
- Upload the required documents.
- Submit your application.
How to Apply for Access Bank Loan using USSD Code
To apply for an Access Bank loan, follow the steps below:
- Dial *901# on your mobile phone.
- Select the loan option.
- Follow the prompts to provide your personal and loan details.
- Upload the required documents.
- Submit your application.
Interest Rate on Mortgage Loans in Nigeria
The interest rate on mortgage loans in Nigeria varies from bank to bank. However, Access Bank’s mortgage loan interest rate ranges from 18% to 21% per annum, depending on the loan amount and tenure.
Maximum Amount that the Bank Can Lend Out
The maximum amount that Access Bank can lend out depends on the borrower’s income, property value, and other factors. However, the maximum amount that can be borrowed is usually 80% of the property value.
Access Bank Loan Rate
Access Bank’s loan rates vary depending on the type of loan and loan amount. For mortgage loans, the interest rate ranges from 18% to 21% per annum, while personal loans have an interest rate of 15% to 28% per annum.
Instant Loan from Access Bank
Access Bank offers an instant loan option called “Quick Bucks,” which enables customers to access up to N5 million within minutes. To apply for a Quick Bucks loan, dial 90111# and follow the prompts.
Paying Back Access Bank Loan Before Due Date
To pay back an Access Bank loan before the due date, customers can visit any of the bank’s branches or make a transfer through the bank’s online platform. Early repayment may attract some penalties, which vary depending on the loan type.
Checking Access Bank Loan Amount
Customers can check their Access Bank loan amount by dialing *901*11# and following the prompts or by visiting any of the bank’s branches.
Principal Disbursement in Access Bank
Principal disbursement is the process of releasing the loan amount to the borrower’s account after all the necessary documentation and verification have been completed.
*901*14# Code
The *901*14# code is used to access Access Bank’s mobile banking services, including balance inquiries, fund transfers, and bill payments.
How Long Does Access Bank Mortgage Loan Last?
The tenure for Access Bank Mortgage Loan can range from 5 years to 20 years, depending on the borrower’s preference and the type of mortgage loan being offered. The duration of the loan can be discussed during the loan application process, and it is important to note that the tenure will also determine the interest rate charged on the loan.
Generally, longer tenures attract lower interest rates but result in higher total interest payments over the life of the loan. On the other hand, shorter tenures attract higher interest rates but result in lower total interest payments over the life of the loan. It is important for borrowers to consider their repayment capacity before selecting a tenure for their Access Bank Mortgage Loan.
FAQ
How can I qualify for a mortgage loan from Access Bank?
Ans: To qualify for a mortgage loan from Access Bank, you must meet the bank’s requirements, provide proof of identification and income, and make a down payment of at least 30% of the property value.
What is the interest rate on mortgage loans in Nigeria?
Ans: The interest rate on mortgage loans in Nigeria varies from bank to bank, but Access Bank’s mortgage loan interest rate ranges from 18% to 21% per annum, depending on the loan amount and tenure.
How much can I borrow from Access Bank?
Ans: The maximum amount that Access Bank can lend out depends on several factors, including the borrower’s income, property value, and creditworthiness. However, the maximum amount that can be borrowed is usually 80% of the property value.
Can I get an instant loan from Access Bank?
Ans: Yes, Access Bank offers an instant loan option called “Quick Bucks,” which enables customers to access up to N5 million within minutes.
Can I pay back my Access Bank loan before the due date?
Ans: Yes, customers can pay back their Access Bank loan before the due date by visiting any of the bank’s branches or making a transfer through the bank’s online platform. However, early repayment may attract some penalties, which vary depending on the loan type.
Do I need a BVN number to apply for a loan from Access Bank?
Ans: Yes, Access Bank requires customers to have a BVN number before applying for a loan. The BVN number is a unique identification number that links all bank accounts belonging to an individual. It is a mandatory requirement for all Nigerian banks.
How can I check my Access Bank loan amount?
Ans: Customers can check their Access Bank loan amount by dialing *901*11# and following the prompts or by visiting any of the bank’s branches.
What is the principal disbursement in Access Bank?
Ans: Principal disbursement is the process of releasing the loan amount to the borrower’s account after all the necessary documentation and verification has been completed.
Conclusion
Access Bank provides mortgage loans to individuals who wish to own property in Nigeria. The bank’s mortgage loan interest rate ranges from 18% to 21% per annum, depending on the loan amount and tenure.
To apply for an Access Bank mortgage loan, customers can dial *157*1# or visit any of the bank’s branches. The maximum amount that can be borrowed is usually 80% of the property value, and customers can pay back their loans before the due date by visiting any of the bank’s branches or making a transfer through the bank’s online platform.
It is mandatory for customers to have a BVN number before applying for a loan, and customers can check their loan amounts by dialing *901*11#. Additionally, Access Bank offers an instant loan option called “Quick Bucks,” which enables customers to access up to N5 million within minutes.
Overall, Access Bank provides a variety of loan options to help individuals achieve their financial goals.
