What are the Top 10 Mortgage Banks In Nigeria? Many mortgage banks in Nigeria take out individual loans to buy real estate at good interest rates. Are you looking for the best mortgage rate in Nigeria, this article is the list of the top 10 banks that give mortgage loans in Nigeria.
But before we list the different banks that give mortgage loans in Nigeria and their details, let’s talk about what mortgage institutions do.
What Is Mortgage Bank/Mortgage Institution?
A mortgage bank is an institution that offers a wide range of mortgage services. This includes offering loans to a person who wants to buy houses and other real estate. Reliable mortgage banks offer loans at reasonable interest rates and are registered and recognized by the Central Bank of Nigeria (CBN).
Loans offered by these mortgage institutions are repaid in installments by the beneficiary. Before you can access a mortgage loan, most of these banks require you to earn at least a minimum wage of N300,000 to N500,000 with other requirements. Below is the list of the best 10 banks that give mortgage loans in Nigeria where you can apply for a mortgage loan.
Top 10 Mortgage Banks In Nigeria
Here are the rankings of the Top 10 Mortgage Banks In Nigeria offering the best mortgage banking services in the country;
1. FBN Mortgages Ltd
First Bank of Nigeria Mortgages Limited is one of the best banks that give mortgage loans in Nigeria. With years of experience in providing quality services in the banking sector, mortgage bank FBN strives to offer the best mortgage banking services and products that reflect the dominance of its controller – First Bank in the country’s financial services sector.
This financial institution offers a wide range of mortgage and mortgage financing solutions to help its growing clients. Through these mortgage services, they hope to help that client develop an ideal property and property.
2. Abbey Mortgage Bank Plc
Abbey Mortgage Bank Plc is arguably the best, largest, and most profitable non-aligned primary mortgage bank in the country. The bank obtained its license from the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria (FMBN), along with seven other national primary mortgage banks (PMB). The Mortgage Institute has also been accredited for on-lending by the National Housing Funding (NHF).
Abbey Hypotheekbank offers various mortgage and investment products. This is complemented by the guidance and counseling services they provide to business organizations, including individuals, to give them access to housing financing. In addition, the bank provides and facilitates the provision of mortgages and real estate-related services.
3. Platinum Mortgage Bank Ltd
Another best top 10 banks that give mortgage loans in Nigeria is Platinum Mortgage Bank Ltd. Established in 1992 by the Corporate Affairs Commission, this mortgage institution aims to provide savings, loans, and homeownership services and is licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria.
It is supported by Decree CBN 24 of 1991 and Decree FMBN No. 53 of 1989 respectively for the provision of mortgage banking services in the country. The bank has its administrative headquarters in Lagos, with branches at strategic points in Nigeria.
Initially known as Platinum Home Investment and Mortgage Limited, PMB Limited has been recapitalized into a primary quality assurance mortgage institution, and they are backed by innovative products, services, the latest information technology, and essential professional management.
4. Safetrust Mortgage Bank
Safetrust Mortgage Bank Limited, formerly known as Safetrust Savings and Loans Limited, is one of the leading primary mortgage banks (PMB) in Nigeria. The Mortgage Institute was established on December 2, 1992, and began operations in December 1993, with its registered office at Rua Keffi Ikoyi, 18, Lagos.
The bank is licensed by the Central Bank of Nigeria (CBN) and is also accredited by the Federal Bank of Mortgages of Nigeria (FMBN) for disbursing National Housing Fund (NHF) loans to taxpayers.
The ownership of Safetrust mortgage bank is diversified with shares owned by institutional investors, high net worth individuals, and professionals in various sectors. With all this, they want to offer top-notch mortgage banking services to their numerous clients.
5. Trustbond Mortgage Bank
Trustbond Mortgage Bank Plc was established in 2005, with its administrative headquarters in Lagos. This mortgage bank was created after the revision of the capital structure of the banks in 2005. And it’s one of the best Top 10 Mortgage Banks In Nigeria.
This happened with the takeover of Gateway Bank by Intercontinental Bank Plc. Moreover, Access Bank after its acquisition in 2011, has Intercontinental Homes as one of its subsidiaries.
Trustbond Mortgage Banks has a current paid-up capital of over N5 billion. The bank is a highly connected financial company and operates in every state of the country.
6. Federal Mortgage Bank of Nigeria (FMBN)
Founded in 1956, the Federal Mortgage Bank of Nigeria (FMBN) was initially recognized as the Nigerian Building Society (NBS). They were a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria.
The Mortgage Institute serves as an effective tool to increase long-term fundraising, credit volume, and expansion of mortgage lending. Its services are present in all areas within the national borders.
The core mission of the Federal Mortgage Bank is to provide other mortgage banks in Nigeria with access to long-term credit services at standard rates that enable other mortgage institutions to provide loans to individuals wishing to buy their own homes.
It provides for the establishment, promotion, and development of other mortgage institutions at the federal and state levels. The Federal Mortgage Bank of Nigeria is also required to license other mortgage institutions that wish to operate in Nigeria. This should be the number in our list of top 10 mortgage banks in Nigeria.
7. Lagos Building Investment Company
Lagos Building Investment Company PLC (LBIC) was incorporated on November 14, 1980, as a corporate mortgage institution in Lagos State. The organization aims to provide mortgage financing facilities to those assigned from the various low-cost housing plans built by the state government (between 1979 and 1983).
The LIBC became a fully dedicated Primary Mortgage Bank (PMB) with the enactment of the Mortgage Institutions Act No. 53 of 1980. Interestingly, the Mortgage Bank has contributed immensely to housing construction, establishing over twenty-two thousand (22,000) mortgages in Lagos State. His works can be seen in and out of the state.
8. Savings and Loans in Resorts
Resort Savings & Loans is a primary mortgage institution (PMI) whose purpose is to provide services and create mortgage assets and other lines of credit for its clients. The Mortgage Institute has more than 20 years of operational experience in the country, and they have grown steadily in performance, acceptability, and reputation. Resort Savings and Loans is headquartered at 25, Olowu Street, Ikeja, Lagos, with several other branches across the country.
9. Akwa Savings and Loans Limited
Here is another top mortgage bank in our list of top 10 mortgage banks in Nigeria; Akwa Savings And Loans Limited is a building society wholly owned by the Akwa Ibom State Government. It was incorporated and incorporated on November 25, 1993, under the name of Akwa Mortgage Finance Limited with a fully paid-up capital of N20 million.
The Mortgage Institute is headquartered in Lot 1, Block 1, Federal Housing Estate, Abak Road, Uyo, where it oversees several other branches within and across the state line. Regardless of whether it is a state mortgage bank, it is also open to non-indigenous people to carry out their mortgage banking business.
10. Saving and borrowing
Aso Savings and Loans Plc is a financial services company incorporated on December 9, 1995, in Nigeria. They tend to offer mortgage banking products and services. The Mortgage Institute also offers a variety of transaction accounts, fixed deposits, and financial loans.
This mortgage bank’s services also extend to e-banking solutions, such as mobile and desktop banking. Ask Savings and Loans Plc is headquartered at lot 266, FMBN Building, Cadastral Zone A, Central Business District, Abuja.
Basic Requirements to Access a Mortgage Loan in Nigeria (2024)
All Nigerian banks now offer mortgages through their subsidiaries as mentioned above. You just need to meet the requirements to access these facilities from these top mortgage providers. Some mortgage institutions operating in Nigeria require the applicant to have a minimum wage of 300,000 or ₦500,000 per annum to qualify for the loan.
These are the basic requirements to access the top 10 mortgage banks in Nigeria in 2021:
- A mortgage application form.
- A cover letter from your employer to prove that you are an employee of the company.
- Copy of several documents of the property you wish to acquire.
- You must provide your bank statement for the last 6 to 12 months.
- A valid means of identification such as an international passport, ID card, or driver’s license
- Depending on your institution’s policies, you may be required to provide payslips or payslips from the past three months.
- Utility bills to show proof of address.
- Job letter and confirmation, and confirmation can be used for jobs of 2 years or up to 7 years of work experience.
Conclusion
These are the top 10 mortgage banks in Nigeria in 2024. With their quality products and services, they can provide good options in mortgage banking in the country.
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