In life, we all strive to achieve multiple goals. For some of us, our goals may include: finishing school, getting a job, getting married and then having our own keys to a place we'll call home. Ultimately, one of the major life goals for many people is to own a home. This process is easier said than done. It can be rather difficult, time-consuming, and even frustrating. Some of us may not be able to buy a home with our own cash or in full at once but thanks to trained individuals and banks we are able to do this much easier than before. To learn more about banks that will assist you in achieving this life goal and to find out a list of mortgage banks in Nigeria continue reading the article below.
What is mortgage?
As a beginner, you may be wondering "what does the term mortgage mean?". Mortgage, in simple terms, is the word used to describe a legal agreement.This kind of legal agreement is between an individual and the financial institute in which an asset or in this case, the property is used as security or collateral for a loan. The mortgage functions to assist individuals by financing their purchase of a home. As with any other bank, there will be interest and this interest will be recorded in a public government registry of the title documents. Mortgages are usually paid monthly and include insurance.
List of mortgage banks in Nigeria
There are many banks in Nigeria but for the purpose of this article, we will only discuss those concerning mortgage. Below, I took the opportunity to make your selection easier by providing you with the list of some of the most popular mortgage banks in Nigeria. They are as follows:
1. Abbey Mortgage Bank PLC
2. Access Bank
3. Federal Mortgage Bank of Nigeria
4. First Bank Nigeria Mortgages
5. Imperial Homes Mortgage Bank
6. Infinity Trust Mortgage Bank PLC
7. Nigeria Police Mortgage Bank
8. Platinum Mortgage Bank Ltd
9. Trust Bond Mortgage Bank PLC
READ ALSO: Anyone who can afford N30,000 will be able to own a house - Osinbajo.
Things you should know about some of the most popular mortgage banks in Nigeria
1. Abbey Mortgage Bank PLC
This is the largest commercial bank that is not aligned with the Primary Mortgage Bank of Nigeria. It is an accredited bank that is licensed by the Federal Bank of Nigeria and the Central Bank.This bank offers many services including that of mortgage, as the name suggests. Its offers are directed towards corporate organizations and individuals, allowing them access to finances for housing and real estate services.
2. Federal Mortgage Bank of Nigeria
Formerly known as the Nigerian Building Society, the Federal Mortgage Bank Of Nigeria was established in the twentieth century. This bank gives loans to all sectors of Nigeria's population whilst building long term capital, loan amounts and boosting the enlargement of their amenities geared towards mortgage loans.
3. First Bank Nigeria Mortgages
This is Nigeria's leading Primary Mortgage Bank. It is a dedicated provider that focuses on offering the best services of its kind. This bank assists its customers in making analytical steps to the top-notch development of real estates and home ownership.
READ ALSO: Federal government inaugurates 133 housing units in Niger state
4. Nigeria Police Mortgage Bank
This bank provides services to both members of the police force and other individuals via highly proficient human resources. It utilizes the top-notch technology in hopes to reap optimal returns on investment to stakeholders.
5. Platinum Mortgage Bank Ltd
Formally known as Platinum Home Investment and Mortgage Limited, this licensed bank recapitalized into one of Nigeria's leading primary mortgage establishments. It constantly creates new products and services. It also makes use of the most recent information technology and essential professional administration.
Your future is in your hands
Now you have a clearer understanding of what a mortgage is, go ahead and schedule an appointment at a time convenient for you. After you have set the date at any of the banks listed above you can proceed with preparing for your consultation. At your interview or consultation, be sure to ask all the questions you feel are necessary. If you feel confident and a hundred percent comfortable with all you were told then you are ready for the next big steps. Congratulations in advance on your successful new purchase! Questions about the requirements, interest rates, methods and duration of pay back should be at the top of your list.
READ ALSO: Functions of Commercial Banks in Nigeria.
