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Expert reveals how to get home mortgage loan

Writing on an online platform, Financial Freedom Inspiration, Samantha Taylor, a community mentor of MortgageFit has explained steps to obtain housing loan in the country.

He said ‘You can get loan from different banks, with different loan terms and conditions. Prior to going to a lender, you can find out how much mortgage you can afford, by using online home mortgage calculator.

Mortgage loans are offered to Nigerians through accredited mortgage lending organisations and banks across the country. The Federal Mortgage Bank of Nigeria (FMBN) issues home mortgage loan through banks and raises fund for the loans through the National Housing Trust Fund (NHTF).”

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requirements for mortgage loan, he said ‘You need an introduction letter from your current employer to ensure that you are a permanent employee of that company. ‘You need to have copies of documents related to the property you want to purchase. ‘You need to produce a valuation report of the property where the purchase is from an original allottee. The valuation report should be accompanied by photographs, taken from all angles of the property.

‘You need to give a cash flow projection on repayment of the loan, where the processing fee will be 0.25 per cent annually, management fee will be 0.5 per cent quarterly, annual interest rate will be 15.75 per cent and at least 2.5 per cent of the loan amount will include fee towards perfection and sundry charges.

‘You have to produce salary stubs of last three months, to prove that you have a good steady income and you can afford to repay the loan amount. ‘You have to produce your bank account statement of last six to 12 months. ‘You need to produce an offer letter from the agent confirming your interest to purchase the property.

You can also take advantage of NHTF mortgages, even if you are a non-resident Nigerian. In that case, you will need to have a National Housing Trust number, to be eligible to get the loan.

The NHF scheme, according to the Federal Mortgage Bank of Nigeria (FMBN), is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels  such as civil servants, traders, artisans, commercial drivers etc.  who cannot afford commercial housing loans Any intending beneficiary must be registered contributor and up to date with his/her contributions.

The 2.5 per cent of monthly basic salary contribution qualify you to access the loan. The pool of funds created by the contributors nationwide becomes available to any contributor to borrow from, after contributing for a minimum of six months.

A contributor interested in obtaining NHF loan applies through a registered and duly accredited mortgage loan originator like Primary Mortgage Institution (PMI), who packages and forwards the application to FMBN.