In this article, we’ll take a look at the top 10 mortgage banks in Nigeria, based on factors such as mortgage rates, loan terms, customer service, and reputation. We’ll also provide information on the mortgage application process in Nigeria, as well as eligibility requirements.
What is a Mortgage Bank?
A mortgage bank is a financial institution that specializes in originating and servicing mortgage loans. Mortgage banks use their own capital or funds borrowed from other banks to make mortgage loans to borrowers. After a mortgage loan is originated, the mortgage bank may retain the loan in its portfolio, or it may sell the loan to another investor. Mortgage banks may also service mortgage loans, which means that they collect monthly payments from borrowers and forward them to the investor.
Why Get a Mortgage from a Mortgage Bank in Nigeria?
When you’re looking for a mortgage, there are many different lenders to choose from. One option that many borrowers overlook is mortgage banks. Mortgage banks are specialized financial institutions that specialize in lending money for mortgages. They offer a variety of advantages over other types of lenders, they typically offer a wider range of loan products than other lenders, such as conventional mortgages, FHA loans, VA loans, and jumbo mortgages.
Mortgage banks often offer more competitive interest rates than other lenders. Mortgage banks typically have a faster closing process than other lenders. Mortgage banks often offer more personalized service than other lenders.
Benefits of getting a mortgage from a mortgage bank in Nigeria
If you are considering buying a home in Nigeria, getting a mortgage from a mortgage bank can offer a number of benefits. Here are some of the key reasons why:
- Access to affordable financing: Mortgage banks in Nigeria offer a variety of mortgage products with competitive interest rates and flexible repayment terms. This makes it possible for even borrowers with limited income to afford to buy a home.
- Convenience: Mortgage banks can help you through the entire home buying process, from finding a property to securing financing to closing on the deal. This can save you time and hassle, especially if you are not familiar with the Nigerian real estate market.
- Expert advice: Mortgage bankers are experts in the mortgage industry and can provide you with valuable advice on choosing the right mortgage product, negotiating with sellers, and managing your monthly payments.
- Security: When you get a mortgage from a mortgage bank, your home is used as collateral. This means that if you default on your loan, the mortgage bank can foreclose on your property and sell it to recoup their losses. This gives you peace of mind knowing that your investment is protected.
How to choose the best mortgage bank in Nigeria
Choosing the best mortgage bank in Nigeria can be a daunting task, but it’s important to do your research to find a lender that offers competitive rates, flexible terms, and excellent customer service. Here are a few key factors to consider when making your decision:
- Interest rates: Mortgage rates can vary significantly from lender to lender, so it’s important to shop around and compare offers. You can use online mortgage calculators to estimate your monthly payments at different interest rates.
- Loan terms: Mortgage terms typically range from 5 to 30 years, so you’ll need to decide how long you’re comfortable making payments. Longer terms mean lower monthly payments, but you’ll end up paying more interest over the life of the loan.
- Flexibility: Some lenders offer more flexibility than others when it comes to down payments, prepayment penalties, and other terms. It’s important to find a lender that can accommodate your individual needs.
- Customer service: When choosing a mortgage bank, it’s important to consider the quality of customer service. You want to be able to get help quickly and easily if you have any questions or problems.
List of Top 10 Mortgage Banks in Nigeria
- Infinity Trust Mortgage Bank Plc (ITMB)
Infinity Trust Mortgage Bank Plc (ITMB) is one of the leading mortgage banks in Nigeria, offering a wide range of products and services to help Nigerians achieve their dream of homeownership. They offer different product and service which include Infinity Mortgage Finance Scheme (IMFS), mortgage refinancing, mortgage bridging finance, mortgage guarantee
To be eligible for a mortgage loan from ITMB, you must be a Nigerian citizen or resident with a steady income and a good credit history. You must also be able to provide a down payment of at least 20% of the purchase price of the property. ITMB’s mortgage interest rates vary depending on the type of loan and the borrower’s creditworthiness. However, the bank offers competitive interest rates and flexible repayment terms.
ITMB has a good reputation among its customers. Many customers praise the bank’s competitive interest rates, flexible repayment terms, and responsive customer service.
- Abbey Mortgage Bank Plc
Abbey Mortgage Bank Plc is a leading non-aligned Primary Mortgage Bank in Nigeria that offers a wide range of products and services to help customers achieve their homeownership goals. Some of the key products and services offered by Abbey Mortgage Bank include home purchase mortgages, refinance mortgages, commercial mortgages, lending for affordable housing.
The eligibility criteria for Abbey Mortgage Bank products and services vary depending on the specific product or service being applied for. However, some general eligibility criteria include:being a Nigerian citizen or resident, have a steady source of income, have a good credit history.
The interest rates and fees for Abbey Mortgage Bank products and services vary depending on the specific product or service being applied for. However, the bank offers competitive interest rates and fees. Abbey Mortgage Bank has a good reputation among its customers. Many customers praise the bank’s customer service, competitive interest rates, and flexible lending options.
- Platinum Mortgage Bank Ltd (PMB)
Platinum Mortgage Bank Ltd (PMB) is one of the leading mortgage banks in Nigeria, offering a wide range of products and services to help Nigerians achieve their dream of homeownership. PMB’s products and services include mortgage Personal Stake (MPS), NHF Mortgage Loan, PMB Mortgage Loan, and refinancing.
To qualify for a mortgage loan from PMB, borrowers must meet the following eligibility criteria which include being a Nigerian citizen or have a valid work permit in Nigeria, have a minimum monthly income of NGN 200,000, and have a good credit history. PMB typically offers competitive interest rates and fees compared to other mortgage banks in Nigeria.
PMB has a good reputation among customers for its efficient and professional service. Customers have praised PMB’s staff for being knowledgeable and helpful, and for making the mortgage process as smooth as possible.
- Delta Trust Mortgage Bank Ltd
Delta Trust Mortgage Bank Ltd is one of the top mortgage banks in Nigeria, offering a wide range of products and services to meet the needs of a variety of customers. Some of the key products and services offered by Delta Trust Mortgage Bank Ltd include, ome loans, refinance loans, and commercial mortgages.
The eligibility criteria for Delta Trust Mortgage Bank Ltd products and services vary depending on the specific product or service being applied for. However, some general eligibility criteria include having a good credit history, be able to make a down payment of at least 20% of the purchase price of the property, and being a Nigerian citizen or resident.
The interest rates and fees for Delta Trust Mortgage Bank Ltd products and services vary depending on the specific product or service being applied for. Customers praise the bank’s competitive interest rates, flexible repayment terms, and helpful customer service. However, some customers have complained about the bank’s lengthy application process and high fees.
- Nigeria Police Mortgage Bank Plc
Nigeria Police Mortgage Bank Plc. (NPMB) is a leading mortgage bank in Nigeria that offers a variety of products and services to help Nigerians achieve their homeownership dreams. Some of the key products and services offered by NPMB include mortgage loans, mortgage refinancing, mortgage advisory services, and homeownership counseling.
To be eligible for a mortgage loan from NPMB, borrowers must meet the following criteria, you must be a Nigerian citizen or permanent resident, have a steady income and good credit history and be able to make a down payment of at least 20% of the purchase price of the property.
NPMB’s mortgage interest rates vary depending on the borrower’s credit score, loan amount, and term. The bank also charges a number of fees associated with mortgage loans, such as origination fees, appraisal fees, and closing costs. NPMB has received mixed reviews from customers. Some customers have praised the bank for its competitive interest rates and helpful staff. Others have complained about the bank’s lengthy application process and hidden fees.
Conclusion
The top 10 mortgage banks in Nigeria offer a variety of products and services to meet the needs of homeowners of all income levels. Whether you are looking for a traditional mortgage, a government-backed loan, or a more flexible financing option, there is a mortgage bank on this list that can help you achieve your dream of owning a home.