1). Application.
- A mortgage application
- Open an account with AG Mortgage Bank Plc. with minimum of N80,000.00 for Land title search, property valuation report and credit bureau search
2). Form of Identification.
- Driver’s Licence / International Passport / National Identity Card / Voter’s card of each signatory to the account.
- 5 passport photographs
- Utility bill
- 2 references
3). Documents for income verification.
- Pay slips for the latest 3 months where applicable.
- Evidence of any additional income from sources other than main employment for the past 12 months (where necessary).
- Statements of accounts for the last 24 months from customer’s bank.
- Evidence of additional source of income.
- Certificate of Incorporation, Form CAC 2, CAC 7 and CAC 10 of the company
4). Documents relating to security and other requirements
- Copies of title documents of the proposed property
- Letter of authority to debit account for search and valuation fees
- Minimum of 30% equity contribution
- Tax clearance certificate and evidence of payment of Ground rent and/or Tenement rate where applicable
- Vendor’s letter of offer or Contract of sale duly executed by the vendor and the
borrower (Offer and Acceptance letter)
- Tenor – Maximum of 3-5years
5). Fees required
- Interest rate – Prime Lending Rate is 20–28% per annum (Depending on Individual Risk Rating)
- Government rate for NHF loan is 6%.
- Management fee – 1% flat of the proposed loan amount (payable upfront)
- Perfection fees. (where necessary)
- Mortgage protection Insurance – 0.55% of the loan amount (payable annually)
- Property Insurance – 0.25% of the value of the property (payable annually)
- All other rates are subject to specific mortgage administration agreements & policy loans
6). Others
- Deposit of amount required for title perfection in the Borrower’s name
- Deposit of amount required for Legal mortgage perfection
SUBSCRIBERS (OFF-TAKERS)
- Open NHF account with AG Mortgage Bank Plc.
- Equity contribution towards the cost of the property thus;
Amount (N) |
Equity Contribution |
1 million – 5 million |
No equity required |
5.1 million -15 million |
10% of property value |
- A completed and executed NHF Loan Application form
- A written application letter for NHF loan
- Applicant’s pay slip (last three months)
- Evidence of Registration with FMBN as NHF contributor (Copy of updated NHF passbook Minimum of 6-months continuous contribution)
- Copy of Birth certificate /Age declaration
- Payment of a non-refundable fee of N105,000 as processing fee
- Tax Clearance Certificate (non-civil servants)
- Six passport photo graphs
- Letter of undertaking by the applicants that He/She has not earlier obtained NHF loan
- Six months bank statement (Salary Account or other accounts)
- Employment/Promotion letter.
FEES REQUIRED FOR PROCESSING NHF
- Interest rate – 6% per annum
- Mortgage Fee – 1.25% Flat of the approved loan amount (payable upfront)
- Perfection fees – 10% of the approved loan amount (payable to FMBN)
- Mortgage protection Insurance – 0.55% of the approved loan amount (payable annually)
- Property Insurance – 0.25% of the value of the property (payable annually)