Mortgage Application Form

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;

• 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)