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;

 

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)

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