{"id":2084,"date":"2016-10-11T11:52:44","date_gmt":"2016-10-11T11:52:44","guid":{"rendered":"http:\/\/www.tolet.com.ng\/blog\/?p=2084"},"modified":"2018-09-12T11:47:30","modified_gmt":"2018-09-12T10:47:30","slug":"the-basic-mortgage-requirements","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/the-basic-mortgage-requirements\/","title":{"rendered":"The basic mortgage requirements in Nigeria"},"content":{"rendered":"

In Nigeria today, a middle-class person does not need to bear the burden of having to own a home all by himself. He can choose to leverage on his equity or share of ownership by applying for a mortgage\u00a0from financial institutions available in the country. Virtually all banks in Nigeria have a mortgage arm with branch outlets all over the country.<\/p>\n

Some of the mortgage\u00a0institutions available in Nigeria<\/a>\u00a0now have the minimum salary requirement\u00a0for any applicant to be N300,000 per annum as a benchmark to be eligible for the loan facility. It is also possible to get a facility up to N200 million and a minimum facility of around N5million.<\/p>\n

ALSO READ:\u00a0How to Get Your Dream Home by Paying Rent<\/a><\/strong><\/p>\n

The basic requirements for accessing a mortgage facility are as follows;<\/p>\n

    \n
  1. An application form<\/li>\n
  2. An introduction letter from your employer is needed to ensure that you are indeed an employee of the company.<\/li>\n
  3. Copy of documents of the property you want to purchase<\/li>\n
  4. You are required to present the paychecks or pay slips of the last three months depending on the institution’s policy. This is needed in order to verify that you have a steady income and you can afford to repay the loan you are requesting for.<\/li>\n
  5. Your bank account statement for the last six to twelve months should be presented as well, depending on the requirements of the financier<\/li>\n
  6. A means of identification such as International passport, National ID card, Driver’s license should be presented<\/li>\n
  7. Letter of employment as well as confirmation, and confirmation can be used on jobs from jobs of 2years or up to 7years working experience<\/li>\n
  8. Utility bills should be provided<\/li>\n
  9. An approved building plan should be presented<\/li>\n
  10. \u00a0Domiciliation\u00a0of the applicant\u00a0salary accounts with the bank or mortgage\u00a0institution<\/li>\n<\/ol>\n

    ALSO READ:\u00a06 Steps to Getting a Successful Mortgage in Nigeria<\/a><\/strong><\/p>\n

    Asides these requirements, any loan facility to be granted always follows three steps which are;<\/p>\n

      \n
    1. Assessment<\/li>\n
    2. Processing and approval<\/li>\n
    3. Perfection<\/li>\n<\/ol>\n

      However, keep in mind that upon commencement, some fees might be required such as perfection fees, processing fees ranging from about 0.25%<\/p>\n

      A lot\u00a0of Nigerians,\u00a0mostly never give into the use of mortgage institutions based on the belief that mortgage institutions are profit oriented and not customer oriented while others are simply afraid of \u00a0‘debts’. Some have ended up getting defrauded, paying wrong parties or building on lands <\/a>involved in a\u00a0legal tussle or owned by the government. With all of these in mind, asides making finances available, mortgage institutions\u00a0carry out due diligence on the property<\/a> or land during the process of assessment to find out if the buyer can go ahead with the purchase<\/a> or otherwise inform the buyer about any trace of ingenuity or doubt to discourage the purchase.<\/p>\n

      All in all, once the above requirements, as well as any other additional necessities, based on the mortgage\u00a0institution of your choice, have been met, you can get your dream house with ease.<\/p>\n","protected":false},"excerpt":{"rendered":"

      In Nigeria today, a middle-class person does not need to bear the burden of having to own a home all by himself. He can choose to leverage on his equity or share of ownership by applying for a mortgage\u00a0from financial institutions available in the country. Virtually all banks in Nigeria have a mortgage arm with …<\/p>\n","protected":false},"author":14,"featured_media":2101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[38,32],"tags":[298,300,299,186,184,292,82,238,89],"class_list":["post-2084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-real-estate-news","tag-basic-requirements","tag-dream-house","tag-financing","tag-mortgage-in-nigeria","tag-mortgage-institutions","tag-nigeria","tag-real-estate","tag-real-estate-in-nigeria","tag-tolet-com-ng"],"_links":{"self":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/2084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/comments?post=2084"}],"version-history":[{"count":7,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/2084\/revisions"}],"predecessor-version":[{"id":11029,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/2084\/revisions\/11029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media\/2101"}],"wp:attachment":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media?parent=2084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/categories?post=2084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/tags?post=2084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}