Personal Home Loan (Mortgage)

Buying your first home, constructing or simply renovating? Our flexible home loan will give you the financial boost you need to support your project.

Features

  • Available to individuals with verifiable and steady income flow
  • Maximum tenor is 20 years, subject to retirement age of 60 years
  • Simplified Documentation
  • Minimum down payment of below 30%, subject to the location
  • Competitive interest rates
  • No equity contribution is required for Home Equity Refinancing
  • Property to be financed must be residential and not for commercial purpose.

 

Required Documents

  • Application letter
  • Personal Home Loan Application form
  • Last 3 months payslip
  • Statement of accounts
  • Applicant’s letter of total emolument
  • Confirmation of applicant’s employer on FBN approved list
  • Valid title document
  • Letter for irrevocable domiciliation of salary for the duration of the facility.

 

Who Can Apply

Employees in paid employment and self-employed professionals.

To apply for the Personal Home Loan,

1) Who is eligible for home loan?

An applicant with a verifiable & steady income (paid employment or self-employed)

2) What is the minimum loan amount on a mortgage?

N1 million

3) What is the maximum loan amount on a mortgage?

N50 million

4) What is the loan tenure?

Maximum of 20 years subject to 60 years retirement age.

5) Do I have to make any down payment?

Yes, Minimum of 30% on the cost of the property to be bought or constructed irrespective of the location.

6) What documents do I need to submit to get a Home Loan?

  • Offer Letter from the vendor/owner, letter of application, Home Loan application, letter of Introduction from employer.
  • Letter of awareness and irrevocable domiciliation where necessary.
  • Current tax clearance, current tenement receipt, pay slip.
  • Valuation report if it is an old house.
  • Bill of quantity if it is a construction home loan.
  • Copy of the title document to enable a legal search.

7) Can a Joint Mortgage be packaged for spouses?

Yes

8) What security/collateral do I have to provide?

Typically the security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.

8) How do I repay the loan?

From your income (cash flow)

9) Can the loan be paid down before the facility expires?

Yes, after 12 months

10) Do I need to open an account with FirstBank to access and service the loan?

Yes

11) What are the stages involved in taking a mortgage loan?

  • Pre-assessment Stage
  • Processing & Approval Stage
  • Perfection Stage

12) What are the various types of home loans offered by the Bank?

  • Outright Purchase
  • Construction Mortgage
  • Home Equity (Refinancing)

13) Can I access a Home loan on an uncompleted building?

Yes, It could be packaged as a construction home loan or refinancing loan as the case may be.

14) How do I approach FirstBank for a Home Loan?

Through any of our branches closest to you.

15) Can FirstBank assist me in selecting a home of my choice?

Yes, we have a list of reputable estate developers whom we partner with. You can decide to purchase from any of them but this is strictly at your discretion. This service provides the customer assistance in identifying a property that fulfills his/her requirements from a vast database of properties.

16) Do I need to pay additional charge apart from the interest rate?

Yes. The cost of perfecting the title of the property to cover the interest of the bank.

17) Who can be the co-applicants for the loan?

You could include your spouse as a co-applicant for the loan and we shall include his/her income to enhance your loan amount.

You may also like…

Loan Calculator: Use our mortgage calculator to view our current mortgage deals.

Domicilliary Account: This account allows you save in US Dollars, Pounds Sterling or Euro.

Credit Cards: Enjoy the buy now pay later facility our credit cards offer you, as well as other numerous benefits. 

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FirstBank Privacy Policy for IBM DNA E-Learning

YOUR PRIVACY FIRST

At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and staff).

  1. FIRSTBANK AND YOU

This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the IBM DNA learning platform to meet your needs.

  1. YOUR PERSONAL INFORMATION

In the course of consuming the services provided to you by IBM through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

  1. CONSENT

We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

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The following rights are available to you under this policy:

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FirstBank Privacy Policy for Roducate

YOUR PRIVACY FIRST

At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and staff).

  1. FIRSTBANK AND YOU

This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the Roducate learning platform to meet your needs.

  1. YOUR PERSONAL INFORMATION

In the course of consuming the services provided to you by Roducate through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

  1. CONSENT

We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

  1. YOUR RIGHTS UNDER THIS POLICY

The following rights are available to you under this policy:

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E-Learning Roducate Registration

If you are 18 years and above, kindly complete the form below.

If you registering for someone below 18 years, please provide your details under Parents/Guardian

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E-Learning IBM-DNA Registration

If you are 18 years and above, kindly complete the form below.

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FirstBank Privacy Policy for Curious Learning

YOUR PRIVACY FIRST

At First Bank Nigeria Limited, we put you first and are thus committed to protecting and respecting you privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and staff).

  1. FIRSTBANK AND YOU

This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the Curious Learning platform to meet your needs.

  1. YOUR PERSONAL INFORMATION

In the course of consuming the services provided to you by Curious Learning through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

  1. CONSENT

We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

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The following rights are available to you under this policy:

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E-Learning Curious Learning

For Parent / Guardian

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Email address:

Mobile telephone number:

Parents should kindly complete the form below for their wards.

Name of student:

Gender:
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Age:

Name of School/location:

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