Personal Home Loan (Mortgage)
This product is designed to part-finance the acquisition, construction or refinancing of residential properties in FirstBank approved locations.
- Available to salaried employees on FirstBank pre-approved list of Employers
- Maximum tenor is 20 years subject to retirement age of 60 years
- Simplified Documentation
- Minimum down payment of up to 20-30% 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.
- Application letter
- Duly completed Personal Home Loan Application form
- Current 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
- Other KYC documentation for account opening.
Who is eligible for home loan?An applicant with a verifiable & steady income (paid employment or self-employed)
What is the minimum loan amount on a mortgage?N1 million
What is the maximum loan amount on a mortgage?N50 million
What is the loan tenure?Maximum of 20 years subject to 60 years retirement age. <4>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.
What documents do I need to submit to avail 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.
Can a Joint Mortgage be packaged for spouses?Yes
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.
How do I repay the loan?From your income (cash flow)
Can the loan be paid down before the facility expires?Yes, after 12 months
Do I need to open an account with FirstBank to access and service the loan?Yes
What are the stages involved in taking a mortgage loan?
- Pre-assessment Stage
- Processing & Approval Stage
- Perfection Stage
What are the various types of home loans offered by the Bank?
- Outright Purchase
- Construction Mortgage
- Home Equity (Refinancing)