Buying a house often goes hand in hand with taking out a housing loan. A housing loan is a fund intended to advance all or part of the cost of housing. This type of loan also applies when you want to buy land for the construction of a house, or when you are considering rehabilitation work on your home. Many organizations and banks in Nigeria offer this type of credit.
Many housing loan providers in Nigeria differ in terms of loan rates, loan conditions, and the guarantees required in the event of insolvency.
This is why it is important to choose the right housing loan provider, in order not to suffer from a disadvantageous financing agreement. We have selected a list of the top 10 housing loan providers that you can choose from.
Here are the top housing loan providers in Nigeria:
1. Infinity Trust Mortgage Bank Plc
Infinity Trust Mortgage Bank Plc was incorporated on 28th January 2002, as Infinity Trust Savings & Loans Limited. However, it commenced business operations in Abuja, in 2003.
The bank was converted to a Public Limited Liability Company on 25th January 2013 and had to change its name to Infinity Trust Mortgage Bank Plc.
In 2014, it became a National Mortgage Bank. Currently, the bank has equity shareholding in the Nigeria Mortgage Refinance Company (NMRC). It offers the following Mortgage:
- Infinity Mortgage Finance Scheme (IMFS) – a mortgage fully funded by the bank with appealing interest rates.
- National Housing Funds Scheme (NHFS) – a mortgage fully funded by FBMN.
2. FirstTrust Mortgage Bank Plc
FirstTrust Mortgage Bank Plc is a primary mortgage bank that emerged from the merger between First Mortgages Limited and TrustBond Mortgage Bank Plc in 2019. Besides a strong capital base and assets totaling over ₦20 billion, FirstTrust has over 100 years of combined management experience in providing mortgage and real estate finance solutions.
FirstTrust offers the following Mortgage solutions:
- Outright Purchase Mortgage
- I VAL Mortgage Loan
- Construction Finance
- Construction Mortgage
- Equity Release
- Home Mortgage Refinance
- Home Improvement Refinance
- Diaspora Mortgage
- Land Acquisition / Micro Mortgage
- Cash Backed
3. Abbey Mortgage Bank PLC
Abbey was incorporated on August 26, 1991, and licensed to carry on business as a primary mortgage institution (PMI) by the Central Bank of Nigeria on January 11, 1992. Full commercial operations commenced on March 11, 1992.
Abbey commenced with an initial authorized share capital of ₦5million and has a current share capital of ₦2.1billion. Abbey has access to the fund from the Nigerian Mortgage Refinancing Company (NMRC) for lending to customers.
Abbey offers the following:
- Home Refinancing
- National Housing Fund Loan to housing cooperatives and groups
- Mortgage home loans (Individual, Corporate, and cooperatives)
- Construction Finance
- Estate Development Loan (EDL)
- Co-operative Home Development Scheme
- School Development loan
4. Cooperative Mortgage Bank
Cooperative Mortgage Bank is a financial institution licensed and regulated by the Central Bank of Nigeria. The bank’s twin objectives are significantly bridging the gap in the supply of affordable and durable houses in Nigeria and the provision of appropriately structured mortgages for ease of home ownership.
Since the establishment of the bank in 1992 and business commencement in 1994 with branches in Ibadan, Lagos and Abuja, Cooperative Mortgage Bank Limited has consistently built relationships with customers focusing on the fundamentals of good corporate governance, risk management and leadership including other mortgage benefits.
Cooperative Mortgage Bank offers the following services:
- Real Estate
- Construction
- Finance
- other banking services.
5. Mayfresh Mortgage Bank Ltd
Mayfresh Mortgage Bank Ltd was incorporated on October 22, 1993, and licensed to commence Mortgage Banking by the Federal Ministry of Works and Housing on April 27, 1995.
It has an Authorized Share Capital of N5 Billion, Paid-Up Capital of N3.64 billion, and Shareholders’ Funds of N6.62 billion as of December 31, 2016. May fresh offers the following services:
- Mayfresh Gold Home Savings Account
- Mayfresh Diamond Home Ownership Account
- Mayfresh Platinum Housing Savings
- Mayfresh Silver Mortgages Account
- Mayfresh Saving Extra Account With Cheque Book
- Mayfresh Top Co-operative Ownership Account
- Target account promo
6. Gateway Mortgage Bank
Since the inception of Gateway Mortgage Bank in 2006, the bank has rising to be the force to recon with as the foremost and leading mortgage bank in Nigeria with its success rate and years of experience in the banking industry.
The bank offers the following services:
- Home Savings Account
- Salary in Advance
- Construction Mortgage
- Home Mortgage Refinance
- Home Improvement Refinance
- Land Acquisition / Micro Mortgage
7. Haggai Bank
Haggai Bank started as a finance company in the year 1994. It was in the year 2008 that Haggai Bank became a mortgage bank.
Haggai offers the following Mortgage products:
- Own A Haven
- Haggai House Completion Mortgage Loan
- Haggai Renovation Loan
- Haggai House Purchase Loan
- Haggai Rent Loan
- Haggai Camp Home Account
- Haggai Plot Advance
8. Omoluabi Mortgage Bank Plc (LivingTrust Mortgage Bank)
Omoluabi Mortgage Bank Plc now LivingTrust Mortgage Bank is a Primary mortgage Institution that is regulated by the Other Financial institutions Department of the Central Bank of Nigeria.
The company was incorporated in 1993 and is situated in Osogbo, the capital city of Osun State. The bank provides mortgage banking services, housing/property acquisition and development loans, deposit and withdrawal of funds and many other financial services.
In 2014, OMB Plc listed its shares on the Alternative Securities Market (ASeM) of The Nigerian Stock Exchange (NSE); emerging the first company to do so. Current major shareholding blocks are held by the Osun State Government, 31 other Local Governments and 2 major investors
The bank offers the following services:
- Savings and Deposits
- Mortgages
- Loans and Advances
- Real Estate
9. FHA Mortgage Bank Ltd
FHA Mortgage Bank Ltd, a Primary Mortgage Institution was incorporated in June 1997. FHA Mortgage Bank Ltd has been strategically positioned to provide mortgage facilities to individuals and corporate bodies towards financing acquisition, renovation, and development of dwelling houses as well as commercial and industrial properties, while also serving as an agent of the Federal Mortgage Bank of Nigeria (FMBN) in the Management of the National Housing Fund Facility (NHFF).
It’s important that when choosing a housing loan provider for your housing project, ensure you fully understand the loan agreement. Don’t be in a haste to get the loan.
10. City Code Mortgage Bank
City Code Mortgage Bank engages in retail banking operations through
acceptance of savings and term deposits, acceptance of mortgage-focused
deposits, mortgage finance, mortgage advisory services, drawing from mortgage
funds for on-lending, and other financial activities as permitted by the
Central Bank of Nigeria.
The Bank has financed thousands of notable low-cost housing projects/small
to medium enterprise projects in various states of the nation.
The bank offers the following services:
- Construction Mortgage
- Cooperative loan
- Real Estate financing
- Home Improvement Refinance
- Land Acquisition / Micro Mortgage
11. Platinum Mortgage Bank Limited
Platinum Mortgage Bank Ltd was incorporated in 1992 with the Corporate Affairs Commission to provide savings, loans, and homes ownership services, and licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 respectively to provide Mortgage Banking Services in Nigeria.
Platinum offers the following Mortgage products:
- Platinum Fast-Track Mortgage: This makes it possible for intending homeowners to have access to their property of choice as early as 48 hours from the time of effective expression of interest.
- NHF Mortgage Loan: This is a mortgage generated through a contributory fund where contributors pay 2.5% of their monthly income to the fund and are in return eligible to access a Mortgage loan up to a maximum of N15 million.
- Personal PMBL Mortgage Loan: This is a mortgage loan product of the bank designed to meet the needs of applicants who intend to buy properties from the open market that are not being marketed by the bank.
