In recent years, Nigeria has experienced significant growth in the real estate sector, leading to an increased demand for mortgage services.
Mortgage banks play a pivotal role in providing financial support to individuals and businesses looking to acquire properties.
In this article we will delves into the top 10 mortgage banks in Nigeria, shedding light on their operations and offerings.
1. Infinity Trust Mortgage Bank Plc
Infinity Trust Mortgage Bank Plc is a reputable national mortgage bank in Nigeria. Established on September 12, 2024, it has rapidly gained recognition for its commitment to providing reliable mortgage solutions to customers across the country.
2. Abbey Building Society Plc
As another esteemed national mortgage bank in Nigeria, Abbey Building Society Plc has been serving the public with its mortgage services. With its re-accreditation in process, the bank aims to continue its mission of facilitating homeownership for Nigerians.
3. Nigeria Police Mortgage Bank
Focused on serving the needs of police officers, Nigeria Police Mortgage Bank operates at the state level. Since its inception on November 6, 2023, it has been instrumental in helping police personnel achieve their dream of owning homes.
4. Delta Trust Mortgage Bank Ltd
Operating at the state level, Delta Trust Mortgage Bank Ltd has been a key player in the real estate market in Nigeria since March 3, 2024. It offers various mortgage products tailored to meet the specific needs of its customers.
5. Jigawa Savings & Loans
Jigawa Savings & Loans is another state-level mortgage bank, established on March 12, 2024. The bank has been pivotal in supporting the growth of the housing sector in Jigawa state.
6. City Code Savings & Loans Limited
Although City Code Savings & Loans Limited’s accreditation has expired, it remains important to acknowledge its previous contributions to the real estate industry at the state level.
7. AG Homes Savings & Loans Limited
AG Homes Savings & Loans Limited is currently in the process of re-accreditation. As it continues its efforts to resume operations, it plays a crucial role in catering to the mortgage needs of its customers at the state level.
8. LivingTrust Mortgage Bank Plc (Formerly Omoluabi Mortgage Bank Plc)
LivingTrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, has successfully transitioned into a state-level mortgage bank. Since August 26, 2024, it has provided innovative mortgage solutions to its customers.
9. Brent Mortgage Bank Limited
Brent Mortgage Bank Limited, operating at the state level, has been a key player in the mortgage industry since its establishment on December 7, 2024. It aims to support homebuyers with customized mortgage options.
10. Gateway Mortgage Bank Ltd
Gateway Mortgage Bank Ltd is a prominent state-level mortgage bank, serving the needs of its customers through reliable mortgage products.
How to get a mortgage in Nigeria
To get a mortgage in Nigeria, follow these steps:
1. Research Mortgage Banks: Explore various mortgage banks in Nigeria, comparing their interest rates, loan terms, and eligibility criteria.
2. Check Eligibility: Determine your eligibility for a mortgage loan based on the bank’s requirements, including income, credit score, and property value.
3. Gather Required Documents: Prepare necessary documents, such as proof of income, identification, and property details.
4. Submit Application: Submit a mortgage application to the chosen bank, providing accurate information and documentation.
5. Property Valuation: The bank may conduct a valuation of the property to determine its worth.
6. Loan Approval: Once your application is approved, the bank will issue a loan offer outlining the terms and conditions.
7. Acceptance and Agreement: Review the loan offer carefully and, if satisfied, accept the terms by signing the agreement.
8. Down Payment: Make the required down payment to secure the mortgage.
9. Loan Disbursement: Upon completion of all formalities, the bank will disburse the approved mortgage amount.
10. Repayment: Adhere to the agreed-upon repayment schedule, ensuring timely payments to avoid penalties.
Which is the leading mortgage bank in Nigeria?
The leading mortgage bank in Nigeria may vary depending on factors like market share and customer satisfaction. However, Infinity Trust Mortgage Bank Plc is widely recognized for its strong presence and reliable mortgage solutions.
How many mortgage banks are in Nigeria?
14 Mortgage Bank approved.
How to get a mortgage in Nigeria?
To get a mortgage in Nigeria, research mortgage banks, check eligibility, gather required documents, submit an application, undergo property valuation, get loan approval, accept the offer, make the down payment, and adhere to the repayment schedule.
What is the function of a mortgage bank?
The primary function of a mortgage bank is to provide financial support to individuals and businesses seeking to purchase or invest in real estate by offering mortgage loans and related services.