Owning Your Dream Home in Nigeria: A Deep Dive into ASO Savings and Loans PLC

Buying a house in Nigeria is a significant milestone, and choosing the right mortgage lender is crucial.

ASO Savings and Loans PLC, a prominent player in the Nigerian mortgage market, offers a variety of options to finance your dream home.

Let’s delve deeper into what ASO has to offer, from its history and experience to rates and customer service.

Founded in 1995, ASO Savings and Loans PLC is a licensed Primary Mortgage Institution (PMI) with a solid track record in the Nigerian mortgage industry.

They offer a range of mortgage products for individuals and businesses, including residential mortgages, commercial mortgages, and equity release products.

Mortgage Products and Experience

ASO boasts a diverse portfolio of mortgage products tailored to different needs and budgets. Their flagship product, the “MyResidential Mortgage,” caters to individual homebuyers with competitive rates and flexible repayment options.

They also offer specialized products like the “MyBusiness Mortgage” for business owners and the “National Housing Fund” scheme for eligible individuals. With over 20 years of experience, ASO has helped numerous Nigerians achieve their homeownership dreams.

Rates and Fees

ASO’s interest rates are generally competitive within the Nigerian mortgage market. However, specific rates can vary depending on the loan product, loan amount, borrower profile, and creditworthiness.

It’s crucial to compare rates and fees from different lenders before making a decision. ASO’s website offers a mortgage calculator and information on fees, but contacting them directly for a personalized quote is recommended.

Customer Service

ASO emphasizes customer service, with dedicated loan officers to guide you through the mortgage process. Their website offers resources and FAQs, and you can contact them via phone, email, or visit a branch. While online reviews paint a mixed picture, some customers appreciate the personalized approach, while others express concerns about efficiency and communication.

Overall Impression

ASO Savings and Loans PLC offers a comprehensive range of mortgage products and services. Their experience and competitive rates make them a viable option for potential homebuyers. However, it’s essential to research, compare rates and fees, and consider customer service experiences before making a final decision.

FAQs

What documents do I need to apply for a mortgage with ASO?

The required documents may vary depending on the loan product and your individual circumstances. Generally, you’ll need proof of income, employment, identification, and the property details. Contact ASO directly for a specific list.

What is the minimum credit score required for an ASO mortgage?

ASO’s minimum credit score requirement varies depending on the loan product and your overall financial profile. Contact them for specific information.

Can I use my NHF contributions towards an ASO mortgage?

Yes, ASO is a registered participant in the National Housing Fund scheme. If you are eligible, you can use your NHF contributions towards your down payment or reduce your loan amount.

How long does it take to get a mortgage approved with ASO?

The processing time can vary depending on the complexity of your application and your financial situation. Generally, it can take anywhere from a few weeks to a few months.

Also Read: Navigating the Nigerian Mortgage Landscape: A Look at Building-and-Loan Associations