Are you tired of living in another man’s property? Are you tired of living under the rules of an unreasonable landlord? Is your salary not enough to buy you a house or even land at your present location? Then you should start considering getting a Mortgage.
In this post, we will be sharing with you top Mortgage Banks in Nigeria through which your home dreams can come true.
Meaning Of mortgage Bank
For the sake of those who don’t know the meaning of a mortgage bank and those don’t know how it works;
A mortgage company is a bank that provides loan to individuals who are interested in buying real estates.
How It Works
Majorly, the Mortgage loans are meant for individuals who cannot afford to buy or build houses at a go, so the Mortgage bank then step in by paying the capital for the property at once while the house owner pays back the loan installmentally to the Bank.
The interest rate that will be attached to the loan will be determined by the mortgage bank concerned.
This is one of the leading primary mortgage institutions in Nigeria. It was registered with the Corporate Affairs Commission in 1992 to offer deposits, loans and home ownership services and was authorised by the Nigerian Central Bank and the Nigerian Federal Mortgage Board
Previously known as Platinum Home Investment and Mortgage Limited with headquarters in Lagos, PMB Limited has been recapitalised into a formidable primary mortgage institution with creative products , services, state-of-the-art information technology and the appropriate professional management.
TrustBond Mortgage Bank Plc
This financial institution came into existence in 2005 after the taking over of Gateway Bank by the Intercontinental bank plc.
Following its purchase in 2011 Intercontinental Homes became a subsidiary of Access Bank.
Trustbond Mortgage Bank operates with a present paid-up balance of over N5billion in all states of the nation. The company tests itself constantly with a customer-centric service level
FBN Mortgage Is a forefront Primary Mortgage Bank (PMB) devoted to offering the finest mortgage banking services and goods just like its parent’s institution – First Bank in the commercial financial services market.
As a committed supplier with a vast variety of mortgage and real estate options, FBN Mortgages is in a top place to help consumers make these crucial moves towards smooth home ownership and property development.
The Federal Mortgage Bank of Nigeria (FMBN)
This bank was previously known as the Nigerian Building Society (NBS), as it was a joint scheme between the Commonwealth Development Company and the Federal and Eastern Governments of Nigeria.
Sonce its establishment in 1956,The Bank acts as an important tool for growing long-term fund generation, loan volume and extending mortgage lending facilities to all parts of the Nigerian population.
Abbey Mortgage Bank Plc
This is Nigeria’s biggest, largest, and most profitable, unaligned Primary Mortgage Bank. It is one of seven national primary mortgage banks (PMBs) authorised by the Nigerian Central Bank and the Nigerian Federal Mortgage Bank.
It is also an approved primary mortgage bank (PMB) with on-lending facilities relating to the National Housing estate.
They give corporate entities and individuals diverse mortgage and savings options, advice and consulting services to enable them to access housing finance.
They also finance and facilitate the provision of mortgage and estate-related services to respond to their needs.
Other Notable Mortgage Banks In Nigeria Includes:
1. Brent Mortgage Bank
2. Delta Trust Mortgage Bank
3. First Generation Mortgage Bank
4. Gateway Mortgage Bank
5. Haggai Mortgage Bank
6. Coop Mortgage Bank