ASO NIGERIA
ASO Savings & Loans PLC is a Primary Mortgage Institution (PMI), incorporated in Nigeria as a limited liability company on November 9, 1995.
PERSONAL LOANS
- Residential Equity Line Of Credit
This is meant to meet temporary expense commitment with use of a line of credit secured by residential collateral.
Features
- Obligor Exposure: Based on affordability (No single obligor can access more than 70% of FSV of collateral)
- Interest rate: 25% P.A
- Tenure: 1 year
- Security/Collateral: Residential collateral where FSV > Value of loan + 1 year interest pyt
- Repayment Structure: Monthly repayment of interest and principal
- Commercial Mortgage Equity Line Of Credit (CMELC)
This can be used meet temporary expense commitment with use of a line of credit secured by a commercial property.
Features
- Obligor Exposure: Based on affordability (No single obligor can access more than 70% of FSV of collateral)
- Interest rate: 25% P.A
- Tenure: 90/180 Days
- Security/Collateral: Commercial Mortgage collateral like shops, business offices where FSV > Value of loan + 1 year interest pyt
- Repayment Structure: Monthly repayment of interest and bullet repayment of principal at maturity
- Rental Advance
This is for existing customers who find it difficult to meet short term expenses as a result of commitments on mortgage loans. The loan does not necessarily need to have been issued by ASO ab initio.
Features
- Obligor Exposure: Based on affordability: Max 33% of net monthly income
- Interest rate: 30% P.A
- Tenure: 1 month
- Security/Collateral: Mortgage or savings customers who are required to domicile their salary or business accounts with ASO
- Repayment Structure: Monthly repayment of interest and principal
- Home Finance
My Residential Mortgage Loan
This is a loan for the acquisition of a house or property. This could be in variants of single family or multi-family depending on the type of housing/building. The options under residential mortgage loans are:
- My home purchase mortgage loan
This is a Residential Loan that is acquired to finance the buying of a real estate/landed property which should be for residential purpose only. The house type can be for single family or a multiple family unit.
Features
- Equity Contribution: Civil Servants – 10%, Other Employees – 20%, Self Employed – 30%
- Tenor: Maximum tenor of 10 years
- My home construction mortgage loan
This is a loan acquired to finance the construction of residential real estate. It is secured by the real estate being constructed. In most cases, the Customer already owns the landed property.
Features
- Equity Contribution: Civil Servants – 10%, Other Employees – 20%, Self Employed – 30%
- Tenor: Maximum tenor of 10 years
- My home improvement mortgage loan
This loan is acquired to finance the renovation or remodeling of a property. While home renovations often refer to building projects that alter the structure of an existing home, it can also include improvements to lawns, gardens and outdoor structures such as garages.
Features
- Equity Contribution: Civil Servants – 10%, Other Employees – 20%, Self Employed – 30%
- Tenor: Maximum tenor of 10 years
- My home refinancing mortgage loan
This is the process of paying off an existing loan by taking a new loan using the same property as security. It is a loan that is acquired to replace an existing mortgage obligation.
Features
- Tenor: Maximum tenor of 10 years
- My home equity (equity release-cash out)
My Home Equity is the process of freeing up surplus funds, which would have remained part of the dormant value of a property. It is defined as a process that allows the customer to release cash from his property as one lump sum or in installments.
Features
- Tenor: Maximum tenor of 7 years
ASO residential equity
This is used to meet temporary expense commitment with use of a line of credit secured by residential collateral.
Features
- Obligor Exposure: Based on affordability (No single obligor shall access more than 70% of FSV of collateral)
- Interest rate: 25% P.A
- Tenure: 1 year
- Security/Collateral: Residential collateral where FSV > Value of loan + 1 year interest pyt
- Repayment Structure: Monthly repayment of interest and principal
MY BUSINESS MORTGAGE
This is a loan that is collateralized by real estate and in which the real estate is used for business purposes. It is typically taken on by businesses instead of individual borrowers. The borrower may be a partnership, incorporated business, or limited company. Examples of commercial mortgages are build/buy to let, rent or lease etc.
Features
- Equity Contribution: Civil Servants – 30%, Other Employees – 30%, Self Employed – 30%
- Tenor: Maximum tenor of 10 years
ASO Commercial mortgage equity
This can be used to meet temporary expense commitment with use of a line of credit secured by a commercial property.
Features
- Obligor Exposure: Based on affordability (No single obligor shall access more than 70% of FSV of collateral)
- Interest rate: 25% P.A
- Tenure: 90/180 Days
- Security/Collateral: Commercial Mortgage collateral like shops, business offices where FSV > Value of loan + 1 year interest pyt
- Repayment Structure : Monthly repayment of interest and bullet repayment of principal at maturity
