FIRST BANK OF NIGERIA

PERSONAL HOME LOAN (MORTGAGE)

Features

• Available to individuals with verifiable and steady income flow
• Maximum tenor is 20 years, subject to retirement age of 60 years
• Simplified Documentation
• Minimum down payment of below 30%, subject to the location
• Competitive interest rates
• No equity contribution is required for Home Equity Refinancing
• Property to be financed must be residential and not for commercial purpose.

Required Documents

1. Application letter
2. Personal Home Loan Application form
3. Last 3 months pay slip
4. Statement of accounts
5. Applicant’s letter of total emolument
6. Confirmation of applicant’s employer on FBN approved list
7. Valid title document
8. Letter for irrevocable domiciliation of salary for the duration of the facility.

Who Can Apply

• Employees in paid employment and self-employed professionals.

JOINT MORTGAGE

With the Joint Mortgage loan, you and your spouse or business partner can easily buy property which either party could ordinarily not have been able to purchase as individuals. This loan is flexible and repayment pressure is reduced.

Features

• Applicants are legitimate couples or registered partners
• Repayment capacity is on both applicants
• Applicants are both financially committed
• Applicants are joint and co-owners of the property
• Loan obtainable is N70 million
• Maximum tenor of 240 months (20 years), subject to 60 years retirement age
• Minimum equity contribution of 20-30% depending on the location.

Benefits

• Flexible repayment structure
• Loan repayment is distributed between the spouses easing up repayment pressure
• Competitive interest rates.

Required Documents

1. Consumer Loan Request Form
2. Status Enquiry of Employer form
3. Current 3-6 months’ pay slip
4. 3-6 months Bank Account Statement
5. 3 passport photographs
6. Means of Identification- Driver’s License/International Passport/National Identification
7. Utility Bill of residence/Company address
8. Letter of recent remuneration
9. Current account with First Bank
10. Letter of Introduction from employer.

Requirements for construction

1. Copy of the Title Documents to the property (ownership must be in the name of the customer)
2. Copy of the Approved Building Plan
3. Copy of the Bill of Quantities
4. Valuation Report on the property and if there has been any construction on site, photographs of the property showing front, back and side views
5. Equity contribution of 20%-30% of the property cost excluding cost of the land depending on the location
6. Cash flow projection on loan repayment.

Requirements for outright purchase

1. Vendor’s Offer Letter.
2. Copy of the Title Documents to the property (ownership must be in the name of the vendor).
3. Copy of the Approved Building Plan.
4. Copy of the Bill of Quantities/Cost Estimates if the property is to be renovated.
5. Valuation Report of the property.
6. Photographs of the property showing front, back and side views.
7. Equity contribution of 20%-30% of the property cost excluding cost of the land, depending on the location.
8. Cash Flow Projection on loan repayment.

NOTE (For All Mortgages)

• Security is Legal Mortgage on the property being constructed/purchased.
• Mortgage Protection Assurance Policy is required.
• Fire and Special Peril Insurance policy required through FBN Insurance Brokers, if loan is approved.
• Irrevocable domiciliation of salary for the duration the facility.

Who Can Apply for a Joint Mortgage

• Employees in paid employment and Self-employed professionals.

To apply for the Joint Mortgage Loan,

• Download the Consumer Loan Application Form
• Complete the form and submit to the Retail Team at the nearest First Bank branch