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Top 10 Mortgage Banks In Nigeria

Owning a home is a significant milestone, yet for many Nigerians, the path to homeownership can be challenging due to financial constraints. Mortgage banks play a pivotal role in bridging this gap, offering tailored financial solutions to make homeownership more accessible. In Nigeria, several mortgage institutions have distinguished themselves through their services, customer satisfaction, and contributions to the housing sector. Here are the top 10 mortgage banks in Nigeria you should be familiar with:

1. Abbey Mortgage Bank Plc

Overview: Established in 1991, Abbey Mortgage Bank Plc is one of Nigeria's leading and most profitable primary mortgage banks. As one of the seven national primary mortgage banks licensed by the Central Bank of Nigeria (CBN) and the Federal Mortgage Bank of Nigeria (FMBN), Abbey offers a range of mortgage and investment products tailored to both individuals and corporate entities.

Key Features:

• National Housing Fund (NHF) Loans: Accredited to provide NHF loans, making homeownership more affordable for Nigerians.

• Diverse Product Portfolio: Offers various savings and investment products, including the KidzSave account, which allows parents to save for their children's future.

• Customer-Centric Services: Committed to providing personalized services to meet the unique needs of each client.

Why Choose Abbey Mortgage Bank? With decades of experience and a strong reputation in the mortgage industry, Abbey Mortgage Bank stands out for its commitment to making homeownership accessible and its innovative savings products designed to cater to different segments of the population.

2. Infinity Trust Mortgage Bank Plc (ITMB)

Overview: Incorporated in 2002, Infinity Trust Mortgage Bank Plc has grown to become a prominent player in Nigeria's mortgage industry. The bank is dedicated to providing a wide range of homeownership opportunities through efficient mortgage services and has financed numerous housing projects across the country.

Key Features:

• Equity Contribution: Requires a 20% equity contribution from borrowers.

• Repayment Period: Offers repayment periods of up to 20 years, making it easier for clients to manage their finances.

• National Housing Fund Scheme: Provides tailored products for low- and middle-income earners, with benefits such as minimal equity contributions and extended repayment periods.

Why Choose Infinity Trust Mortgage Bank? ITMB's commitment to financing affordable housing and its flexible mortgage products make it an attractive choice for prospective homeowners, especially those in the low- to middle-income brackets.

3. FirstTrust Mortgage Bank Plc

Overview: Formed from the merger between First Mortgages Limited and TrustBond Mortgage Bank in 2019, FirstTrust Mortgage Bank Plc boasts a strong capital base and a focus on leveraging technology to enhance mortgage and real estate financial services.

Key Features:

• Equity Contribution: Requires a 20% equity contribution for salary earners and 30% for self-employed individuals.

• Repayment Period: Offers repayment periods of up to 15 years, providing flexibility for borrowers.

• Technological Integration: Utilizes modern technology to streamline the mortgage application process and improve customer experience.

Why Choose FirstTrust Mortgage Bank? With a robust financial foundation and a commitment to technological innovation, FirstTrust aims to provide efficient and accessible mortgage solutions to a diverse clientele.

4. Platinum Mortgage Bank Limited

Overview: Established in 1992, Platinum Mortgage Bank Limited has evolved into a formidable primary mortgage institution in Nigeria. The bank offers a range of mortgage products and has been instrumental in financing various housing projects nationwide.

Key Features:

• Equity Contribution: Requires a 20% to 30% equity contribution for properties in liaison with the bank and 40% to 50% for properties not in liaison.

• Repayment Period: Provides repayment periods of up to 25 years, depending on the product.

• Innovative Products: Offers specialized mortgage products tailored to individual needs, including options for purchasing properties from the open market or those marketed by the bank.

Why Choose Platinum Mortgage Bank? With decades of experience and a diverse product offering, Platinum Mortgage Bank caters to a wide range of clients, ensuring that various housing needs are met with suitable financial solutions.

5. Federal Mortgage Bank of Nigeria (FMBN)

Overview: Established in 1956 as the Nigerian Building Society and later renamed in 1977, the Federal Mortgage Bank of Nigeria serves as the apex mortgage institution in the country. It plays a pivotal role in regulating the activities of primary mortgage institutions and facilitating access to affordable housing finance.

Key Features:

• National Housing Fund (NHF): Manages the NHF scheme, offering single-digit interest loans to contributors.

• Rent-to-Own Scheme: Provides a pathway for tenants to become homeowners through a structured payment plan.

• Estate Development Loan: Offers financing to real estate developers to increase the housing stock in Nigeria.

Why Choose Federal Mortgage Bank of Nigeria? As a government-backed institution, FMBN is dedicated to making homeownership more accessible to Nigerians through various affordable housing schemes and regulatory support for the mortgage industry.

6. FBN Mortgages Limited

Overview: A subsidiary of First Bank of Nigeria, FBN Mortgages Limited specializes in providing mortgage financing solutions to individuals and businesses. Leveraging the extensive network and financial strength of its parent company, FBN Mortgages offers a variety of products tailored to meet diverse housing needs.

Key Features:

• Customized Mortgage Solutions: Offers tailored mortgage products to suit the unique requirements of clients.

• Competitive Interest Rates: Provides attractive interest rates to make homeownership more affordable.

• Expert Advisory Services: Offers professional guidance to clients throughout the mortgage application process.

Why Choose FBN Mortgages? With the backing of one of Nigeria’s largest banks, FBN Mortgages Limited provides financial stability and extensive resources for home financing. Its customer-centric approach and competitive loan terms make it a strong choice for aspiring homeowners.

7. Resort Savings & Loans Plc

Overview: Resort Savings & Loans Plc has been in operation for over two decades, offering a wide range of mortgage products to Nigerians. The bank is focused on providing affordable housing solutions and has developed innovative mortgage packages to cater to individuals and corporate clients.

Key Features:

• Home Purchase Loans: Enables individuals to buy homes with flexible repayment plans.

• Construction Financing: Provides funding for individuals and developers looking to build residential properties.

• Savings and Investment Products: Offers various savings plans to help clients gradually build the required equity for mortgage financing.

Why Choose Resort Savings & Loans?

Resort Savings & Loans Plc is known for its flexible mortgage plans and commitment to affordable housing. Its home loan options make it easier for middle- and low-income earners to achieve homeownership.

8. Mayfresh Mortgage Bank

Overview: Mayfresh Mortgage Bank is a growing financial institution licensed by the Central Bank of Nigeria (CBN) to provide mortgage financing. The bank has gained a reputation for offering innovative mortgage solutions tailored to different income brackets.

Key Features:

• Flexible Mortgage Plans: Provides customized mortgage solutions to meet the financial capabilities of clients.

• Fast Loan Processing: Ensures quick turnaround times for mortgage applications.

• NHF Loans: Facilitates access to National Housing Fund (NHF) loans at affordable rates.

Why Choose Mayfresh Mortgage Bank?

Mayfresh Mortgage Bank prioritizes ease of access and affordability, making it an excellent choice for those looking for a stress-free mortgage process.

9. Jubilee-Life Mortgage Bank

Overview: Jubilee-Life Mortgage Bank is a prominent mortgage institution in Nigeria that specializes in home financing solutions. The bank's commitment to customer satisfaction and affordable housing has made it a preferred choice for many.

Key Features:

• Home Ownership Schemes: Tailored loan options that make it easier for individuals to purchase homes.

• Mortgage Refinancing: Offers refinancing options for existing mortgage loans.

• Competitive Interest Rates: Provides low-interest mortgage options to reduce financial burdens on homeowners. nb       

Key Features:

• NHF Loans: Facilitates access to National Housing Fund loans at subsidized interest rates.

• Home Improvement Loans: Provides funding for renovation and home improvement projects.

• Affordable Housing Finance: Focuses on low- and middle-income earners, ensuring that mortgage plans are within reach.

Why Choose AG Mortgage Bank?

AG Mortgage Bank is ideal for individuals looking for affordable housing finance options with flexible repayment structures.

Conclusion

The mortgage industry in Nigeria has grown significantly, providing aspiring homeowners with numerous options to finance their dream homes. Whether you are looking for a primary mortgage institution to access NHF loans, a flexible repayment plan, or a bank with a strong reputation, the above-listed mortgage banks offer reliable and competitive options.

When choosing a mortgage bank, consider factors such as interest rates, repayment terms, eligibility criteria, and customer service. By selecting the right mortgage partner, you can take a step closer to owning a home in Nigeria.