A mortgage bank is an institution that provides loans to either private individuals or corporate organizations to enable them buy a house or real estate. The purpose of this is to assist those who are incapable of paying for a building on their own. Below are some of the best mortgage banks in Nigeria.
One of the best banks from which you can secure a loan to buy a house is the First Bank of Nigeria Mortgages or simply FBN Mortgages Ltd. By nature, is a Primary Mortgage Institution meaning that you can access the bank directly. FBN Mortgages delivers the mortgage bank services and offers that are unmatched by any other mortgage bank in the country and in that, the bank exemplifies the nature of its parental bank, the First Bank of Nigeria in the sphere of delivery of financial services in the finance industry.
First Bank of Nigeria Mortgages is a mortgage bank that is committed to the delivery of a vast reaching series of mortgage and financing for housing and real estate. The bank offers its clients the best kind of aid as regards mortgages and aids them in making steps that are necessary to owning a home and development of real estate.
Platinum Mortgage Bank Ltd
Platinum Mortgage Bank Limited is another one of the top players in the world of mortgage and real estate financing in Nigeria. It also, like FBN Mortgages is a Primary Mortgage Bank. Platinum Mortgage Bank Ltd was incorporated in the year 1992 with the Corporate Affairs Commission (CAC) and given the power to offer loans, and services that relate to owning a house, and the bank was licenced by the Central Bank of Nigeria (CBN) and the Federal Mortgage Bank of Nigeria (FMBN) under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 in that order, to provide services of mortgage banks in Nigeria.
The Platinum Mortgage Bank Ltd used to be called Platinum Home Investment and Mortgage Limited and it had its headquarters in Lagos. Later the capital structure of the bank was modified, hence turning it into a Primary Mortgage Bank.
Abbey Mortgage Bank Plc
Abbey Mortgage Bank Plc is the biggest, the most profitable, non-aligned, and highest ranking Primary Mortgage Institution in Nigeria. It also happens to be one of the seven national Primary Mortgage Institutions that are licensed by the Central Bank of Nigeria (CBN) as well as the Federal Mortgage Bank of Nigeria (FMBN). It furthermore is recognized as the Primary Mortgage Institution for the National Housing Funding (NHF) on lending facilities. The bank provides mortgage as well as investment products and services, guidance and advisory services to corporations and private individuals that will aid them in gaining finance for houses and real estate. More so, the bank provides funding and support in the delivery of mortgage and services related to housing.
Abbey Mortgage Bank Plc has products and services that are innovative, they also provide their customers with information regarding mortgages and they operate under professional management.
Imperial Homes Mortgage Bank Limited
Another on our list of mortgage banks in Nigeria is the Imperial Homes Mortgage Bank Limited. This mortgage bank like the others is licensed by the Central Bank of Nigeria to provide mortgage banking as well as housing and real estate services to interested parties. At first, the mortgage bank was incorporated in the year 1992 when it operated under a different name – Citizens Savings and Loans Limited and then in the year 1997, the name was changed to New Patriot Building Society Limited. As at August 2007, the company was acquired by Guaranty Trust Bank Plc as a subsidiary company that was owned by the bank and its name was changed to GTHomes Limited to show that it was now related to GTBank. It was in the month of January 2008 that Imperial Homes Mortgage Bank Limited started its operations as a mortgage institution.
Federal Mortgage Bank of Nigeria (FMBN)
The Federal Mortgage Bank of Nigeria (FMBN) was founded in the year 1956 and back then when it was founded, it went by the name Nigerian Building Society (NBS), a business that is the result of a cooperation between the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. This mortgage bank is very resourceful in the area of providing, mobilizing and increasing of long-term funds and lending of huge mortgage services as well as broadening the services to all interested parties (corporate organizations and private individuals).
Federal Mortgage Bank of Nigeria offers a loan that is close to 90 percent the actual cost of the house and people or corporation who ask for those loans are to pay an interest of 6 percent on the loan they collected to the bank.