Top 10 Best Mortgage Banks in Nigeria
There are many mortgage banks in Nigeria that borrow individual loans to buy real estate properties with good interest. Are you searching for the best mortgage banks in Nigeria, this article contains the list of mortgage banks in Lagos and other parts of Nigeria.
But before we list the different mortgage banks in Nigeria and their details, let’s talk about what mortgage institutions do.
What is a Mortgage Bank/Institution
A mortgage bank is an institution that offers a wide range of mortgage services. This is including offering loans to an individual who wants to buy houses and other real estate properties.
Reliable mortgage banks offer loans with reasonable interest and they are registered and recognized by the Central Bank of Nigeria (CBN).
Loans offered by these mortgage institutions are paid in installments back by the recipient. Before you can access a mortgage loan, most of these banks require you to earn at least a minimum salary of N300,000 to N500,000 with other requirements. Below is the list of the best mortgage banks in Nigeria you can seek a mortgage loan.
Top 10 Best Mortgage Banks in Nigeria
1. Federal Mortgage Bank of Nigeria (FMBN)
First on our list of Best Mortgage Banks in Nigeria is FMBN. This is a government-owned mortgage bank that was established in 1956 with the aim of financing other mortgage institutions in Nigeria. It is a joint scheme of the commonwealth development corporation, the federal government, and the eastern government of Nigeria.
The main function of this mortgage bank is to provide long-term lending services to other mortgage banks in Nigeria. So, that they can credit individuals willing to take a loan to own real estate property. Although they do not give loans to individuals, this bank play important role in expanding and mobilizing standard mortgage services.
Furthermore, they encourage new mortgage institutions to spring up and give the required license to start.
Read Also: Top 10 States To Invest in Real Estate in Nigeria
2. First Bank Mortgage Limited
Most banks offer mortgage loans to customers through their subsidiaries. An example is the First Bank of Nigeria which offers mortgage loans to customers via First Bank Mortgage Limited.
They offer one of the best mortgage banks in Nigeria with the best mortgage rates. If you are looking for a mortgage loan to acquire your dream home, seeking a loan with them is an ideal way for any real estate ownership. With their quality services, they have been able to provide solutions and help many in acquiring properties and homes.
3. Platinum Mortgage Banks PLC
Platinum Mortgage Banks PLC which is known previously as Platinum Home Investment and Mortgage Limited was integrated in 1992. It is one of the Best Mortgage Banks in Nigeria with quality mortgage bank services. They offer loans and services to individuals, companies, and groups for the acquisition of homes and other real estate properties.
They have many branches littered in various parts of Nigeria with headquarters in Lagos. Also, they are duly authorized and licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria to practice.
4. Safetrust Mortgage Bank
Being one of the popular primary mortgage banks in Nigeria, Safetrust Mortgage Bank disburse loans and savings to individual and companies. They help growing clients fulfill their dreams in a home or other real estate property ownership.
The primary mortgage bank which was established on December 2, 1992, started offering mortgage services a year later. They are reliable and licensed by the CBN. Also, they are one of the accredited mortgage institutions used by the FMBN and the National Housing Funds (NHF). You can visit their headquarters at 18, Keffi Street, Ikoyi Lagos to learn about the terms and conditions of giving mortgage loans out.
5. Abbey Mortgage Bank PLC
Have you heard of Abbey Mortgage Bank PLC? It is one of the most popular and largest mortgage banks in Nigeria. They provide different mortgage services and investment products at affordable rates.
Apart from giving individuals access to real-estate loans, they offer counseling and advisory services. Thereby making sure their customers make the right choice when it comes to real estate investment opportunities.
No doubt, Abbey Mortgage Bank PLC is one of the Best Mortgage Banks in Nigeria. They are licensed and accredited by CBN and National Housing funds respectively.
6. Lagos Building Investment Company
When it comes to the list of best mortgage banks in Nigeria, Lagos Building Investment Company is one of them. The mortgage state-owned company was established on 14th May 1980 and since then it has fulfilled a lot of people’s dreams of being a house owner. Over 22,000 housing project has been erected through this company.
The primary mortgage bank has different facilities and mortgage finance options for different types of houses, whether low or high cost. Also, it is available to all sundry whether within or outside the state.
7. Resort Savings and Loans
With over 20 years of mortgage banking service experience, Resort Savings and Loans offers quality mortgage rates in Nigeria. They provide mortgage loans, credits, assets, and savings at their various facilities.
They are quite famous due to their affordable loans. You can visit their headquarters at 25, Oloun street, Ikeja in Lagos state, or any other branch to learn more about their mortgage services.
8. Trustbond Mortgage Bank
This is also one of the best mortgage banks in Lagos, Nigeria which was established in 2005. With over N5 billion in the capital, they are capable of providing house loans to individuals and groups.
Like other primary mortgage banks in Lagos, they offer mortgage services to different individuals. Apart from Lagos state, they have branches in virtually all the states.
9. Awka Savings and Loan Limited
This is also a state-owned mortgage institution that was integrated on the 25th of May 1993. They have many opportunities including house and real estate loans for both indigenes and non-indigenes of the state.
You can visit any of their numerous branches within or outside the state. Also, you can seek more information about their mortgage loans at their Headquarters at Plot 1, Block 1, Federal Housing estate, Abak Road in Uyo.
Read Also: Is It Better To Rent Or Buy Properties In Lagos?
10. AG Mortgage
The last on our list of best mortgage banks in Nigeria is AG mortgage. The primary mortgage bank was established on the 21st of July in 2004. AG Homes Savings & Loans Plc as previously called is authorized and licensed by the CBN. With over 5000 shareholders, AG mortgage provides mortgage loans and services to different categories of customers.
You can visit their headquarters at 96 Opebi Rd, Maryland, Ikeja, or any of their branches.
More on Mortgage Banks in Nigeria
There are many other mortgage banks in Nigeria that offer quality loans to acquire houses and other real estate property. But the above-mentioned banks are the best out of the best.
They do not only offer affordable mortgage rates, they are certified and authorized to practice. For a better understanding of Mortgages, Who can apply for a mortgage, and types of mortgage, Read: What is a mortgage?