It is common to see people looking for mortgage loans in Nigeria. Mortgage loans allow you to get access to finance to pay for housing. There are hundreds of mortgage banks in Nigeria that make funds available for you to solve your housing or accommodation problems.
There are shortage of housing facilities in areas such as Lagos and Abuja. However, mortgages can allow you to live in these places and other bigger cities. When the bank lends you money, you (the borrower) uses the money to buy a house.
Getting a mortgage loan is difficult and not as easy as online loans. This is because there are lots of risks, doubts and uncertainties surrounding mortgage. You may have to open a deposit account with a mortgage bank before you can get access to their house loans.
Where to Borrow money to buy a house in Nigeria?
For instance, if you plan to buy a house valued at N50 million, you must have had a deposit of around 10 to 20 million with the mortgage bank. The mortgage helps you to cover for the remaining 30 to 40 million needed to purchase the house.
Inadequate finance is one of the factors that can hinder you from living in the house of your dreams. However, a mortgage can back you up and help you to get live in the ideal house you wish to settle. We will furnish you with the list of the best mortgage banks to get house loans in Nigeria.
Best Banks to get Mortgage Loans In Nigeria
This is a list of the mortgage banks where you can get access to house loans in Nigeria. These banks are accredited and licensed by the Central Bank of Nigeria (CBN), they disburse NHF loans and also offer other financial advisory services.
1. Abbey Mortgage Bank
Abbey Mortgage Bank Plc offers mortgage and housing loan products to all Nigerian residents. They can help you find a property to buy in any geographic location in Nigeria, and they offer some advice & assistance to help you make the right choice when buying.
They are one of the seven national Primary Mortgage Banks (PMB) regulated and licensed by the Federal Mortgage Bank of Nigeria (FMBN) and Central Bank of Nigeria.
2. Omoluabi Mortgage Bank Plc
Omoluabi Mortgage Bank (OMB) Plc is one of the leading financial institutions in the Nigerian mortgage banking industry. They won the Nigerian Entrepreneurship Award for the Mortgage Bank of the Year in 2018. They also won the Business Day Banking & Financial Institutions Award for the Mortgage Bank of the Year (2018).
It is a Primary Mortgage Institution (PMI) licensed by other financial agency departments of the Central Bank. OMB Plc provides general financial services which include personal and corporate banking, property/housing development solutions etc.
They are known for disbursing loans in a quick and hassle-free manner. Their head office address is Old Governor’s Office, Gbongan Road, Osogbo, Osun State.
3. AG Mortgage Bank
AG Mortgage Bank has provided mortgage products to Nigerians since 2005. It was incorporated on the 21st July 2004 to operate as a Primary Mortgage Institution (PMI). In December 2004, the Central Bank of Nigeria (CBN) granted them a mortgage banking license.
You can access to National Housing Fund (NHF) from the AG Mortgage Bank. Their mortgage banking services make it easier for you to own a home.
4. Nigeria Police Mortgage Bank Plc
The Nigerian Police Mortgage Bank is one of the places to get a house loan in Nigeria. It was approved and licensed by the Central Bank of Nigeria (CBN) to operate as a State Primary Mortgage Bank in Nigeria.
They have various mortgage products for house equipment, house rent, home renovation, salary advance, children education etc. Their head office is located at 11, Portsaid Str, Wuse Zone 4, Abuja, Nigeria.
5. FinaTrust Mortgage Bank Plc
FinaTrust Mortgage Bank was established as a result of the merger between First Mortgages Ltd and TrustBond Morgage Bank Plc. They offer rent loans to help you cover the payment of your rents.
Also, you can get short-term loans to start a small business. They have several mortgage loans that will help you solve any housing challenges. Their head office is located at 124 Awolowo Way, Ikoyi, Lagos State.
6. Platinum Mortgage Bank Ltd
Platinum Mortgage Bank is one of the leading players in the provision of mortgage products in Nigeria. As a Primary Mortgage Institution (PMI), they are committed to solving the housing needs and improving the welfare of Nigerian residents. This is achieved by giving them access to stress-free, quality and efficient housing delivery services at affordable costs.
They allow you to access the NHF Mortgage Loan with an interest rate as low as 6%. If you are considering relocating to a new home or buying a property, the bank can help you get the best deal.
7. Mutual Alliance Mortgage Bank
Mutual Alliance Savings & Loans Limited (now known as Mutual Alliance Mortgage Bank Ltd) was incorporated on Thursday, 20th August 1992, as Quality Homes Savings & Loans Ltd having a paid-up capital of ₦10 million.
Mutual Alliance Mortgage Bank Limited is one of the best mortgage banks in Nigeria. They provide various loan and credit facilities for personal loans, overdrafts, bank guarantees, rent payment loans, house improvement loans, real estate construction loans, National Housing Fund (NHF) loans and mortgage loans.
They also offer financial advisory services for their mortgage clients and customers. Their head office is located at 209 Oron Road, Uyo, Akwa Ibom State.
8. Mayfresh Mortgage Bank Ltd
Mayfresh Mortgage Bank Ltd was incorporated on the 22nd of October 1993. On April 27, 1995, it was granted a license by the Federal Ministry of Works and Housing to offer mortgage banking services to Nigerians.
This Primary Mortgage Institution (PMI) has its head office situated at 83 Aba-Owerri Road, Umungasi, Aba, Abia State. It also has offices in 20 locations across the federation including Aba, Umuahia, Abuja, Onitsha, Port Harcourt, Owerri, Lagos, Enugu and Abakaliki.
9. Safetrust Mortgage Bank Limited
Safetrust Mortgage Bank Limited is one of the growing Primary Mortgage Institutions (PMIs) in Nigeria. They provide you with a great mortgage and investment solutions for your needs.
The bank provides various banking services including consultancy on real estate investment, mortgage banking etc. Their head office is located in Lagos at No 18, Keffi Str, Off Awolowo Road, Ikoyi.
10. Lagos Building Investment Company PLC (LBIC)
LBIC was founded on the 14th February 1980 with the objective to offer mortgage finance services to people. At the initial stage, they gave mortgage finance facilities to the allottees of several low-cost housing programmes made by the Lagos State Government between 1979-1983.
However, the introduction of the Mortgage Institution Act No.53 of 1980 made the LBIC a full-pledged Primary Mortgage Bank (PMB). This law allowed them to grant mortgage facilities to the middle- incomes segment.
Over the past 40 years, they have contributed immensely to housing development in Nigeria. Already, they gave created over 22,000 mortgages in Lagos State.
Complete List of Mortgage banks in Nigeria in 2021
- New Prudential, Lagos
- Trustbond Mortgage Bank, Lagos
- Lagos Building and Investment, Lagos
- Aso Savings and Loans, Abuja
- Mutual Alliance, Akwa Ibom
- Gateway Savings, Ogun
- Abbey Mortgage Bank, Lagos
- City Code, Lagos
- Platinum Mortgage Bank Limited, Abuja
- FHA Homes Ltd, Abuja
- Kebbi State Homes, Kebbi
- Mayfresh Mortgage Bank, Abia
- STB Building Society, Lagos
- Jubilee-Life Mortgage Bank, Lagos
- Resort Savings and Loans, Lagos
- Brent (Skyfield) Savings, Lagos
- Home-base Mortgage, Lagos
- FBN Mortgages, Lagos
- Safetrust Savings and Loans, Lagos/Abuja
- Refuge Homes, Lagos
- Coop Savings and Loans, Oyo
- Imperial Homes, Lagos
- Delta Mortgage Finance, Delta
- Centage Savings and Loans, Lagos
- Global Trust, Lagos
- AG Homes, Lagos
- Haggai Mortgage, Lagos
- Omoluabi (Livingspring), Osun
- Akwa Savings, Akwa Ibom
- Nigeria Police Mortgage Bank, Abuja
- Jigawa Savings and Loans, Jigawa
- First Generation Homes, Abuja
- MGSL Mortgage Bank, Abuja
- Infinity Trust, Abuja