In Nigeria, there are numerous mortgage banks that take out personal loans at competitive interest rates to purchase real estate holdings. If you’re looking for the top mortgage lenders in Nigeria, this page includes a list of lenders in Lagos and other regions of the country.
However, let’s first discuss what mortgage institutions do before we list the many mortgage banks in Nigeria and their specifics.
What is a Mortgage Bank/Institution
An organization that provides a variety of mortgage services is known as a mortgage bank. This includes providing loans to those who want to purchase homes and other real estate. Reputable mortgage lenders provide loans with affordable interest rates, and the Central Bank of Nigeria has registered and acknowledged them (CBN).
The recipient of these mortgage institutions’ loans repays them in installments. Most of these institutions have minimum wage criteria ranging from N300,000 to N500,000 before you can apply for a mortgage loan. The best mortgage banks in Nigeria are listed below for your convenience.
Nigeria’s Top 10 Best Mortgage Banks
1. Nigeria’s Federal Mortgage Bank
FMBN is ranked first on our list of the best mortgage banks in Nigeria. This government-owned mortgage bank was founded in 1956 with the intention of funding further Nigerian mortgage organizations. It is a cooperative initiative of the federal government, the eastern government of Nigeria, and the Commonwealth Development Corporation.
This mortgage bank’s primary duty is to offer other mortgage banks in Nigeria long-term loan services. in order to credit those who are prepared to take out a loan in order to acquire real estate. Despite not providing personal loans, this bank is crucial in the expansion and mobilization of conventional mortgage services.
Additionally, they support the establishment of new mortgage banks by granting the necessary licenses.
2. Bank Mortgage Limited
Most banks provide consumers with mortgage loans through their subsidiaries. The First Bank of Nigeria is one example, which makes mortgage loans available to customers through First Bank Mortgage Limited.
They provide one of Nigeria’s top mortgage institutions with competitive mortgage rates. Looking for a loan with them is the best option for any real estate ownership if you need a mortgage loan to buy your dream property. They have been able to offer solutions and aid many people in purchasing homes and properties because to their high-quality services.
3. Platinum Mortgage Banks PLC,
In 1992, Platinum Mortgage Banks PLC, formerly Platinum Home Investment and Mortgage Limited, was merged. It provides top-notch mortgage bank services and is one of the best mortgage banks in Nigeria. For the purchase of homes and other real estate properties, they provide loans and other services to people, businesses, and organizations.
They have numerous branches scattered around Nigeria, with their main office in Lagos. Additionally, the Federal Mortgage Bank of Nigeria and the Central Bank of Nigeria have properly authorized and licensed them to practice.
4. Safetrust Mortgage Corporation
Safetrust Mortgage Bank, one of the most well-known major mortgage banks in Nigeria, grants loans and savings to people and businesses. They assist expanding clientele in realizing their aspirations of owning a home or other types of real estate.
A year after its founding on December 2, 1992, the major mortgage bank began providing mortgage services. They are trustworthy and CBN-licensed. Additionally, they are one of the recognized mortgage lenders that the FMBN and the National Housing Funds use (NHF). To find out the conditions of receiving mortgage loans, go to their headquarters at 18, Keffi Street, Ikoyi Lagos.
5. Abbey Mortgage Bank PLC
Has Abbey Mortgage Bank PLC come to your attention? It is one of Nigeria’s most well-known and significant mortgage institutions. They offer a variety of financial products and mortgage services at fair prices.
They provide counseling and consulting services in addition to facilitating access to real estate loans for people. hence ensuring that their clients select the appropriate real estate investment opportunity.
Without a question, Abbey Mortgage Bank PLC is one of Nigeria’s top mortgage lenders. The CBN and National Housing Funds, respectively, have granted them licenses and accreditation.
6. Lagos Building Investment Company, available online at www.lbicplc.com
The Lagos Building Investment Company is on the list of the top mortgage banks in Nigeria. Since it was founded on May 14, 1980, the government-owned mortgage firm has helped many people realize their aspirations of owning a home. Through this company, more than 22,000 housing projects have been constructed.
The main mortgage bank offers a variety of services and mortgage financing choices for different price ranges and styles of homes. Additionally, it is accessible to everyone, both inside and outside the state.
7. Resort Loans and Savings
Resort Savings and Loans offers quality mortgage rates in Nigeria and has over 20 years of experience in the mortgage banking industry. At their numerous facilities, they offer mortgage loans, credits, assets, and savings.
They are well known for offering low-cost loans. To find out more about their mortgage services, stop by their headquarters at 25, Oloun Street, Ikeja in the state of Lagos.
8. Trustbond Mortgage Bank
This mortgage bank, which was founded in 2005 in Lagos, Nigeria, is also among the best. With a capital of over N5 billion, they may offer home loans to both people and organizations. They provide mortgage services to many people, just as other key mortgage banks in Lagos. They have branches in almost all the states, with the exception of Lagos state.
9. Awka Savings and Loan Limited
This is another state-owned mortgage company that was incorporated on May 25th, 1993. They offer a variety of opportunities, including as home and real estate loans, to both native and non-native residents of the state.
You are welcome to stop by any of their numerous locations inside or outside the state. Additionally, its headquarters are located at Plot 1, Block 1, Federal Housing Estate, Abak Road in Uyo, where you can inquire further about their mortgage loans.
10. AG Mortgage
AG Mortgage is the last on our list of the top mortgage institutions in Nigeria. On July 21st, 2004, the principal mortgage bank was founded. The CBN has given AG Homes Savings & Loans Plc, as it was formerly known, permission and a license. With more than 5000 stockholders, AG Mortgage offers several consumer segments mortgage loans and services.
You can go to any of their branches or the company’s headquarters at 96 Opebi Road, Maryland, or Ikeja.
Information on Nigerian Mortgage Banks
There are other additional mortgage institutions in Nigeria that provide reputable loans for buying homes and other real estate. The finest of the best, though, are the aforementioned banks. Not only do they have low mortgage rates, but they are also qualified and allowed to work.