Home Mortgage Lagos Nigeria - First Bank Home Mortgage

Home mortgage Lagos Nigeria is offered by a good number of banks. Among them is First bank Nigeria Plc.

First bank is Nigeria's biggest bank.

The new central bank of Nigeria (CBN) requirement that all banks must have a minimum of twenty five billion naira (=N=25 billion) has shored up the capital base of all banks to a minimum of 25 billion naira. And this includes First bank of Nigeria Plc.

The new CBN regulation has made more cash available to banks for investment promotion.

Consequently, the capital allocation by banks for mortgage loan has also increased

First bank mortgage Nigeria enables aspiring home owners to buy or build a home faster than
they would if they were to save the money all by themselves.

Let's take a quick look at the loan terms. This could be your chance to own a home in Lagos Nigeria
faster than you think.

First Bank Mortgage Terms

1. Provide valid documents for the property you want to buy or get an "Intent of Sale" letter from the solicitor or real estate agent you wish to purchase the property from.

2. Get a letter of introduction from your employer. This letter basically says that you're a bonafide employee of the company you claim you work for.

3. Your salary account (or income account) must be with first bank

4. Loan repayment period is seven (7) years

5. Loan interest rate is 18 percent per annum

6. You pay a part of the principal and interest monthly

7. Your monthly income must reasonably exceed the monthly deductions for the loan repayment

Anxious to own a home? Want it faster?

Get a home mortgage.

Discuss with a representative of First bank Nigeria. Who knows? You may just be the right candidate for their mortgage offer.

Warning: This article was written many years ago. Please contact the bank mentioned here (or your own bank) for the current terms and conditions of their mortgage facility. Analyse before you leap. Remember . . . you're responsible for any decisions you take.

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