Most Nigerians that are abroad are yearning to have their own homes back in Nigeria and are often at a loss because they want a mortgage loan from Nigerian banks. Contrary to what most people believe, getting a mortgage in Nigeria is not such a difficult task, provided one can meet the bank’s requirements, especially while living abroad. Often, the difficulty arises from the bureaucratic bottleneck that is involved in securing these mortgages. However, if one follows these steps, securing a mortgage will be easy.

Getting Started
To start the process you need to to go to the bank to secure the loan in person. You can get a friend or relative to pick up the forms and courier or scan them to fax or email to you so that you will have the necessary documents. You must also have collateral, which you will use in securing the loans. Typical things used for collateral include a house, landed property, and shares certificates. The value of the collateral largely depends on the amount you are borrowing from the bank.

Documents You'll Need
Some of the necessary documents you will need to apply for include your international passport, your resident permit in the country where you are staying, proof that you are gainfully employed in your country of residence, and your tax clearance. When you are filling out the application form, make sure that you provide accurate information, as giving the wrong information could lead to your application being denied. This has been a major problem encountered by people while trying to secure loans.

When returning the form, ensure that you have:
• Fully completed the Home Loan application form (signatures verified)
• Your pay slips from the last 3 months
• Immediate past 12 months salary account statements, if you are a new customer
• Letter of introduction from employer’s HR
• Copy of company ID card
• Copy of valid means of identification (international passport, driver’s license or national ID Card)
• Copy of title documents to the property (if being used as collateral)
• Valuation report from a Bank approved valuer
• Details of any existing loans
• Proof of loan purpose
• Most recent utility bill
• Guarantor’s letter (two guarantors are required)
Self-employed applicants can follow this same procedure. There is undoubtedly much work that must be done to acquire a mortgage in Nigeria, especially if you are currently living abroad, but if you follow the steps and take your time, your efforts will certainly be rewarded.
Most bankers advise that it is imperative for anyone who wants a mortgage to purchase land first. This will show your readiness to build and it will also serve as collateral in case you default on your loan.

Documentation
After buying the land, you (Click on the link below to read more)
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