40 million naira for a showplace in Lekki? Quite unbelievable.

Hello,

UBA has a mortgage program specially designed for Non Resident Nigerians (Nigerians with residency outside the country) who would like a loan to finance their properties in Nigeria. This program is called NRN Mortgage (Non Resident Nigerian Mortgage).

My company, Marvel Mortgage Company performs pre-qualification of prospective borrower for UBA. If anyone needs more information, email us at [email]nrnloan@marvelmortgageco.com[/email]. Please reference Nairaland in your email.

We are currently working on our web site that will provide more detail information.

The NRN Mortgage program details are:

[table]
[tr][td]Target Market: [/td][td]Non Resident Nigerians[/td][/tr]
[tr][td]Loan Use:[/td][td]House purchase. Off-plan purchases and Land purchase in selected cities (Lagos, Abuja, Port Harcourt and Enugu)[/td][/tr]
[tr][td]Loan Amount: [/td][td]Up to $400,000 US[/td][/tr]
[tr][td]Interest Rate: [/td][td]Currently set at 7%. It is based on 180 Days (6 month) LIBOR (London Interbank Offered Rate) plus 2% adjusted every 180 Days.[/td][/tr]
[tr][td]Terms: [/td][td]120 Months (10 years)[/td][/tr]
[/table]

regards

@tfasaro,
i am very much interested in this,
i do nt understand the 180days increase u are saying here,
pls give me an estimate, if i buy a house for N25,000,000 and i pay say N5,000,000 now,
at the end of a 10yr morgage, how much do i pay
thanks
really would appreciate a reply

Tmoni,

The NRN Mortgage product is a Variable Rate Mortgage and is revised every 6 months.

It is based on 6-months LIBOR + 2%. See http://mortgage-x.com/general/indexes/libor.asp for more information on LIBOR Index.

Most Variable Rate Mortgage offer borrower's aggressive initial rates when compared to Fixed Rate Mortgages. Over time depending on how the LIBOR index behaves, your payments may decrease or increase,

For example:

Let say you apply for the loan back in June 2006 when the 6-month LIBOR rate was at 5.7%. Your mortgage rate will be 7.7% (LIBOR + 2%) and will be used to calculate your monthly payments.

Come January 2007 (6 months later), the bank will look at the LIBOR rate and recalculate your monthly payment based on the new rate and the remaining balance on your loan.

On June 2007 (this month, another 6 months period), the bank will again look at the LIBOR rate which is currently at 5.37%. Your new mortgage rate will now be 7.37% lower than the 7.7% you started with. As a result of the rate reduction, your monthly payment for the next 6 months will be lower than what you started with.

Please note that the LIBOR rate may go up or down over time. It is advisable for you to research the performance of the 6-month LIBOR for the past few years.

I am not sure I understand what you meant by how much do you pay. If you are asking for an amortization schedule that shows what your payment is every month, send an email to me at [email]nrnloan@marvelmortgageco.com[/email] and I will send you an amortization schedule.

regards

I need you guys help,my landlord just sold his house to one of the bank here in nigeria, i have no where to stay presently,anyone with a single room for rent, I have only 30,000 on me for now, please i need it urgently, stay blessed.08024017201

@Londoncool

I am interested in the mortgage with Intercontinental.

Please can I have your contact who helped you with the backdating for the bank reference. My email is almondfinancial@yahoo dot com.
Lol.

@Londoncool

I need your contact at the 'Project Managers' that handled the Calabar deal for you.


Thanks

Londoncool whats the best way to contact you personally for more information?

mpkese:

Londoncool whats the best way to contact you personally for more information?

My email address is in my profile here

thanks mr kunle for your call, i really look forward to seeing you as one of our NHF beneficiaries, regards to your family

Hi all
I need lands and properties 4 sale in Benin
Regards 2 all.

aloleda (f)

  Wise idea

Hummmm,. . . . .nice option,

At least, alot of folks are able to become home owners. . . . .

TO ALL,

IF YOU HEAR 'UBA MORTGAGE FOR NRN' PLEASE RUN. UBA WILL FINISH YOU
I REPEAT THEY WILL RUN  YOU BANKRUPT.

email Disgruntled_UBA_NRN_Cust@yahoogroups.com  FOR FULL DETAILS, FIRST HAND EXPERIENCE


Thanks

Be advised Mortgage rate is SLAVE TRADE in Nigeria (at 21 to 25%),

With the global slowdown, some of the banks are already considering raising their rates (as a clause in the offer allows this based on market forces).

For me, best option is to save and build as you go, the risk of increase in building materials does exist but compare it with the risk of banks sucking you dry !!!

@Chionyins,one hot area i will sugest u take a serious look is the property market in Enugu. Properties re appreciatin at astronomical percentages. i already listed n many more wil soon be listed.

Hi Guys

Can someone tell me if i could put down 10% deposit for a Mortgage In Lagos. If yes, which bank or company provide this service.

Cheers

Francis2fi

francis2fi:

Hi Guys

Can someone tell me if i could put down 10% deposit for a Mortgage In Lagos. If yes, which bank or company provide this service.

Cheers

Francis2fi

See if IBTC can help you.

I have a house and i currently not struggling with it as am planning to buy another one.The most important thing in buying land is to know the location at which you want,amount you have,cost of land in that area,good agents or real estate surveyor to help in buying it,type of building allow bythe local authority of the area,title document of that land you want to buy.

Now selling at Agbara estate

Semi Detached duplex

Features:

Master bedroom
2 bedroom/1 bathroom
Guestroom/multimedia ensuite
Large open living room/dinning room
Family living
Kitchen
Guest toilet

Price: Duplex Terrace #10,500,000
Duplex Compact #12,000,000
Duplex Vivas 127 #17,000,000

Contact: ebikay2yahoo.com
08060113086

@Belu, you dont have a 2 or 3 bedroom bungalow

I

The people are loosing their moral while becoming modern. The society needs to be attentive that moral value. Well, it shocking and needed and immediate attention to short out at the earlier.
======================
Buy To Let Mortgages

Heard & understand this Mortgage thing in Naija is some organized scam(especially when it runs for more that 2yrs)

You may not understand, I rather prefer you buy your land, leave it for another 10yrs. Sell and build ur house with the money

I make some sense i know!!!

I like to reply on this thread. Thanks for this. Buy To Let Mortgage Rates

The new Central Bank of Nigeria requirement that all banks must have a minimum of 25 billion naira has propped up the capital base of all banks with a minimum of 25 billion naira. And this includesFirst Bank of Nigeria Plc.Get a letter of introduction from your employer. The letter basically says that you are a bona fide employee of the company you claim to work.

We have 3bedroom Bungalow for sale at N9 Miilion and 9.45Million which we offer developer finance at 14% interest up 10 years for details visit www.roydavisrealty.com/breezewood send me email at bony@roydavisrealty.com or call 234-803-696-0023[b][size=8pt][/size]

^^^^ pls give details of where the properties are and their state of completion as at todate.

thanks

The location is sogotedo, just after Ajah in Lekki. we are in the clearing stage of the development, we are only accepting expression of interest at this stage, visit www.roydavisrealty.com/breezewood