Buying A House On Mortgage In Lagos, Nigeria

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 nrnloan@marvelmortgageco.com. 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:
 

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

 
regards

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 nrnloan@marvelmortgageco.com and I will send you an amortization schedule.

regards

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

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.