Mortgage Facility In Abuja Through (aso Savings And Loan)

hi folks

i will be informing you on mortgage in nigeria with reference to ASO SAVINGS AND LOAN LTD a

PRIMARY MORTGAGE INSTITUTION (PMI)


these are the basic information required for a mortgage loan with the above company:

first and foremost, to be eligible for mortgage facility, the individual in person will have to open

an account with ASO SAVINGS AND LOAN and must have operated it for 6 months minimum.


there are 2 types of loans:

SHORT &

LONG loans


the short loan is for a period of 5 years and unlimited to the amount of loan one can get

while the long loan is for a period of 20 years with limitation to the tune of #5,000,000 maximum


the varieties of loans are given on 2 different packages such as:

the short loan is given on commercial basis which attracts a high interest rate of 18% paid over 5 years

while the long term loan is based on ones contribution to the NATIONAL HOUSING FUND (NHF) with the

FEDERAL MORTGAGE BANK OF NIGERIA (FMBN). this the apex mortgage bank with statutory powers to

moderate the PMI

only contributors to this fund are eligible for the loan. the loan is given @ 6% for 20 years.

one of the major clause been looked upon is your repayment plans and if the repayment ratio is higher

than your source of income or salary, the loan is rejected and vice versa.


take time to read it through and also read my posting on GETTING YOUR HOME CONSTRUCTED RISK FREE

WITH THE PROFESSIONALS


onivehu2000@yahoo.com