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Nigeria Mortgage Education by Maxbush1(m): 3:18pm On Oct 15, 2019
Nigerian Mortgage Refinancing Company (NMRC)
MORTGAGE LOAN CRITERIA UNDER NMRC STANDARD
By Abbey Mortgage Bank Plc

Purpose of Loan: To finance the purchase / development of a residential apartment

Type of Property Eligible: Single family home or an apartment in a multi-unit building to be occupied by the owner.

Eligible Borrower: Individuals with a steady and verifiable source of income (employed or self-employed)

Credit Bureau Report: Abbey Mortgage Bank Plc shall obtain satisfactory credit reports on the borrower from 2 credit bureaus

Minimum Loan Amount: N1,500,000.00

Maximum Loan Amount: N50,000,000.00

Loan Term / Length: Minimum – 5 years; Maximum – 20 years

Borrower Age: Minimum – 21 years; Maximum – 10 years to the age of retirement

PENCOM Compliance: The borrower should maintain an active RSA Account

Interest Rate: Fixed rate

Equity / Down Payment: The borrower is expected to make the following down payment from his money;

For self-employed borrowers;

Housing Expenses and Total-Debt Ratios: Monthly Housing Expenses consists of monthly mortgage payment and other housing related expenses;

Debt to income ratio includes other payment obligations;

Form of Repayment: Mortgage repayment shall be on direct debit to borrower’s account

Delinquency: Mortgage loans submitted for refinancing must have no delinquencies

Property Valuation: Should be carried out by a licensed, independent valuer.
The lower of the Purchase Price and Open Market Value (OMV) of the property to be acquired will be used for evaluating the mortgage loan

Tenure of Property: Full ownership. Leasehold with a minimum of 40 years from the date the loan is originated

Property Title: Good legal title free from encumbrance

Security Required: First rank legal perfected mortgage over the property for the amount of the mortgage plus interest.

Insurance: Property insurance in the borrower to cover the replacement cost of the property
Life and disability insurance assigned to the lender for the amount outstanding

Title Perfection Duration: Where a fully perfected title is not available, NMRC will accept Title perfection duration insurance for a maximum of 18 months
Re: Nigeria Mortgage Education by Charmedbyprince: 3:43pm On Oct 15, 2019
Interesting post @Maxbush1 ... Very Educative
For more information on Mortgage Loan, contact mortgage institutions such as Abbey Mortgage Bank Plc
www.abbeymortgagebank.com

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