How do I go about getting a loan or mortgage here in Lagos? Anyone with a useful information should please share

Lagos homs google it

Federal mortgage Bank
Ikoyi.

Google it

for more details

Thanks so much

lastburn:
How do I go about getting a loan or mortgage here in Lagos? Anyone with a useful information should please share

Haba.
Just walk into any bank you like. Tell them you need a loan. They'll request for your collateral, tell them your landed property.

You will complete forms & some procedures. Then you will make payment so an independent valuer can determine the value of your property beause banks always give a certain percentage of your property's forced sale value as loan.

Example, if its 60% limit and your property is valued at N100m, it means they cannot give you more than N60m.

BuyAndSellStuff:


Haba.
Just walk into any bank you like. Tell them you need a loan. They'll request for your collateral, tell them your landed property.

You will complete forms & some procedures. Then you will make payment so an independent valuer can determine the value of your property beause banks always give a certain percentage of your property's forced sale value as loan.

Example, if its 60% limit and your property is valued at N100m, it means they cannot give you more than N60m.

Pls, can those banks give 5yrs or more for payback??

Holajaid:



Pls, can those banks give 5yrs or more for payback??

I really don't know about tenor. It usually depends on the bank but 24 months is common.

BuyAndSellStuff:


Haba.
Just walk into any bank you like. Tell them you need a loan. They'll request for your collateral, tell them your landed property.

You will complete forms & some procedures. Then you will make payment so an independent valuer can determine the value of your property beause banks always give a certain percentage of your property's forced sale value as loan.

Example, if its 60% limit and your property is valued at N100m, it means they cannot give you more than N60m.

.

Banks don't give loans like that anymore bro. Bank will ask of your cash flow and if you don't have money coming in and leaving your account forget about loan even if you have five different buildings as collateral and need only 2million

[s]

lastburn:
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Banks don't give loans like that anymore bro. Bank will ask of your cash flow and if you don't have money coming in and leaving your account forget about loan even if you have five different buildings as collateral and need only 2million

[/s]

I was referring to commercial banks not your community or cooperative banks.

Why will any bank reject a landed property as collateral? You are dumb.

BuyAndSellStuff:
[s][/s]

I was referring to commercial banks not your community or cooperative banks.

Why will any bank reject a landed property as collateral? You are dumb.

No insults but you living in the past. No loan without cash flow unless you looking for a loan of less than 500k. Maybe you should walk into a bank and ask for a loan with your father's house and see if you will get one dumb ass!

BuyAndSellStuff:
[s][/s]

I was referring to commercial banks not your community or cooperative banks.

Why will any bank reject a landed property as collateral? You are dumb.

What he told you is true, you're the one who is ignorant!

[s]

lastburn:


No insults but you living in the past. No loan without cash flow unless you looking for a loan of less than 500k. Maybe you should walk into a bank and ask for a loan with your father's house and see if you will get one dumb ass!

[/s]

The landed property has to be in your name, you bloody demented fool.

[s]

SavageResponse:


What he told you is true, you're the one who is ignorant!

[/s]

You are uneducated.
No bank rejects landed property as collateral unless it has been tendered elsewhere you bloody illiterate!

BuyAndSellStuff:
[s][/s]

You are uneducated.
No bank rejects landed property as collateral unless it has been tendered elsewhere you bloody illiterate!

Oya na, make you carry your yeye landed property go bank make we see who go give you loan if you no fit show any evidence of regular inflow of cash.

See ignoramus calling someone an illiterate

[s]

SavageResponse:


Oya na, make you carry your yeye landed property go bank make we see who go give you loan if you no fit show any evidence of regular inflow of cash.

See ignoramus calling someone an illiterate

[/s]

Landed property collaterals are to be recovered and liquidated upon loan default so what exactly do you still need client's inflow for since loan security is not based on turnover??

Na wa for Nairaland o! You go bank with forged documents, dem reject you. Now you wan take am generalize your problem to affect everybody.


By the way, you're arguing with an ex-banker (not cashier/customer care agent).

Good night abeg.

Oga,this days banks dont need ur landed property.they want to be sure of money that comes in and goes out of ur accounts every month up to six months.before u can get a loan

BuyAndSellStuff:
[s][/s]

Landed property collaterals are to be recovered and liquidated upon loan default so what exactly do you still need client's inflow for since loan security is not based on turnover??

Na wa for Nairaland o! You go bank with forged documents, dem reject you. Now you wan take am generalize your problem to affect everybody.


By the way, you're arguing with an ex-banker (not cashier/customer care agent).

Good night abeg.

So what if you were just an ordinary ex-banker?

You probably left banking in 1980...things have changed!

I want to maintain my anonymity here otherwise I for show you say I pass you by far as far as knowledge of Standard Operating Procedure of banks is concerned!

[s]

SavageResponse:


So what if you were just an ordinary ex-banker?

You probably left banking in 1980...things have changed!

I want to maintain my anonymity here otherwise I for show you say I pass you by far as far as knowledge of Standard Operating Procedure of banks is concerned!

[/s]

You are nothing but a teller my brother.
Banks accept landed property collaterals till tomorrow. The worst is they will request that a structure must be on it, not bare land.

Count the money wey dey your front and leave banking for us.

Who has already taken out a mortgage, please share your experience

I advise you not to rush, make a balanced decision, and choose the best conditions. Until you pay off the loan in full, you won't be able to just sell the property or make other transactions with it - this will require the bank's consent. But otherwise, you can use your property whatever you want - for example, to register your family and make repairs. The only way to determine how much the bank will approve of your property is to submit an application. Pay attention to do mortgage lenders take overtime into account and prepare all the necessary information.