Participation in mortgage is not quite common in Nigeria. Though, in the advent of monetization where govt.
houses were sold out on owners occupiers, Aso Savings & Loan a PMI (primary mortgage institution) granted
mortgage facilities to various civil servants.


Though, my research so far is on Stallion Home Savings & Loan Ltd (SHSL) a PMI, i will flourish you with that
of Aso Savings and Loans on a later day.

In the interim here are the conditions for SHSL mortgage facilities


GENERAL CONDITIONS FOR OBTAINING NHF LOAN, SHSL LTD
[/b]
[b]GENERAL CONDITIONS
1. opening of savings account with a minimum of N10,000 with 2 passport
2. purchase of SHSL NHF (National Housing Fund) loan application form (N1,500) 1 passport
3. 3 months pay slips and 3 passports. If u are self employed u should know hw much u should
be paying yourself monthly. U can also arrange that with a N20,000 fee to SHSL.
4. participating actively in SHOP (i.e. Stallion Home Ownership Program ) min. of N1,000
5. photocopy of tax clearance certificate
6. must be a contributor of NHF scheme
7. Service charge 2.75% flat (both FMBN & SHSL) 0.25% FMBN & 2.5% SHSL. U will need 2 passport
to fill the Federal Mortgage Bank of Nig. form
8. Interest rate 6%
9. legal search fee (N1000 for FMBN)
10. a letter from employer


BUYING A PROPERTY
• Provisional allocation from the seller
• Evidence of advance payment from the seller
• Valuation report of the property
• Root title of the property i.e. allocation letter, certificate of occupancy ‘c of o’, deed of assignment or sublease.
• Approved building plan

BUILDING A HOUSE OR DEVELOPING A PROPERTY
• Valuation report of the property
• Root title to the property
• Approved building plan
• Priced bill of quantity BOQ
• Personal stake invested or sunk in the project (20% at least). Foundation base
could be considered as 20% of the project depending on the valuation as an overall function of the BOQ.
• Service charge 2.75% (both FMBN & SHSL)


NOTE:- SHSL will not vet a mortgage on govt developed houses that were sold out on owners occupier to civil servant.
They can give mortgage on the purchase of privately built houses by private individuals, developers and building of personal houses giving the stated conditions above.

ENQUIRE ABOUT PROPERTIES IN ABUJA THAT ‘S WHY WE ARE HERE.

Hi,
If you're buying a property, is there a limit in the amount of money that they can finance?

Thanks Hakir, you are doing a great job in here

• Evidence of advance payment from the seller

what percentage of the value is the minimum one will be required to pay in advance?

the maximum amount SHSL can finance your project with is in the tune of 5 million naira be it purchase frm a seller.


fro the evidence of advance payment from the seller: mini. of 20% of the value will be required to be payed in advance



I WILL SOON GET INFORMATION ON 'ASO SAVINGS AND LOANS' MORTGAGE INSTITUTON. PLS STAY TUNED

i want to register with a primary mortgage instituition. i am in ilorin hoping to relocate to abuja. can u link me with anyone who can give me info on this?. pls contact me on ha_bid@yahoo.com
Habib
Ilorin

@sinaoye,

Check the website for Aso Savings & Loans www.asoplc.com

Hello Sir,
I need more info, we have a property under development and we need a PMI to help out.
Thanks