Dear NairaLanders, please I need your advice and input.

I am interested in going for a N25million mortgage to buy a house in Lekki. I want to know:
1. What do I require (docus etc) to enable me apply for a mortgage;
2. Which is the best mortgage institution to approach that have the ability to grant fund;
3. What is the average repayment per month or per annum;
4. How many years will it take to pay back the N25mil.

I am waiting for your beautiful responses.

Thats a good investment opportunity.We would like to have a discussion with you if you would like to see us at RESORT CONSULT LIMITED
Our property section is based on Mortgage Facilitation,Housing Scheme Administration, Project Management.

We have capable hands in handling mortgage facilitation and got contacts in most Mortgage Institutions that makes Mortgage easily accessible for our clients.

My name is Sunday Aina. Hope to read from you soon.


Sunday Aina
Head; Properties


Resort Properties Ltd
Ground Floor, Wing B,
Kajola House,
62/64 Campbell Street,
Race Course, Lagos.
Telephone: 234-1-2718071,070 5159 0841,
08032835370
www.resortconsult.com
e-mail: info@resortconsult.com,
resortconsultlimited@gmail.com

@resortprop
Thanks for your responce. I will call you soonest as you advised but in the interim, can you please enlighting me on the enquiries I raised.

1. What do I require (docus etc) to enable me apply for a mortgage;
2. Which is the best mortgage institution to approach that have the ability to grant fund;
3. What is the average repayment per month or per annum;
4. How many years will it take to pay back the N25mil.


Answers;

Firstly, what type of property are you interested in? the location? the amount and the documents attached to the ppty?
1. Depending on the Mortgage Institution, some requires different documents depending on the size of the mortgage
2. We have FBN Mortgage Institution,Union Homes,Abbey Building Society,Union Homes,Resort Savings and Loans, GTHomes and Stanbic.
3. Depending on the loan/mortgage amount, some may require 180k per month/2.5-3.5million yearly but mostly they prefer monthly repayment and or less or more
4. Could be spread over 10-15 years depending on the interest rate.

I hope this helps a little and more so, the house will be for what? residential or for letting so you could recoup the investment?


All this are what is needed to ensure smooth facilitation of the mortgage

@resortprop

Once again, thanks.
A. There are two houses involved. While one will be for my living the other will be commercialised.
B. The former is in Lekki while latter is in Surulere.
C. All things being equal I should be able to repay N250,000 per month or bulk payment .ie. 6 months upfront. Can this repayment plus plan interest offset the mortgage in 10 years?
D. What is the average interest charged. Will it be fixed or yo-yo.
E. The two buildings has no CofO. Is this going to affect my application?

@Bowie11

you mean the two properties has No C.of.O? then what are the titles? No titles? or what? Every land in Lagos has one title or the other ranging from Plan survey,gazette,registered conveyance, deed of assignment, land certificate etc then it would be hard unless the bank is able to certify that you have security of income, where you work/kind of business you do, your guarantor etc , You got any collateral? or have any initial down payment?

Some banks requires you have up to 15% or 20% of the total mortgage amount and collateral's, then for the offset in 10 years, depending on what you agreed, i think it should be or more but mostly some banks can take 10-15 years.

Do call for more details and schedule a meeting or write formerly to us and lets discuss and if you need us help you them lets formalize it.


I think i have helped this far

Sunday Aina
Head; Properties


Resort Properties Ltd
Ground Floor, Wing B,
Kajola House,
62/64 Campbell Street,
Race Course, Lagos.
Telephone: 234-1-2718071,070 5159 0841,
08032835370
www.resortconsult.com
e-mail: info@resortconsult.com,
resortconsultlimited@gmail.com

@resortprop

Surely the houses have documents.
I will call you to fix a meeting appointment with you in your office.
Best regards.

Good day,

@Original Poster: Sorry to piggy back on ur post,

Mr. Sunday Aina, is it possible to arrange a mortgage to construct residential property of 2 duplexes on a land.

In other words, I have a land but need mortgage to finance the construction of the houses?

My understanding of the way the banks work is that they prefer to finance the purchase of a completed property?

Thanks and kind regards,

@wilife

yeah, banks prefer to finance/ already built properties. But in other case, you can still obtain a mortgage if the property is meant for commercial residential, I mean if it would be let out upon completeion and that would be:

Built-Operate-Transfer but thats not always the case. Where is the location of the land? Lagos? Abuja? Other State?


If you need more advise please contact me at:

Sunday Aina
Head; Properties


Resort Properties Ltd
Ground Floor, Wing B,
Kajola House,
62/64 Campbell Street,
Race Course, Lagos.
Telephone: 234-1-2718071,070 5159 0841,
08032835370
www.resortconsult.com
e-mail: info@resortconsult.com,
resortconsultlimited@gmail.com