Getting a new home or re-finance your current home In Nigeria is often direct to Federal Mortgage bank providing National Housing Fund (NHF) as governmental schemes aimed at alleviating the problem.
Due to trust and fear most people don’t want to go by the move in contributing to government National Housing Fund (NHF) scheme .
The good news is that StanbicIBTCBank – Nigeria also offer you the opportunity to acquire your dream home if you don’t want to deal with Government own scheme.
The financial institution offer outright purchase and home-owner loans also known as equity release home loans.they provide home loans for the following areas: Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna and Benin at moment.
The outright purchase loan lets you become a home owner rather than a tenant. For an outright purchase, you can spread your repayments over up to 20 years with a minimum equity contribution of 10%.
The process of getting a mortgage loan is quite easy in theory, but practically, can be difficult. Below are the requirements.
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Requirements to apply:
1. You need to earn a monthly net salary of N200 000 for a home loan or N140 000 for an equity release loan.
3. Your salary must be paid into your Stanbic IBTC account.
4. You need to have been with the same employer for at least 12 consecutive months.
5. You must give us a letter of introduction from your employer or a copy of your letter of employment if you have been with your employer for less than 12 months.
If you work on a contract basis, we need a copy of your most recent contract.
6. Your pay slips for the past three months.
7. You must be a Nigerian citizen with permanent residency.
If your Stanbic IBTC account was opened in the past six months, you need to give the bank six months statement of your account with another bank.
8 .Proof of your address, such as a recent utility bill or a billing document proving your address.
9. A filled in home loan application form, which you can get from any of our branches.
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What does the home loan offer you?
1. You can apply for either the equity release or the outright purchase option.
We provide home loans for the following areas: Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna and Benin.
2.You get flexible principal repayment options – you can pay monthly, quarterly or once or twice a year.
3.If you are self-employed, the maximum repayment period is seven years.
3.If you earn a salary, you can repay your loan for as long as 20 years.
4.The minimum loan amount is N3 million.
5.The minimum property value for providing a equity release loan is N5 million.
How to apply ?
To apply for housing loan….Please visit a Stanbic IBTC Bank branch near you or call 0700 CALL STANBIC (0700 2255 7826242) or +234 01 270 9676 or email us: firstname.lastname@example.org