Vast majority of Nigerians are living floating slum in the urban and rural area, millions are homeless due to housing deficit.Though Nigeria government are putting measure in place to contain housing challenge by creating Federal Housing Authority as well as Federal Low Cost Housing Estate to provide Affordable Housing for all.
This measurement couldn’t solve it alone,which prompt commercial banks and other mortgage banks to quick rescue. Guaranty trust bank has unveiled what is know as GTMortgage a product that offers credit facilities (term loans) to part finance applicant’s acquisition of residential property in locations acceptable to the bank.
The credit facilities is offer to customers whose salaries or business proceeds are domiciled with the Bank to enable them own a home in selected cities within the country.
Nigerians housing already in deficit and what I always tell people is that we need to classify what deficit is. Most of the times, what people can afford, they don’t like but what they like, they cannot afford
GTMortgage loan tenor ranging from 1 – 20years (but subject to a maximum age of 55 when loan expires) with flexible repayment options, Annual, semi-annual or quarterly principal repayment while interest will be serviced monthly.Monthly repayment shall not exceed 50% of net monthly salary.
The maximum and minimum loan amount ranging’s from N5 million to N150 million depend on your capacity for repayment. The Approved locations by GTBank for GTMortgage include: low and medium density areas in Lagos, Abuja, Port Harcourt and all states capitals.
Required documents for GTMortgage Approval
1. Offer from vendor
2. Copy of the title document
3. Duly completed GTMortgage loan request form
4. Duly completed GTMortgage Employer Undertaking form (v) Clean Search report (vi) Valuation report.
How to Apply For GTMortgage
If your employment status is confirmed as staff of a reputable company and have worked with the current employer for at least one month should visit the nearest Gtbank branch and request for Application Form and submit the following documents.
1.Title Document of Property
2.Offer Letter to Sell property from vendor
3.Valuation report from any of the Banks approved estate valuer
4.Search report from GTBank Legal Group