An Act to make provisions for establishment and licensing of mortgage institutions to grant loans and advance to individuals for the purchase or construction of a dwelling house; improvement or extension of an existing dwelling house; and to accept savings and deposits from members of the public and to pay interest thereon.
mortgage Bank in Nigeria grant loan and advance to an individual for the purchase or construction of a dwelling house and either collect payments in installments along with a certain rate of interest.
Most mortgage loan interest rate is applicable to any deposit, loan and advance shall be in accordance with the interest rate determined by the Federal Mortgage Bank.
How a Mortgage Bank Functions
Mortgage banks provide loans to clients purchasing real estate properties.Nigeria mortgage act stipulate that No mortgage business shall be transacted in Nigeria except by a company which is duly incorporated in Nigeria for that purpose and in possession of a valid licence granted by the Minister authorizing it to do so.
If any company is desirous of carrying on mortgage business in Nigeria, it shall apply in writing through the Federal Mortgage Bank to the Minister for the grant of a licence in accordance with the following provisions of this Act.
List of Primary Mortgage Institutions in Nigeria
1 ABBEY BUILDING SOCIETY LIMITED
2 AG HOMES SAVINGS & LOANS LIMITED
3 AKWA SAVINGS & LOANS LIMITED
4 ASO SAVING & LOANS PLC
5 Brent Mortgage Bank
6 CENTAGE SAVINGS & LOANS LIMITED
7 CITY CODE SAVINGS & LOANS LIMITED
8 COOP SAVING & LOANS LIMITED
9 DELTA BUILDING SOCIETY LTD
10 FHA HOMES SAVINGS & LOANS LTD.
11 FIRST GENERATION HOMES (SAVINGS & LOANS) LIMITED
12 FIRST TRUST MORTGAGE BANK PLC
13 GATEWAY SAVINGS & LOANS LIMITED
14 GLOBAL TRUST SAVINGS & LOANS LTD.
15 HAGGAI SAVINGS AND LOANS LIMITED
16 HOMEBASE MORTGAGE LIMITED
17 Imperial Homes Mortgage Bank Limited
18 INFINITY TRUST MORTGAGE BANK PLC
19 JIGAWA SAVINGS & LOANS LIMITED
20 JUBILEE-LIFE SAVINGS & LOANS LIMITED
21 KEBBI STATE HOME SAVINGS & LOANS LTD.
22 LAGOS BUILDING & INVESTMENT COMPANY LIMITED
23 LIVINGTRUST MORTGAGE BANK PLC
24 MAYFRESH SAVINGS & LOANS LIMITED
25 MGSL Mortgage Bank
26 MUTUAL ALLIANCE SAVING & LOANS LIMITED
27 NEW PRUDENTIAL BUILDING SOCIETY LIMITED
28 Nigeria Police Mortgage Bank
29 PLATINUM SAVINGS & LOANS LIMITED
30 REFUGE HOME SAVINGS & LOANS LIMITED
31 RESORT SAVINGS & LOANS PLC
32 SAFE TRUST SAVINGS & LOANS LIMITED
33 STB BUILDING SOCIETY LIMITED