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Top 5 Mortgage Institutions in Nigeria by Dennis Isong

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If you’ve come across this article, then you’re probably planning to own a house, trying to find the best mortgage offer or perhaps you are curious to know the top Five mortgage institutions in Nigeria. If you ever fall among any of these categories, then relax, you are in the right place as I have taken my time to research some of the best mortgage Institutions in Nigeria.

Many people are often time faced with the challenges of buying or building a house and because owning a property such as this requires having a huge amount of money which may take a long time to save up, then Mortgage services are put into consideration.

 Mortgage Institutions in Nigeria

Mortgage institutions are primarily known for the provision of real estate loan facilities and collect payments back in installments which typically attract interest. The installment may be done monthly, quarterly or yearly basis depending on the packages and or the Mortgage institution.

So, below are the Top 5 Mortgage Institutions in Nigeria with guides on how to acquire their mortgage packages

FBN Mortgages

FBN Mortgages formally called Nigeria Building Society (NBS) was established in 1956 and is the oldest Mortgage bank in Nigeria. The mortgage institution is dedicated and act as an effective vehicle to offer a wide range of real estate and mortgage financing solutions to all segments of the Nigerian population.

With a focus on delivering the best Mortgages solutions to typify the dominance of it parent ( First Bank) in the Financial service industry, FBN Mortgages stand out to be among the best Mortgages institution in Nigeria. If you’re looking for a mortgage loan with the best rates in Nigeria, then FBN Mortgage is ideal because they offer quality service and has helped many to acquire their dream homes.

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Platinum Mortgage Bank LTD

Incorporated with the corporate affairs commission in 1992, PMB Ltd is one of the major primary mortgage finance in Nigeria providing loans and homes ownership services. The bank was once known as Platinum Home Investment and Mortgage Ltd with Headquarters in Lagos, authorized by CBN and the FMB of Nigeria under decree No 24 of 1991 decree No 53 respectively.

The institution was recapitalized into a primary mortgage institution with more impressive and innovative products, services, and indispensable professional management. With over 25yrs of operational history and experience, platinum Mortgage Bank is arguably among the top mortgage institutions in Nigeria hitherto.

Abbey Mortagage Bank

Abbey is an accreditated mortgage bank for the National Housing Funding (NHF) on-lending facilities which act as an effective vehicle for offering various Mortgages and investment services to individuals and corporate organizations. The institution offer services ranging from

  • Popular Savings
  • Fixed Savings Account
  • EasySave
  • Home Account
  • KidSave
  • EasySave Plus
  • Children Savings etc

So, If you want a more interesting and satisfying product or services order than mortgaging, you can go for Abbey Mortgage Bank. e.g the kidzSave. The KidzSave is a product with up to 5% returns that enable you to secure the future for your children. You can save a minimum of N1000 monthly for your children until they turn 18.

The bank is also one of the seven national non- aligned primary mortgage banks, authorized by the CBN and FMBN and therefore are ideal.

FirstTrust Mortgage Bank Plc

FirstTrust Mortgage Bank emerge as a result of the merger with TrustBond Mortgage Bank PLC in 2019. The merged entities have a long history as far back as 2003. The institution has a strong capital base and assets of over an N20billion and is dedicated to serving the financial needs of Nigerians in terms of Mortgage loan services.

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They are one of the best Mortgage institutions in Nigeria because they make it possible for people to gain stability through homeownership thereby contributing to the country‚Äôs development. FirstTrust Mortgage Bank PLC hope to achieve its purpose by going “beyond the regular delivery of mortgage and real estate financial services leveraging disruptive technology and our people”.

Federal Mortgage Bank of Nigeria

Federal Mortgage Bank facilitates the ownership of homes among Nigerians through mortgage financing. The mortgage institution operates as a profit-oriented bank, and it’s committed to serving customers throughout Nigeria. The company recently signed a strategic partnership agreement with FHF Nigeria to deepen the provision of affordable housing to customers throughout Nigeria.

It may also interest you to know that this mortgage institution has long been in existence and fact the oldest of them all, it was established during the regime of Olusegun Obasanjo in 1956 to replace the Nigeria Building Society. It is regarded as the highest mortgage financing institution in Nigeria and controls and regulates all primary mortgage institutions in the country.

The mortgage is ideal because of its exclusive vision of being the most preferred mortgage institution offering affordable access to homeownership.

Why own your own house?

A significant consideration to look at is the COVID19 pandemic which lit the real estate market like rockets. Earlier this year, home prices rose rapidly in comparison to 15 years ago; The boom is expected to continue for the next months at least.

Home can lose value but it doesn’t happen often which is why it is considered one of the longest terms valuable assets to invest in. Mortgaging can help you build equity over the years; your equity continues to grow as you pay down your mortgage which over time goes down to the loan rather than the interest.

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Buying real estate is a big purchase and requires your time considering options to fit your budget, mortgaging helps you keep your cash reserve. It is always a good idea to have some extra cash for emergencies. Lastly, you have much greater privacy; you own the property so you can decide to renovate (benefit renters don’t enjoy) or even rent it out to earn more money.

Conclusion

“Owning a house is a gateway to Long term and short term success” but this doesn’t come without costs and limitations. If you’re aiming to own a house before retirement, you’re thinking in the right direction and can achieve your dreams mortgaging.

Many institutions offer quality loans to acquire houses and other real estate in Nigeria. But the above mentioned, offer affordable Mortgages rates and are certified to carry out the practice.

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Dennis Isong
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