Therefore, the Top 5 Mortgage Institutions in Nigeria are listed in this post.
Let’s start by defining a mortgage institution.
A bank that provides loans to borrowers so they can buy real estate is known as a mortgage institution. People may not be able to purchase homes with their monthly salaries, which is what happens. Accumulate enough money to buy or construct a house, it could take a while. Mortgage lenders step in by lending out the money for the real estate investment and then collecting the payments over time. Depending on the type of mortgage bank, these loans may or may not be repaid with interest.
The leading mortgage lenders in Nigeria are listed below, along with instructions on how to get their loan packages in the relevant links.
- Infinity Trust Mortgage Bank Plc
As Infinity Trust Savings & Loans Limited, Infinity Trust Mortgage Bank Plc was established on January 28, 2002. However, it started conducting business in Abuja in 2003.
ITMB Plc has committed itself for nearly 20 years to provide Nigerians access to countless homeownership prospects through effective mortgage service. They provide the finest mortgage program for 8 out of 10 visitors to the bank, one that suits their income and allows them to become homeowners.
Over 20 contemporary estates in Nigeria have received full or partial financing from Infinity Trust Mortgage Bank Plc. The Bank had to alter its name to Infinity Trust Mortgage Bank Plc as part of our strategic turnaround on January 25, 2013 and became a Public Limited Liability Company. On December 11, 2013, its shares were formally listed on the Nigerian Stock Exchange’s main floor. It was designated a National Mortgage Bank in 2014. The bank now owns equity shares of the Nigeria Mortgage Refinance Company (NMRC).
Unquestionably one of Nigeria’s top and most well-capitalized primary mortgage banks. In 2004, the bank’s shareholders’ funds were in a negative position; today, they total more than N6 billion. From less than N100 million in 2004 to over N16 billion in 2017, the balance sheet increased. Over 20,000 Nigerian families now have access to excellent and affordable housing because to the bank’s fourteen-year streak of uninterrupted profitability and dividend payments to shareholders.
With a focus on providing the best mortgage banking services and products that reflect the supremacy of its parent company, First Bank, in the financial services sector, FBN Mortgages Limited is a prominent Primary Mortgage Bank (PMB).
FBN Mortgages is in a unique position to assist clients in taking those crucial steps toward straightforward homeownership and real estate growth as a committed provider of a comprehensive range of mortgage and real estate finance solutions.
Platinum Mortgage Bank Ltd
One of the top primary mortgage institutions in Nigeria is Platinum Mortgage Bank Ltd. It was established in 1992 with the help of the Corporate Affairs Commission to offer savings, loans, and home ownership services. The Federal Mortgage Bank of Nigeria and the Central Bank of Nigeria each granted it a license to offer mortgage banking services in Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989, respectively.
Formerly known as Platinum Home Investment and Mortgage Limited, with its headquarters in Lagos, PMB Limited underwent a recapitalization process to become a formidable Primary Mortgage Institution supported by cutting-edge products, services, information technology, and necessary professional management.
Abbey Mortgage Bank Plc
The best, biggest, and most successful primary mortgage bank in Nigeria is Abbey Mortgage Bank Plc, which is non-aligned. It is one of the seven national Primary Mortgage Banks (PMB) in Nigeria that the Federal Mortgage Bank of Nigeria and the Central Bank of Nigeria have granted licenses (FMBN).
Additionally, it is a major mortgage bank (PMB) authorized to lend money under the National Housing Funding (NHF) on-lending facilities.
We provide corporate groups and individuals with a range of mortgage and investment solutions, as well as counselling and advisory services, to enable them to acquire financing for housing. In order to meet client demands, we also finance and facilitate the provision of mortgage and real estate-related services.
Federal Mortgage Bank of Nigeria (FMBN)
The Nigerian Building Society (NBS), later known as the Federal Mortgage Bank of Nigeria (FMBN), was founded in 1956 as a joint venture between the Federal and Eastern Governments of Nigeria and the Commonwealth Development Corporation.
The Bank functions as an efficient means of expanding the volume of lending, mobilizing long-term capital, and providing mortgage lending services to all facets of the Nigerian population.
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