Exploring the Top 5 Mortgage Banks for Home Loans in Nigeria
In Nigeria, the concept of mortgages often feels distant for many, but there are select mortgage banks that stand out as preferred destinations for home loans due to various factors such as favorable loan terms, capitalization, and operational models. Let’s delve into why these five mortgage banks are the top choices for homebuyers:
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- Abbey Mortgage Bank Plc:
With a rich history spanning three decades, Abbey Mortgage Bank Plc has positioned itself as a leader in the mortgage market. Originally established as Abbey Building Society, it is among the select few national primary mortgage banks licensed by both the Federal Mortgage Bank of Nigeria (FMBN) and the Central Bank of Nigeria (CBN). Abbey stands out for its commitment to providing affordable housing solutions, offering a range of services beyond mortgages, including savings products like KidzSave, which helps parents secure their children’s future with up to 5 percent returns.
- Infinity Trust Mortgage Bank Plc:
Since its inception in 2002, Infinity Trust Mortgage Bank Plc has been dedicated to facilitating homeownership opportunities through effective mortgage services. As one of Nigeria’s quoted mortgage banks, it boasts robust capitalization and is credited with advancing numerous home loans, contributing significantly to making housing more accessible to Nigerian families. Additionally, it holds equity shares in the Nigeria Mortgage Refinance Company (NMRC), further enhancing its capacity to provide affordable housing solutions.
- FirstTrust Mortgage Bank Plc:
Formed from the merger of First Mortgages Limited and TrustBond Mortgage Bank in 2019, FirstTrust Mortgage Bank Plc is renowned for its strong capital base and commitment to leveraging technology to deliver innovative mortgage and real estate financial services. With assets exceeding N20 billion, FirstTrust aims to foster stability through homeownership, contributing to the country’s development by expanding access to mortgage loans.
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- Platinum Mortgage Bank Limited:
Established in 1992 as Platinum Home Investment and Mortgage Limited, Platinum Mortgage Bank (PMB) has evolved into a formidable primary mortgage institution. Through a strategic recapitalization process, PMB has strengthened its offerings with cutting-edge products, services, and information technology. It ranks among the top mortgage institutions in Nigeria, empowering home loan seekers to realize their dreams of homeownership with tailored services and professional management.
- Federal Mortgage Bank of Nigeria:
As the apex mortgage bank in Nigeria, the Federal Mortgage Bank of Nigeria (FMBN) plays a crucial role in regulating all primary mortgage institutions in the country. FMBN is dedicated to enhancing affordable access to homeownership, overseeing operations such as the National Housing Fund (NHF) scheme, which provides single-digit interest loans to contributors. Through initiatives like the Rent-Own-Own housing scheme and strategic partnerships with organizations like the Family Homes Funds (FHF), FMBN continues to deepen its impact in providing affordable housing solutions to Nigerians.
In summary, these five mortgage banks stand out as preferred destinations for home loans in Nigeria, each contributing uniquely to making homeownership more attainable and affordable for Nigerians across various income levels.
