Description

Abbey Building Society

Abbey Building Society is a Central Bank of Nigeria licensed institution offering loans for housing purposes in Nigeria.

The bank provides mortgage banking services, housing/property acquisition and development loans, deposit and withdrawal of funds and many other financial services

Products

• Mortgages and loans
• Banking services

Pros

• Up to N50 million mortgage loan
• Quarterly repayment available
• Tenor may be up to 10 years

Cons

• Significant documentation required, including your tax clearance certificate for the past 3 years
• Age limit: The age limit is 60 years, which corresponds with the retirement age in the civil service.
• Large minimum opening balance required

Mortgage Requirements

• • Two (2) recent passport photograph (full face forward, no glasses or head cover)
  • Duly completed account opening form (not need if there is existing parent account)
  • Duly signed signature specimen
  • Proof of identity: Copies of Driver’s License, International Passport, Permanent Voter’s Card, National I.D card.
  • Proof of Address: Utility Bill issued in the last 3months (IBDEC, Water etc.)
  • For corporate bodies: Company Registration particulars (Form CO2, Form CO7, Certificate of Incorporation, Memorandum and Article of association, Board Resolution, Search Report(Corporate Account Only)

Requirements for accessing an NHF Loan

• Open a savings account with a registered Primary Mortgage Institution (PMI)
• Contribution to the fund for at least six months prior
• Have satisfactory evidence of regular flow of income to guarantee the loan
• Submit photocopies of valid title documents (e.g. C of O)
• Approved survey/site plans
• Approved building plans
• Priced bill of Quantities where applicable
• Valuation report prepared by a firm of registered surveyors and valuers where applicable
• Letter of consent to mortgage to your chosen PMI
• Apply on a prescribed mortgage loan application form
• Offer Letter/Acceptance and Allocation letter (In case of government projects)
• In case of registered self employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation as evidence of employment status must be submitted
• A contributor is eligible to enjoy a maximum of N15million repayable over a maximum of 30 years at an affordable interest rate of 6% of the maximum loan amount, 20% equity is required from the contributor