Description
ASO
ASO Savings & Loans PLC is a market leader in the mortgage industry in Nigeria. Incorporated in November 9, 1995, ASO has been in existence for 13 years, and since 2006 the organisation’s performance has been substantially transformed.
As a frontline player in the mortgage-banking sector, ASO has originated mortgages for over 12,000 houses through a combination of direct construction, partnership with numerous developers and with the Federal Capital Territory Administration.
A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full.
- Mortgage Tenor – 10 yrs
- Minimum opening balance – 10,000
- Savings period – 6 months
- Equity contribution – 15%
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
