Nigerian Mortgage Refinancing Company
Nigerian Mortgage Refinancing Company is a Central Bank of Nigeria licensed institution offering loans for housing purposes in Nigeria. The NMRC was established to bridge the funding cost of residential mortgages and promote the availability as well as the affordability of good housing to Nigerians by providing increased liquidity in the mortgage market though the mortgage and commercial banks.
- Mortgages and loans
- Banking services
- Up to N50 million mortgage loan
- Quarterly repayment available
- Tenor may be up to 10 years
- 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
Type of Property Eligible: Single family home or an apartment in a multi-unit building to be occupied by the owner.
Eligible Borrower: Individuals with a steady and verifiable source of income (employed or self-employed)
Credit Bureau Report: Abbey shall obtain satisfactory credit reports on the borrower from 2 credit bureaus
Minimum Loan Amount: N1,500,000.00
Maximum Loan Amount: N50,000,000.00
Loan Term / Length: Minimum – 5 years; Maximum – 20 years
Borrower Age: Minimum – 21 years; Maximum – 10 years to the age of retirement
PENCOM Compliance: The borrower should maintain an active RSA Account
Interest Rate: Fixed rate
Equity / Down Payment: The borrower is expected to make the following down payment from his money
Form of Repayment: Mortgage repayment shall be on direct debit to borrower’s account
Delinquency: Mortgage loans submitted for refinancing must have no delinquencies
Property Valuation: Should be carried out by a licensed, independent valuer.
The lower of the Purchase Price and Open Market Value (OMV) of the property to be acquired will be used for evaluating the mortgage loan
Tenure of Property: Full ownership. Leasehold with a minimum of 40 years from the date the loan is originated
Property Title: Good legal title free from encumbrance
Security Required: First rank legal perfected mortgage over the property for the amount of the mortgage plus interest.
Insurance: Property insurance in the borrower to cover the replacement cost of the property
Life and disability insurance assigned to the lender for the amount outstanding
Title Perfection Duration: Where a fully perfected title is not available, NMRC will accept Title perfection duration insurance for a maximum of 18 months