Description
Omoluabi
Omoluabi Mortgage Bank is a Central Bank of Nigeria licensed institution offering loans for housing purposes in Nigeria.
Products
- Mortgages and loans
- Banking services
Pros
- The bank provides mortgage banking services, housing/property acquisition and development loans, deposit and withdrawal of funds and many other financial services.
Cons
- Age limit: The age limit is 60 years, which corresponds with the retirement age in the civil service.
- Minimum opening balance of 1 million
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
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