List of top mortgage banks in Nigeria

Following an article i wrote a couple of weeks ago on the history of mortgage in Nigeria, i got some feedback from readers asking that i recommend trusted mortgage banks in Nigeria that they can possibly reach out to for loans.

This article which is a sequel to that one, is set to address those questions and in it you will find information about the best mortgage banks in Nigeria currently.

Please find below a list of the best mortgage firms in Nigeria with verifiable details about them.

Federal Mortgage Bank of Nigeria (FMBN)

Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria.

Following the introduction of the Indigenization Policy, the Federal Government, by Indigenization Act [1973], acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria (FMBN).

The Bank operates as an effective vehicle for increasing the mobilization of long-term funds, lending volume and expansion of mortgage lending services to all segments of the Nigerian population.

Related Post: How To Invest In Real Estate With Little Money

The Bank’s current business model targets partnerships with local and international organisations with financial and technical capacity, interested in delivering affordable mass housing for the low income end of the market.

 Abbey Mortgage Bank Plc

Abbey is one of the seven national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN).

Abbey Mortgage Bank Plc focuses on providing economical housing units for interested home seekers/developers/cooperatives who desire a well-structured mortgage offer.

It is also an accredited primary mortgage bank (PMB) for the National Housing Funding (NHF) on-lending facilities.

They offer various mortgage and investment products, guidance and advisory services to corporate organizations and individuals to empower them to access housing finance.

FBN Mortgages

FBN Mortgages Limited is a leading Primary Mortgage Bank (PMB) with focus on delivering the best mortgage banking services and products that typify the dominance of its parent– First Bank in the financial services industry.

As a dedicated provider of a wide range of mortgage and real estate financing solution, FBN Mortgages is in a unique position to help customers make those critical steps towards seamless homeownership and real estate development.

TrustBond Mortgage Bank Plc

Platinum Mortgage Bank Ltd

Platinum Mortgage bank was one of the first Primary Mortgage Institutions to meet the CBN’s Five Billion recapitalisation requirement thereby earning itself the status of a National Mortgage Bank in 2013.

It was incorporated in 1992 with the Corporate Affairs Commission to provide savings, loans and homes ownership services, and licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 respectively to provide Mortgage Banking Services in Nigeria.

Related Post: How To Invest In Real Estate With Little Money

Imperial Homes Mortgage Bank Limited

Imperial Homes Mortgage Bank Limited is a Mortgage Bank duly licensed by the Central Bank of Nigeria to undertake mortgage banking and related services.

It was originally incorporated in 1992 as Citizens Savings and Loans Limited. But the name was changed in 1997 to New Patriot Building Society Limited.

Guaranty Trust Bank plc acquired the company in August 2007 as a wholly owned subsidiary and changed its name to GTHomes Limited to reflect its relationship with GTBank.

However, i would recommend a cheaper alternative to mortgage to you and it is called Rent-To-Own. It is a trusted and far more easier way to own a home.

This Rent-To-Own scheme is the brainchild of Realty Point Limited, one of the leading real estate development firm currently operating in Nigeria.

If you would like to know more about this, click here and they would get back right to you.

I hope this was very helpful.

Till next time. Ciao!