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In Nigeria, the present Mortgage operations are overseen by the Federal Mortgage Bank of Nigeria (FMBN) which operates through Mortgage Banks known as Primary Mortgage Institutions (PMI) which are licensed to interface with the individual customers. The terms and interest payable on Mortgages are usually less cumbersome than commercial loans.
They are usually secured against the “brick and mortar” (property) for which the Mortgage is obtained as this is generally seen as one of the safest collaterals or securities. The tenure (or repayment period) is usually up to a period of 30 years. The current interest rate on the NHF Loan is 6%. This is a far cry from the interest payable on commercial loans which in many cases could be as high as 30%.
The Fund utilised for Mortgages in Nigeria is generated through a contributory Fund called the National Housing Fund (NHF) where contributors pay 2.5% of their monthly income to the Fund and are in return eligible to access Mortgage Loan of up to a maximum of N15 million, subject to status, which is repayable over a period of up to 30 years.
Here is a list of Mortgage banks in Nigeria:
Abbey Building Society Limited
Address: 19, Warehouse Road, Apapa, Lagos
Phone: +234 1 5873740, 5875607, 5871493, 5873740
ABS Building Society Limited
Address: 45 Apongbon Street, Lagos, Lagos State.
Acclaim Home Savings & Loans Ltd
Address: 11B Karimu Kotun Street, Victoria Island, Lagos
Phone: +234 1 2618942, 2610112, 2616967; Fax: +234 1 2623098.
Accord Savings & Loans Ltd
Address: 2 Aromire Avenue, Off Adeniyi Jones Avenue, Ikeja, Lagos
Phone: +234 1 4936913, 5557507; Fax: +234 1 4972076.
Website: http://www.accordsavings.com
AG Homes Savings & Loans Ltd
Address: 96, Opebi Road, Ikeja Lagos
Phone: +234 1 2704634, 4973823,4703474; Fax: +234 1 2704633.
Email: info@aghomesng.com
Website: http://www.aghomesng.com
Akwa Savings & Loans Ltd
Address: 42 Oron Road, Uyo, Akwa Ibom State.
Phone: +234 85 201798, 202356.
Allwell Savings & Loans Ltd
Address: 90 Upper New Market Road, Onitsha, Anambra State.
Phone: +234 46 214829; Fax: +234 46 219869.
Amex Mortgage Finance Company Ltd
Address: 10 Ogui Road, Enugu, Enugu State.
Phone: +234 42 253390; Fax: +234 42 253390
Amicable Building Society Limited
Address: 45, Apongbon Street, Lagos Island, Lagos.
Phone: +234 1 2641233-4, 2640457, 2642880
Anambra Home Ownership Co. Limited
Address: 1 Prince Arthur Eze Road, Awka, Anambra State.
Aso Savings & Loans Ltd
Address: 8 Ogbomoso Street, Area 8, Garki, Abuja.
Phone: +234 9 2345156 – 8; Fax: +234 9 2345158
Website: http://www.asosavings.com
B
Baico Building Society Limited
Address: Baico Plaza, 12 Abibu-Oki Street, Lagos, Lagos State.
Benhouse Building Society Limited
Address: 41 Railway Bye-Pass, Highlevel, Makurdi, Benue State.
Bildahaus Mortgage Finance Ltd
Address: Plot 247, Bishop Moynagh Avenue, Calabar, Cross Rivers State.
Phone: +234 87 220501, 220502
C
Centage Savings and Loans Limited
Mortgage Bankers
Address: 13C Ligali Ayorinde Street, Victoria Island, Lagos.
Phone: +234 1 2705380
City-Code Savings & Loans Limited
Address: 6 Davies Street, Lagos, Lagos State
Confluence Savings & Loans Limited
Address: GFO2 Area 10 Shopping Complex, Garki, Abuja.
Consolidated Estate Building Society
Address: 9/11 Station Road, Orlu, Imo State.
COOP Savings & Loans Ltd
Address: 15 Seventh Day Adventist Road, Oke-Bola, Ibadan, Oyo State
Phone: +234 2 2315178, 2315184, 0802-3302295; Fax: +234 2 2315191
Cooper Cameron Corporation Nig Limited
Address: Plot 45, Trans Amadi Industrial Layout, Port Harcourt, Rivers State
Phone: +234 84 232187, 231605, 231264; Fax: +234 84 239112
Cornerstone Building Society Limited
Address: 17 Adeniyi Jones Avenue, Ikeja, Lagos, Lagos State.
Credence Savings & Loans Limited
Address: Eleganza Plaza, opp. Old Alaba Market, Badagry Expressway, Lagos.
Crest Mortgage Savings & Loans Ltd
Address: 7 Apongbon Street, Lagos Island, Lagos
Phone: +234 1 2663172
D
Dala Building Society Limited
Address: Ministry of Works, Housing & Transport, Dan Hausa Road, Nassarawa, Kano State.
Delta Building Society Limited
Address: 126 Nnebisi Road, Asaba, Delta State.
Diamond Mortgages Ltd
Address: 39, Awolowo Road, Ikoyi, Lagos.
Phone: +234 1 2717570 – 1, 2717038 – 9
Dominium Building Society
Address: 58 Norman Willams Street, Ikoyi, Lagos.
Phone: +234 1 2695013, 2690651, 2671610, 2673408
E
EIB Building Society Limited
Address: 2, Rasaq Okoya Lane/Igbosere Road, Behind Kings College, Lagos Island, Lagos.
Phone: +234 1 2636945, 2635513, 2647331
Estaport Building Society Limited
Address: 29, Association Avenue, Ilupeju, Lagos.
Phone: +234 1 4960288, 7752024
Eurobanc Savings & Loans Ltd
Address: 8, Fure Avenue, Off Central Bank Quarters Road, Kano, Kano State.
Phone: +234 64 668336 – 8; Fax: +234 64 668339
F
FBN Mortgages Limited
Address: 76, Awolowo Road, South-West Ikoyi, Lagos
Phone: +234
Federal Mortgage Finance Limited
Address: Plot 700, Tafawaa Belewa way, Area 8 Garki Abuja.
Phone: +234
FHA Homes Limited
Address: 54-56, 34 Crescent, Gwarimpa II, Abuja
Phone: +234
Finacorp Building Society
Address: 14B, Anifowoshe Street, Off Adeola Odeku Street, P.M.B. 80136 Victoria Island, Lagos
Phone: +234 1 2622876, 2624642, 2613850, 2625327, 2618981; Fax: +234 1 2622867, 2613850
Website: http://www.finacorpbuildingsocietyltd.com
Fine Homes Savings & Loans Ltd
Address: 15, Toyin Street, Ikeja, Lagos
Phone: +234 1 4938062
First Amalgamated Building Society Limited
Address: Jabel House, Ibrahim Taiwo Road, Ilorin, Kwara State
Phone: +234
First Capital Savings and Loans Ltd
Address: 37, Murtala Mohammed Way, Jos, Plateau State
Phone: +234 73 458138, 453181; Fax: +234 73 458137
FBN Mortgages Limited (FBNML)
Address: 76, Awolowo Road SW Ikoyi, Lagos.
Phone: +234 461 5860-2; Fax: +234 1 269 2007
Email: enquiries@fbnmortgages.com
Website: http://www.fbnmortgages.com
FOKAS Savings & Loans Limited
Address: Laderin House, 23 Quarry Road, Ibara, Abeokuta, Ogun State
Phone: +234
G
Gilt-Bond Mortgage
Address: 28 King George V. Road, Onikan, Lagos, Lagos State
Phone: +234
Global Trust Savings & Loans Limited
Address: Plot 740 Adeola Hopewell Street, P. M. B. 80130, Victoria Island, Lagos, Lagos State
Phone: +234 1 2617183, 26149224; Fax: +234 1 2610202, 2621146
Guardian Trust Savings & Loans Ltd
Address: 31, Ademola Street, S.W. Ikoyi, Lagos
Phone: +234 1 2693881 – 4; Fax: +234 1 2694540
H
Haggai Savings and Loans Limited
Address: 119 Bode Thomas Street, Surulere, Lagos
Phone: +234 1 8928227, 8933362, 8142334, 8928227, 8752487; Fax: +234 1 2710054
Email: info@haggaibank.com
Website: http://www.haggaibank.com
Hallmark Homes Savings & Loans Limited
Address: 58B Adeola Odeku Street, Victoria Island, Lagos, Lagos State
Phone: +234
Harvard Trust Savings & Loans Ltd
Address: 2, Red Cross way, opposite Ogbete Main Market, Enugu
Phone: +234 42 259303, 259313; Fax: +234 42 259349
Home Foundation Savings & Loans Limited
Address: 3 Oba Akran Avenue, Ikeja, Lagos, Lagos State.
Hope Building Society Limited
Address: NCR Building, 6 Broad Street, Lagos Island, Lagos
Phone: +234 1 2647661, 2647663
Horizon Building Society Limited
Address: Oluwatobi House, 71, Allen Avenue, Ikeja, Lagos
Phone: +234 1 4937654, 4937637
I
Imani Savings & Loans Ltd
Address: Plot 502, 14 Imani Estate, Zone A6, Maitama, Abuja.
Phone: +234 9 5232045, 5232042
Intercontinental Homes Savings & Loans Limited
Formerly Partnership Saving & Loans Limited
Address: Plot 1607 Adeola Hopewell, Victoria Island, Lagos
Phone: +234 1 2770061, 2770063; Fax: +234 1 2771056
Website: http://www.intercontinentalhomes.com
J
Jigawa Savings & Loans Limited
Address: Maigatari Border Export (Free) Trade Zone Complex, Maigatari, Jigawa State
Phone: +234 64 650052
Website: http://www.jigawasavingsandloans.com
Jubilee Building Society Limited
Address: 3 Sumbo Jibowu Street, off Ribadu Road,d Ikoyi, Lagos, Lagos State
Phone: +234
K
Kebbi State Home Savings & Loans Ltd
Address: Ahmadu Bello way, Birnin Kebbi, Kebbi State
Phone: +234 68 321986; Fax: +234 68 321502
Kogi State Savings & Loans Limited
Address: 4 Old John Holt Road, P. O. Box 472, Lokoja, Kogi State
Phone: +234
L
Lagoon Home Savings & Loans Ltd
Address: 292A Ajose Adeogun Street, Victoria Island, Lagos.
Phone: +234 1 3200217, 3200212, 0803-4321000
Lagos Building Society Limited
Address: Central Business District, Alausa, Ikeja, Lagos, Lagos State
Phone: +234
Leverage Home Savings & Loans Ltd
Address: 150, Nnamdi Azikiwe Street, Idumota, Lagos.
Phone: +234 1 2664542, 2669527
Website: http://www.leveragehome.org
Living Spring Savings & Loans Limited
Address: 23A Obafemi Awolowo Way, Igbona Osogbo, Osun State
Phone: +234
M
M & N Building Society Limited
Address: 6 Raymond Njoku Street, Ikoyi, Lagos, Lagos State
Phone: +234
Magna Building Society Limited
Address: 16 Boyle Street, Yaba, Lagos
Phone: +234 1 4921159, 2637349, 2637460, 2637452
Magnet Savings & Loans Limited
Address: 22 Tijani Asogbon Street, Bariga, Lagos, Lagos State
Phone: +234 1 7738432, 0802-3214582
Mansion Building Society Limited
Address: Plot 1632B, Oke-Awo Close, Victoria Island, Lagos
Phone: +234 1 2618232, 2612695, 2622587-8
Mayfresh Savings & Loans Limited
Address: 83 Aba-Owerri Road, Aba, Abia State
Phone: +234
Mortgage Guaranty Savings & Loans Limited
Address: Katako Road, Katako Market, Jos, Plateau State
Phone: +234
Multibanc Savings & Loans
Address: Plot 290 Ajose Adeogun Street, Victoria Island, Lagos
Phone: +234 1 2615280; Fax: +234 1 2615280
Mutual Alliance Savings & Loans Limited
Address: 209 Oron Road, Uyo, Akwa Ibom State
Phone: +234
Mutual Trust Savings & Loans Ltd
Address: Plot 9, Addis Ababa Crescent, Zone 4, Abuja.
Phone: +234 9 5233833, 5233773
N
New Patriot Building Society Limited
Address: Great Nigeria House, 47/57 Martins Street, Lagos, Lagos State
Phone: +234
New Prudential Building Society
Address: 28 Oba Akran Avenue, Ikeja, Lagos
Phone: +234 1 4937143, 4976396, 4611644
Nigeria Bank For Commerce & Industry
Address: 26, Idejo Street, P.O.Box 4412, Victoria Island, Lagos
Phone: +234 1 2614872
Nigerian Industry Dev. Bank Limited
Address: NIDB House, 63/71, Broad Street, P.O.Box 2357, Lagos Island, Lagos
Phone: +234 1 2663470, 2661460, 2662355, 2661684
O
Oasis Savings & Loans
Address: Oasis House, 298 Ikorodu Road, Anthony Road, Lagos.
Phone: +234 1 4937304, 4968515, 4971186; Fax: +234 1 4973145
Omega Savings & Loans Limited
Address: Total Plaza, Km 16, Lekki Expressway, Agungi, Lekki, Lagos.
Phone: +234 1 8763148
Website: http://www.omegasavings.com
Owners Home Savings & Loans Limited
Address: 290A Ajose Adeogun Street, Victoria Island, Lagos, Lagos State
Phone: +234
P
Pacific Savings & Loans Ltd
Address: 17, Karimu Ikotun Street, Victoria Island, Lagos
Phone: +234 1 2620572, 2620573; Fax: +234 1 2617534
Password Savings & Loans Limited
Address: 14 Ola Street, Itire, Surulere, Lagos Lagos State
Phone: +234
Peak Savings & Loans Ltd
Address: 12, Adetokunbo Ademola Street, Victoria Island, Lagos
Phone: +234 1 2621408, 01-2623820 – 4; Fax: +234 1 2615465
Perpetual Savings & Loans Limited
Address: 21 Ereko Street, Idumota, P.O. Box 98, Satellite Town, Lagos State
Personal Trust Savings & Loans Limited
Address: 67, Ogunala Drive, P.O.Box 960, Surulere, Lagos
Phone: +234 1 5454711, 7733584, 7736639
Website: http://www.ptslng.com
Primrose Savings & Loans Ltd
Address: Primrose Suite, 18 Moloney Street, Lagos Island, Lagos.
Phone: +234 1 2632955, 2645032
R
Refuge Home Savings & Loans Ltd
Address: 4 Adeniyi Jones Avenue, Ikeja, Lagos
Phone: +234 1 4936289; Fax: +234 1 4936289
Resort Savings & Loans Ltd
Address: Shop 23, Eti-Osa Street, Dolphin Estate, Ikoyi, Lagos
Phone: +234 1 7735866
Royal Savings & Loans Limited
Address: 37 Effurun/Sapele Road, Effurun, Warri, Delta State
Phone: +234 53 254319, 254321
S
Safe Trust Savings & Loans Limited
Address: 18, Keffi Street, Off Awolowo Road, Ikoyi Lagos.
Phone: +234 1 2691442, 2704863; Fax: +234 1 2704866
Email: info@sterlinghomesng.com
Website: http://www.sterlinghomesng.com
Sakkwato Savings and Loans Ltd
Address: 8, Sanni Abacha Way, Sokoto, Sokoto State.
Phone: +234 60 236987
Skyfield Savings & Loans Limited
Address: F12A, Jide Oki Street ,off Ligali Ayorinde Street Victoria Island P.O.Box 51516
Phone: +234
Spring Mortgage Limited
Address: 16 Diya Street, Ifako – Gbagada, Lagos
Phone: +234 1 7616644
Website: http://www.springmortgageltd.com
Stallion Home Savings & Loan Ltd
Address: 2A Akerele Street, Boskona Bus-Stop, Surulere, Lagos.
Phone: +234 1 7740551, 0802-3036800-1, 0802-3036807
STB Building Society Limited
Address: 64, Awolowo Road, Ikoyi, Lagos
Phone: +234 1 2685058
Sub Urban Trust Savings & Loans Ltd
Address: Ibiyo House, 384 Abeokuta Expressway, Abule-Egba, Lagos
Phone: +234 1 8045628
Supreme Savings & Loans Ltd
Address: 10A, Falomo Shopping Centre, Awolowo Road, S.W. Ikoyi, Lagos
Phone: +234 1 2662990, 2683795
T
TMC Savings & Loans Ltd
Address: ASEI World Centre, 57 Aba Road, Port Harcourt, Rivers State
Phone: +234 84 237631, 237630
Trinity Savings & Loans Limited
Address: 18 Moloney Street, Lagos, Lagos State.
U
Union Homes Savings & Loans Limited
Address: 153, Ikorodu Road, Onipanu, P.M.B. 041, Shomolu, Lagos
Phone: +234 1 4972184-6; Fax: +234 1 4972186
Website: http://www.unionhomes.com.ng
Union Trust Building Society Limited
Address: 79A, Samuel Adedoyin Street, Victoria Island, Lagos
Phone: +234 1 2622506, 2622507, 2617476, 2622506-7
Universal Trust Building Society Limited
Address: 195 Ikorodu Road, Lagos, Lagos State
Phone: +234
Urban Shelter Savings & Loans Ltd
Address: 17B Oko-Awo Close, Victoria Island, Lagos
Phone: +234 1 2620315, 2621066, 2621067; Fax: +234 1 2620315
W
Wema Homes Savings & Loans Ltd
Address: 65A, Opebi Road, Ikeja Lagos
Y
Yankari Savings & Loans Ltd
Address: 10 Yan Doka Road, Bauchi, Bauchi State
Phone: +234 77 543754, 541520; Fax: +234 77 541520
Yobe State Savings & Loans Limited
Address: Plot 4, Ahmadu Bello Way, Damaturu, Yobe State
Phone: +234