In this post, you will see the full list of CBN approved Mortgage banks in Nigeria. We also include their contact addresses.
What are Mortgage Banks?
Mortgage banks are banks that specialize in originating and servicing mortgage loans. Mortgage loans are loans where housing property or real estate are used as collateral, or loans used to purchase housing property or real estate.
Mortgage loans are used by real estate buyers to raise funds to purchase real estate, or by existing property owners to raise funds for any purpose, with the property (usually a housing property) used as collateral.
For real estate buyers, mortgage financing involves the borrower/buyer paying a fraction of the payment for the desired property he wishes to acquire.
The lender – usually a bank – then offsets the balance and starts making monthly deductions from the account of the borrow as agreed by both parties in a legally binding document. When used to purchase housing property, a mortgage loan is also known as a home loan.
In Nigeria, before one is giving a mortgage loan however, certain documents would be required. These documents are; An introduction letter from your employer, Copy of documents of the property, Valuation report of the property, salary stubs, cash flow projection on repayment of the loan, bank statement and offer letter from an agent.
Once these documents are in place, the bank can then go ahead to offer the individual/firm a mortgage loan. It is also important to note that interest rates on mortgage loans are lower than on any other loan.
This is because a housing property/real estate is used as collateral, and so the bank has the security that if the loan cannot be repaid through the process set in place at the acquiring of the loan, the property used as collateral will be sold to repay the loan.
In Nigeria, a number of banks like Access Bank and Guarantee Trust Bank offer mortgages to individuals and establishments.
34 Mortgage banks in Nigeria licensed by CBN and their Addresses
There are also a number of mortgage banks licensed by the CBN to give out mortgages. Recently, in 2018, the CBN released a list of 34 institutions licensed as primary mortgage banks (PMBs) in Nigeria.
This came after the CBN issued a notice declaring its intention to revoke the operational licenses of 182 financial institutions in the country, of which 6 are primary mortgage banks.
The list of primary mortgage banks released by the CBN however, revealed that 18 of the 34 listed firms (53%) are in Lagos, while 7 are in Abuja, and 2 in Akwa Ibom. The other States like Delta, Oyo, Jigawa, Abia, etcetera boast of 1 each. Below are the list of primary mortgage banks licensed in Nigeria by the CBN and their respective locations.
Full list of CBN approved Mortgage banks in Nigeria
- Abbey Mortgage Bank, Lagos – 23 A and B Karimu Kotun street, Victoria Island, Lagos.
- AG Homes, Lagos – 96, Opebi road, Ikeja, Lagos.
- Akwa Savings, Akwa Ibom – 42 Orun road, Akwa Ibom.
- Aso Savings and Loans, Abuja – plot 266, FMBN building, Cadastral zone, CDB Abuja.
- Brent (Skyfield) Savings, Lagos – 192A, Hide Okri Street, off Ligali Ayorinde Street, Victoria Island, Lagos.
- Centage Savings and Loans, Lagos – Plot 1, unit 3, Immam Abibu Adetoro Street, Victoria Island, Lagos.
- City Code, Lagos – 21/25, Broad street, Lagos.
- Coop Savings and Loans, Oyo – 11, University crescent, beside, Access Bank, Ibadan.
- Delta Mortgage Finance, Delta – 126, Nnebisi road, Asaba, Delta state.
- FBN Mortgages, Lagos -76, Awolowo Road, Ikoyi.
- FHA Homes Ltd, Abuja – Plot 2087, Herbert Macaulay way, Zone 5, Wuse, Abuja.
- First Generation Homes, Abuja – Syndicate plaza, Plot 404, Ahmadu bello way, Garki.
- Gateway Savings, Ogun – Plot 10 and 11, Aderupoko drive, Ibara housing estate, Abeokuta.
- Global Trust, Lagos – Plot 740, Adeola hopewell street, Victoria Island, Lagos.
- Haggai Mortgage, Lagos – 119, Bode Thomas Street, SL, Lagos.
- Home-base Mortgage, Lagos – Plot 639, Adeyemo Alakila street, Victoria Island, Lagos.
- Imperial Homes, Lagos – 28, Saka Tinubu, Victoria island, Lagos.
- Infinity Trust, Abuja – 11, Kaura – Namoda Street, Off faskari crescent, Area 3, Garki Abuja.
- Jigawa Savings and Loans, Jigawa – Maigatari EPZ complex, PMBM 1022, Gumel, Jigawa state.
- Jubilee-Life Mortgage Bank, Lagos – 51, Marina, Lagos.
- Kebbi State Homes, Kebbi – 40, Ahmadu bello way, Birnim-Kebbi
- Lagos Building and Investment, Lagos – LBIC house, Assibifi Road, CDB, Alausa
- Mayfresh Mortgage Bank, Abia – 83, Aba-Owerri road, Aba, Abia state.
- MGSL Mortgage Bank, Abuja – 2nd floor, AP plaza, Adetokunbo Ademola crescent, Wuse, Abuja.
- Mutual Alliance, Akwa Ibom -209, Iron Road, Uyo, Akwa Ibom state.
- New Prudential, Lagos – 7, Apongbon street, Lagos Island.
- Nigeria Police Mortgage Bank, Abuja – Plot 11, Port said street, Wise Zone 4, Abuja.
- Omoluabi (Livingspring), Osun – Old Governor’s office, Gbogan road, Oshogbo, Osun.
- Platinum Mortgage Bank Limited, Abuja – 61, Yakubu Gowon crescent, Asokoro, Abuja.
- Refuge Homes, Lagos – 66, Opebi road, Ikeja, Lagos.
- Resort Savings and Loans, Lagos – 5th floor, St. Nicolas house. 6 Catholic mission street, Lagos.
- Safetrust Savings and Loans, Lagos/Abuja – 18, Keffi street, Ikoyi, Lagos. 6, Adetokunbo Ademola crescent, Wuse2, Abuja.
- STB Building Society, Lagos – 1, First avenue, Bourdilon court estate, Chevron drive, Lekki, Lagos.
- Trustbond Mortgage Bank, Lagos – Plot 1607, Adeola Hopewell, Victoria island, Lagos.
The above-listed establishments have been licensed by the CBN to provide mortgage loans for Nigerians who want to buy housing property/real estate, or who want to raise funds for other purpose and have housing property to use as collateral.
Mortgage loans are a way to raise funds to own your own housing property or real estate and to raise funds for other purposes.
The interest rates are much lesser than other loans, and with a sound financial plan/agreement between you and the bank, you could finish paying off the loan in a couple of years. We hope this article been helpful in informing you about mortgage banks and mortgages. Let us know.Click here to see the latest work from home jobs
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