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Top 5 Mortgage Institutions in Nigeria [2024]

Many Nigerians regard mortgage as just another word used in English to communicate an idea, and the explanation for this is simple. The term, which refers to a bank that makes loans to borrowers in order for them to purchase real estate, adds little value to the average Nigerian’s well-being or company. That’s why in this article we’ll be outlining the top 5 Mortgage Institutions in Nigeria

People in industrialised economies around the world do not save or go into their pockets to purchase homes. They take out mortgage loans to accomplish this and repay the lender in a convenient manner. This is not true in Nigeria, where mortgages are neither available nor affordable.

Some Nigerians deny the existence of mortgages, claiming that the interest rates charged by lenders are always in double digits, making the facility unappealing to home builders or buyers. There are other conditions that borrowers struggle to achieve.

There are around 32 principal mortgage banks (PMBs) and other entities in the country that provide mortgage loans to borrowers. Among these, just a few are the most popular destinations for home loans due to their size, favourable lending terms, capitalization, operating strategies, and so on.

This article is therefore a compilation of Top 5 Mortgage Institutions in Nigeria.

Contents

Firstly, what is a Mortgage Institution?

A mortgage institution is a bank that offers loans to people so that they can purchase real estate. What happens is that people might not be able to afford to buy houses with their monthly salaries. It may take a long time to save up to buy or build a house. Mortgage banks step in by loaning out this real estate investment capital and collects the payments back in installments. Sometimes these loans are collected with interest or not depending on the type of mortgage bank it is.

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So, below is a list of top 5 mortgage institutions in Nigeria with guides on how to secure their mortgage packages in their respective links.

Infinity Trust Mortgage Bank Plc

Infinity Trust Mortgage Bank Plc was incorporated on 28th January 2002, as Infinity Trust Savings & Loans Limited. However, it commenced business operations in Abuja, in 2003.

For close to two decades, ITMB Plc has remained committed to providing Nigerians with endless homeownership opportunities through efficient mortgage service. They offer 8 out of ten customers who visit the Bank the best-suited mortgage product that fits their income and enables them to become homeowners.

Infinity Trust Mortgage Bank Plc has wholly or partly financed over 20 modern estates in Nigeria. As part of our strategic turnaround, the Bank was converted to a Public Limited Liability Company on 25th January 2013 and had to change its name to Infinity Trust Mortgage Bank Plc. Its shares were listed by introduction on the main floor of the Nigerian Stock Exchange on December 11, 2013. In 2014, it became a National Mortgage Bank. Currently, the bank has equity shareholding in the Nigeria Mortgage Refinance Company (NMRC).

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Indisputably, one of the leading and most capitalized Primary Mortgage Banks in Nigeria. The bank has significantly increased its shareholders’ funds from a negative position in 2004 to over N6 billion. The balance sheet grew to over N16 billion from less than N 100 million in 2004. The bank has maintained an unbroken record in terms of consistency in profitability and dividend payment to shareholders for fourteen years, thereby providing decent and affordable accommodation to over 20,000 Nigerian families.

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FBN Mortgages

fbn

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. Click here for more.

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Platinum Mortgage Bank Ltd

platinum

Platinum Mortgage Bank Ltd is one of Nigeria’s leading Primary Mortgage Institutions. 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.

Formally called Platinum Home Investment and Mortgage Limited with Headquarters in Lagos, PMB Limited was recapitalized into a formidable Primary Mortgage Institution backed by innovative products, services, latest information technology and requisite professional management. Click here for more.

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 Abbey Mortgage Bank Plcabbey

Abbey Mortgage Bank Plc is the premier, largest and most profitable, non-aligned Primary Mortgage Bank in Nigeria. It is one of the seven national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN).

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It is also an accredited primary mortgage bank (PMB) for the National Housing Funding (NHF) on-lending facilities.
We offer various mortgage and investment products, guidance and advisory services to corporate organizations and individuals to empower them to access housing finance. We also finance and facilitate the provision of mortgage and real estate related services to respond to their needs. Click here for more.

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Federal Mortgage Bank of Nigeria (FMBN)

federal morgage

The 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.

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. Click here for more.

I hope you found this information useful. Feel free to share and comment.

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