FirstTrust Mortgage Bank Plc has announced the expansion of its financing solutions to cater to a wide range of real estate and mortgage-related needs of Nigerians. The bank's product offerings include Mortgages, Home Refinance, Home Improvement Finance, Diaspora Mortgage, and Short-Term Loan facilities. These solutions are designed to support customers at different stages of their financial journeys, from acquiring and improving residential property to refinancing existing mortgage obligations and meeting legitimate short-term financial requirements.
The Home Mortgage Refinance facility provided by FirstTrust Mortgage Bank Plc allows eligible customers to refinance an existing mortgage obtained from another financial institution. The facility is available to individuals in private sector employment, public-sector employees, and self-employed professionals with satisfactory and verifiable income or business track records as well as good and acceptable credit history. Key features of the facility include no equity contribution requirement, short tenor, competitive interest rates, and flexible repayment structures.
FirstTrust Mortgage Bank Plc's Home Improvement Finance provides access to funding for eligible property improvement projects, including renovation, expansion, upgrade, or completion of residential properties. The facility is also available to customers who have acquired properties at the carcass stage and require financing to complete construction. Eligible properties must have valid title documentation in the borrower's name and satisfy the Bank's applicable lending requirements. Customers may access financing of up to 25% of the property's value, with a repayment tenor of up to three years.
The Diaspora Mortgage facility offered by FirstTrust Mortgage Bank Plc is designed for eligible Nigerians living and working abroad who seek to acquire residential property in Nigeria. The facility is available to qualifying permanent immigrants with valid work permits and verifiable income records, as well as self-employed professionals with satisfactory business track records. The Diaspora Mortgage offers a long-term tenor, with a minimum equity contribution of 50%, and an individual obligor limit of up to N100 million.
FirstTrust Mortgage Bank Plc's Short-Term Loan facility provides financing of up to N30 million to eligible salaried employees of approved organisations and high-net-worth self-employed individuals. The facility has a repayment tenor of up to 24 months, and no equity contribution is required. The facility is secured by a memorandum of deposit of a property covered by a legible and acceptable title document. The Short-Term Loan provides eligible customers with access to structured credit while allowing them to repay through an agreed and manageable repayment schedule.
According to Dr. Korede Adedayo, Managing Director/CEO of FirstTrust Mortgage Bank Plc, the bank's diverse financing portfolio reflects its commitment to providing solutions that respond to the varying needs and circumstances of its customers. The bank's approach is focused on providing thoughtfully structured financing solutions that support Nigerians at different stages of their homeownership and financial journey.
FirstTrust Mortgage Bank Plc encourages prospective customers to engage with its representatives to obtain detailed information on eligibility requirements, documentation, applicable fees, interest rates, security requirements, and other terms and conditions applicable to each facility. Through its expanding portfolio of mortgage and consumer financing solutions, FirstTrust Mortgage Bank Plc remains focused on deepening access to housing finance and providing structured financial solutions that help eligible Nigerians own, improve, refinance and invest in residential property.
Key points
- FirstTrust Mortgage Bank Plc offers a range of financing solutions, including Mortgages, Home Refinance, Home Improvement Finance, Diaspora Mortgage, and Short-Term Loan facilities.
- The bank's financing solutions cater to homebuyers, existing homeowners, salaried employees, self-employed professionals, public and private sector workers, and Nigerians in the diaspora.
- The bank's products are designed to provide relevant financing options within a structured and responsible lending framework.
