FirstTrust Mortgage Bank expands flexible financing solutions for Nigerians

FirstTrust Mortgage Bank Plc is broadening its range of flexible financing options for Nigerians through a variety of real estate and mortgage-related products. These offerings target diverse financial needs, including homebuyers, homeowners, salaried and self-employed professionals, public and private sector employees, and Nigerians in the diaspora. The bank's product lineup comprises Mortgages, Home Refinance, Home Improvement Finance, Diaspora Mortgage, and Short-Term Loan facilities.

The Mortgages and Home Refinance options cater to individuals and businesses seeking to acquire or improve residential properties. Eligible applicants include private sector workers, public-sector employees, and self-employed professionals with stable income or business records and a solid credit history. Key aspects include no equity requirements, short tenor, competitive interest rates, and adaptable repayment structures tailored to customers' cash flow situations.

Home Refinance allows customers to refinance existing mortgages from other institutions, provided they meet the Bank's Risk Assets Acceptance Criteria (RAAC), with the possibility of restructuring repayment terms over an extended period.

Home Improvement Finance supports homeowners looking to renovate, expand, upgrade, or complete their properties. This facility is available to those who possess valid title documentation for their properties and satisfy the Bank's lending criteria. Customers can access up to 25% of their property's value, with a repayment tenor of up to three years, no equity contributions, and flexible repayment options.

Recognizing the interest of Nigerians abroad in owning Nigerian property, FirstTrust Mortgage Bank Plc provides the Diaspora Mortgage facility for eligible immigrants with valid work permits and verifiable income records, as well as self-employed professionals with strong business backgrounds. This long-term tenor option requires a 50% equity contribution and an individual loan limit of N100 million.

Repayment is made through mandatory direct debit, with a negotiable interest rate and flat management and commitment fees of 1%, payable upfront.

Lastly, the Short-Term Loan caters to salaried employees of approved organizations and high-net-worth self-employed individuals needing immediate, legitimate financial assistance. The facility provides financing of up to N30 million, with a repayment tenor of up to 24 months. Like the Home Improvement Finance, this product requires no equity contribution and is secured by a memorandum of deposit for a property with a valid title document.