Nigerian Mortgage Refinancing Company

Nigerian Mortgage Refinancing Company


Purpose of Loan: To finance the purchase / development of a residential apartment

Type of Property Eligible: Single family home or an apartment in a multi-unit building to be occupied by the owner.

Eligible Borrower: Individuals with a steady and verifiable source of income (employed or self-employed)

Credit Bureau Report: Abbey shall obtain satisfactory credit reports on the borrower from 2 credit bureaus

Minimum Loan Amount: N1,500,000.00

Maximum Loan Amount: N50,000,000.00

Loan Term / Length: Minimum – 5 years; Maximum – 20 years

Borrower Age: Minimum – 21 years; Maximum – 10 years to the age of retirement

PENCOM Compliance: The borrower should maintain an active RSA Account

Interest Rate: Fixed rate

Equity / Down Payment: The borrower is expected to make the following down payment from his money;


For self-employed borrowers;


Housing Expenses and Total-Debt Ratios: Monthly Housing Expenses consists of monthly mortgage payment and other housing related expenses;

Debt to income ratio includes other payment obligations; table

Form of Repayment: Mortgage repayment shall be on direct debit to borrower’s account

Delinquency: Mortgage loans submitted for refinancing must have no delinquencies

Property Valuation: Should be carried out by a licensed, independent valuer.
The lower of the Purchase Price and Open Market Value (OMV) of the property to be acquired will be used for evaluating the mortgage loan

Tenure of Property: Full ownership. Leasehold with a minimum of 40 years from the date the loan is originated

Property Title: Good legal title free from encumbrance

Security Required: First rank legal perfected mortgage over the property for the amount of the mortgage plus interest.

Insurance: Property insurance in the borrower to cover the replacement cost of the property
Life and disability insurance assigned to the lender for the amount outstanding

Title Perfection Duration: Where a fully perfected title is not available, NMRC will accept Title perfection duration insurance for a maximum of 18 months