Our objectives is to bring Nigerians Affordable Housing
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In the past five years, we have empowered mortgage lending institutions with access to long term housing finance and partnered with key stakeholders in the housing industry such as the CBN, MBAN, REDAN, FMBN, and NDIC to increase access to affordable homeownership for Nigerians.
To enable Nigerians to take advantage of these improvements to own their dream homes, we have put together the following tips on the path to homeownership as a guide.
STEP ONE: EVALUATE YOUR FINANCES
The first step is to evaluate your finances. Before you start shopping for a home, you must assess your income level to know the price range of the house that you can afford and your ability to conveniently and sustainably pay the mortgage.
In simple terms, what you earn, how much of it you spend, and how much you have saved will help you determine if you are financially ready for homeownership.
STEP TWO: STAY FOCUSED ON YOUR GOAL
After you’ve evaluated your finances, you’ll see where there is room for improvement. This will help you work harder to build up the money required for your equity contribution and other charges that will come up.
Bottom line, if you are trying to save money, work on reducing optional expenses and set up a monthly standing order as a means of ensuring savings into your account.
STEP THREE: APPROACH A BANK
From evaluating your finances, making a commitment to stay focused and saving to own your home, the next step is to engage an NMRC partner bank and get information on the requirements to obtain a mortgage and how to meet the eligibility criteria.
The list of our partner banks is as outlined below
STEP FOUR: SEARCH FOR A HOUSE
After identifying, engaging and receiving sound advice from our partner bank on your eligibility, including the loan amount you can be granted based on your income/profile, it is now time to start a search for your home
Look for a house that falls within the amount that you have been prequalified for, and that meets the Bank’s lending criteria. Check the property title (papers) through a formal search at the relevant land registry using the services of a Lawyer.
STEP FIVE: ASK FOR NMRC REFINANCING
Ask your bank if your mortgage loan qualifies for NMRC refinancing. Refinancing your mortgage loan will increase its tenor to as much as 20 years and also significantly reduce your expected monthly principal and interest repayments.
STEP SIX: APPLY FOR A MORTGAGE
Having evaluated your finances, identified a home that you can afford and established that your loan could qualify for NMRC refinancing, it is now time to apply for a mortgage from our partner banks. Required documents may include copies of your tax returns, pay slips, bank and asset statements, ID and credit report.
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