The First Bank Nigeria personal mortgage loan is an unsecured loan taken by individuals from First Bank Nigeria to meet their personal needs. The mortgage loan is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc. The personal mortgage loan has helped many households to meet any shortfall they experience in buying a house or a car, in children’s higher education, or even in cases of medical contingencies, among other things.
As the First Bank Nigeria personal mortgage loan is unsecured and the borrower does not put up collateral like gold or property to avail it, the lender, in case of a default, cannot auction anything you own. The interest rates on personal loans are higher than those on home, car or gold loans because of the greater perceived risk when sanctioning them.
First Bank Nigeria Personal Mortgage Loan Features
– Available to individuals with verifiable and steady income flow
– The maximum tenor is 20 years, subject to the retirement age of 60 years
– Simplified Documentation
– Minimum down payment of below 30%, subject to the location
– Competitive interest rates
– No equity contribution is required for Home Equity Refinancing
– Property to be financed must be residential and not for commercial purpose. Read: Wema Bank Business Loans for Small Businesses
The Personal Mortgage Loan Required Documents
– Application letter
– Personal Home Loan Application form
– Last 3 months payslip
– Statement of accounts
– Applicant’s letter of total emolument
– Confirmation of applicant’s employer on FBN approved the list
– Valid title document
– Letter for irrevocable domiciliation of salary for the duration of the facility.
Loan Eligibility Criteria
Though, the personal mortgage loan eligibility varies from bank to bank, most of the time, the general criteria as to do with age, occupation, income, and repayment capacity for the loan. But the eligibility for the First Bank Nigeria personal mortgage loan simply required the borrower to be an employee in paid employment and self-employed professionals. You can apply for the loan application online by visiting the First bank website today.