How to Obtain FirstBank Personal Home Loan

FirstBank Personal Home Loan

FirstBank Personal Home Loan  gives customers a platform to buy their first home, construct or renovate their own home. We offer a flexible and affordable home loan to interested customers to enable them support their projects.

Features of FirstBank Home Loan

  • Property to be financed must be residential and not for commercial purpose.
  • No equity contribution is required for Home Equity Refinancing
  • Maximum tenor is 20 years, subject to retirement age of 60 years
  • Competitive interest rates
  • Available to individuals with verifiable and steady income flow
  • Minimum down payment of below 30%, subject to the location
  • Simplified Documentation

Home Loan Required Documents from FirstBank

  • Application letter by Applicant
  • Confirmation of applicant’s employer on FBN approved list
  • Personal Home Loan Application form
  • Valid title document
  • Letter for irrevocable domiciliation of salary for the duration of the facility
  • Statement of accounts
  • Applicant’s letter of total emolument
  • Last 3 months payslip

Individuals that can apply for FirstBank Personal Home Loan

Mostly Employees in paid employment and self-employed professionals.

Steps involved in applying for the Personal Home Loan:

FAQs about FirstBank Personal Home Loan.

1) How do I approach FirstBank for a Home Loan?

Through any of our branches closest to you.

2) How do I repay the loan?

From your income (cash flow)

3) Who can be the co-applicants for the loan?

You could include your spouse as a co-applicant for the loan and we shall include his/her income to enhance your loan amount.

4) What are the various types of home loans offered by the Bank?

  • Outright Purchase
  • Construction Mortgage
  • Home Equity (Refinancing)

5) Can I access a Home loan on an uncompleted building?

  • Yes, it could be packaged as a construction home loan or refinancing loan as the case may be.

6) Do I have to make any down payment?

Yes, Minimum of 30% on the cost of the property to be bought or constructed irrespective of the location.

7) Do I need to pay additional charge apart from the interest rate?

  • The cost of perfecting the title of the property to cover the interest of the bank.

8) Can a Joint Mortgage be packaged for spouses?

Yes

9) What is the maximum loan amount on a mortgage?

N50 million

10) Who is eligible for home loan?

An applicant with a verifiable & steady income (paid employment or self-employed)

11) Can the loan be paid down before the facility expires?

Yes, after 12 months

12) Do I need to open an account with FirstBank to access and service the loan?

Yes

13) What documents do I need to submit to get a Home Loan?

  • Offer Letter from the vendor/owner, letter of application, Home Loan application, and letter of Introduction from employer.
  • Letter of awareness and irrevocable domiciliation where necessary.
  • Current tax clearance, current tenement receipt, pay slip.
  • Valuation report if it is an old house.
  • Bill of quantity if it is a construction home loan.
  • Copy of the title document to enable a legal search.

14) What security/collateral do I have to provide?

Typically the security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.

15) What is the loan tenure?

Maximum of 20 years subject to 60 years retirement age.

16) What is the minimum loan amount on a mortgage?

N1 million

17) Can FirstBank assist me in selecting a home of my choice?

Yes, we have a list of reputable estate developers whom we partner with. You can decide to purchase from any of them but this is strictly at your discretion. This service provides the customer assistance in identifying a property that fulfills his/her requirements from a vast database of properties.

18) What are the stages involved in taking a mortgage loan?

  • Pre-assessment Stage
  • Processing & Approval Stage
  • Perfection Stage

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