Top Mortgage Banks in Nigeria
A mortgage institution is a bank that specializes in mortgage loans, it offers loans to people for the purchase of real estate properties. Most times individuals may not be able to buy houses with their monthly salaries. Also, it may take a long time to save up to buy or build a house. Mortgage banks help by giving real estate investment capital as loans, then collects the payments back installmentally.
Federal Mortgage Bank of Nigeria (FMBN) is the oldest mortgage institution in Nigeria, it was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. The Bank operates as an effective vehicle for increasing the mobilization of long-term funds, lending volume and expansion of mortgage lending services to all segments of the Nigerian population.
FBN Mortgages Limited is a leading Primary Mortgage Bank (PMB) with focus on delivering the best mortgage banking services and products that typify the dominance of its parent– First Bank in the financial services industry. As a dedicated provider of a wide range of mortgage and real estate financing solution, FBN Mortgages is in a unique position to help customers make those critical steps towards seamless homeownership and real estate development.
Abbey Mortgage Bank Plc is the premier, largest and most profitable, non-aligned Primary Mortgage Bank in Nigeria. It is one of the seven national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN). It is also an accredited primary mortgage bank (PMB) for the National Housing Funding (NHF) on-lending facilities. The bank offers different mortgage and investment products, and advisory services to corporate organizations and individuals to empower them to access housing finance. It also facilitates the provision of mortgage and real estate related services to respond to their needs.
Platinum Mortgage Bank Limited was incorporated in 1992 with the Corporate Affairs Commission to provide savings, loans and homes ownership services. It was licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 respectively to provide Mortgage Banking Services in Nigeria. Hitherto known as Platinum Home Investment and Mortgage Limited, PMB Limited was recapitalized into a formidable Primary Mortgage Institution backed by innovative products, services, and requisite professional management.