The Personal Home Loan product give employees the opportunity to acquire and own residential properties with ease. The product is also available for couples as Joint Mortgage.
About First Bank
The Bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA).
In 1912, the Bank acquired its first competitor, the Bank of Nigeria (previously called Anglo-African Bank) which was established in 1899 by the Royal Niger Company. In 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA). In 1966, following its merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa Limited and in 1969 it was incorporated locally as the Standard Bank of Nigeria Limited in line with the Companies Decree of 1968.
First Bank of Nigeria Limited (“FirstBank”), established in 1894, is the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria.
Features Of First Bank Personal Home Loan
- Available to individuals in paid employment
- Maximum tenor is 20 years, subject to retirement age
- Simplified documentation
- Minimum of 20% equity contribution
- Competitive interest rates
- Property to be financed must be residential in First Bank approved locations and not for commercial purpose.
- Your Salary Account must be domiciled with FirstBank for the period the facility is in place
Required Documents For First Bank Personal Home Loan
- Vendor’s offer letter
- Copy of the title documents to the property (ownership must be in the name of the vendor).
- Copy of the approved building plan.
- Personal Home Loan Application form
- Letter for irrevocable domiciliation of salary for the duration of the facility.
How To Apply For First Bank Personal Home Loan
Download the Home Loan Application Form
Complete the form and submit at the nearest FirstBank branch
Do I have to make any down payment?
Yes, Minimum of 20% on the cost of the property to be bought.
What documents do I need to submit to get a Home Loan?
- Offer Letter from the vendor/owner, Home Loan application, letter of Introduction from employer.
- Letter of irrevocable domiciliation.
- Current tax clearance, current tenement receipt.
- Valuation report if it is an old house.
- The title document to enable a legal search.
What are the various types of home loans offered by the Bank?
- Outright Purchase
Can I access a Home loan on an uncompleted building?
No, you access Home Loan for completed buildings.
Do I need to pay additional charge apart from the interest rate?
Yes. The cost of perfecting the title of the property to cover the interest of the bank.
What is the maximum loan amount on a mortgage?