The Nigerian Mortgage Refinancing Company (NMRC) is licensed by the Central Bank of Nigeria to disburse loans for housing purposes in Nigeria.

NMRC was created to provide funding of residential mortgages and promote the availability as well as the affordability of good housing to Nigerian citizens by providing increased liquidity in the mortgage market through the mortgage and commercial banks. Also check out: How to Get Federal Mortgage Bank Loan.

Products it offers

Mortgages and loans
Banking services

Pros

Applicants can access up to N50 million mortgage loan.
Quarterly repayment is available
Loan tenor may be up to 10 years

Cons

Heavy documentation is required, including your tax clearance certificate for the past 3 years.
Age limit is 60 years, which correspond to the retirement age in the civil service.
Huge minimum opening balance.

Requirements

Single family home or an apartment in a multi-unit building to be occupied by the owner.
Borrowers with a steady and verifiable source of income.
Satisfactory credit reports on the borrower from two credit bureaus.

Things to note about NMRC loan

The minimum loan amount is N1.5million.
Maximum loan amount is N50million.
Loan Term: minimum of 5 years and maximum of 20 years.
Borrower Age: Minimum is 21 years; and Maximum age is 50 years.
PENCOM Compliance: The borrower should maintain an active RSA Account.
Interest Rate: Fixed rate.
Equity/Down Payment: The borrower is expected to make the following down payment from his money
Form of Repayment: Mortgage repayment shall be on direct debit to borrower’s account.
Delinquency: Mortgage loans submitted for refinancing must have no delinquencies
Property Valuation: Should be carried out by a licensed, independent valuer. The lower of the Purchase Price and Open Market Value (OMV) of the property to be acquired will be used for evaluating the mortgage loan
Tenure of Property: Full ownership. Leasehold with a minimum of 40 years from the date the loan is originated
Property Title: Good legal title free from encumbrance
Security Required: First rank legal perfected mortgage over the property for the amount of the mortgage plus interest.
Insurance: Property insurance in the borrower to cover the replacement cost of the property. Life and disability insurance assigned to the lender for the amount outstanding
Title Perfection Duration: Where a fully perfected title is not available, NMRC will accept Title perfection duration insurance for a maximum of 18 months.