Mortgage
Make your dream of owning your own home a reality with affordable mortgage of up to ₦100 million with Union Bank, in partnership with the Ministry of Finance Incorporated (MOFI).
Ministry of Finance Incorporated Real Estate Investment Fund (MREIF)
Access an affordable mortgage of up to ₦100 million with Union Bank, in partnership with the Ministry of Finance Incorporated (MOFI).
Features
- Maximum loan amount of ₦100 Million Naira
- 20% minimum equity contribution
- 9.75% interest per annum
- Up to 10 years loan tenure for Nigerians in diaspora
- Maximum tenure of 20 years for Nigerians living in Nigeria
- Up to 25% of your RSA balance can be used as equity contribution
- Applicant must have a minimum monthly salary of ₦250,000. Your spouse’s salary can also be considered.*
*Terms and conditions apply
Documents Required
- Complete Mortgage loan application form
- Offer for sale letter from the Vendor
- Letter of Undertaking from Employer
- Copy of the registered title documents to the property (C of O, deed of assignment, Right of Occupancy etc)
- Valuation report from any of the Bank approved Valuer
- Satisfactory Legal search report
- Tax clearance certificate of the borrower.
For Diaspora customers:
- Complete Mortgage Loan application form
- Offer for Sale letter from the Vendor
- Copy of registered title document
- Proof of Income- Most recent 6 months’ pay slip and salary account bank statement
- Duly executed direct debit mandate
Loan Application Guide
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Can a customer in diaspora get a mortgage loan?
No, but we are working to make this happen and soon our mortgage loans will be open to everyone.
Does the loan finance building of properties?
Our mortgage loans finance the purchase of fully completed residential buildings.
Do I have to pay an equity contribution of 20%?
You do not have to pay an equity contribution of 20% if you go with the equity release option.
Does Union Bank finance off plan properties?
No, we do not. We only finance the purchase of fully completed residential buildings.
Is the interest rate paid per annum or for the whole tenure of the loan?
The interest rate is paid per annum.
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What asset can be used as a collateral for the loan?
Fully completed residential buildings.
Is the mortgage loan offer available in all states in Nigeria?
The offer is only available to customers in Lagos, Abuja, PortHarcourt, Ibadan, Kano and Enugu.
What is the minimum monthly salary I should have to access the loan?
You should have a minimum salary of N250,000. Your spouse’s income can also be considered subject to terms and conditions.
Does Union Bank consider the average cost of properties in determining loan eligibility of customers?
Yes we do. We also consider your net monthly salary and your ability to pay down over the loan tenor.
How do you determine the loan amount I qualify for?
The loan amount is subject to 80% of the Forced Sale Value.
