How To Apply For First Bank Personal Home Loan

How To Apply For First Bank Personal Home Loan

Sir Alfred Jones, a shipping tycoon from Liverpool, England, established The Bank. The Bank, which had its original headquarters in Liverpool, started out as the Bank of British West Africa (BBWA) and operated on a small scale in Lagos, Nigeria.

The Bank purchased the Bank of Nigeria, formerly known as the Anglo-African Bank, in 1912; the institution had been founded in 1899 by the Royal Niger Company. Bank of British West Africa (BBWA) was the previous name of the institution; Bank of West Africa (BWA) was adopted in 1957.

Following its merger with Standard Bank, UK, the bank changed its name to Standard Bank of West Africa Limited in 1966. In accordance with the Companies Decree of 1968, the bank was locally incorporated in 1969 under the name Standard Bank of Nigeria Limited.

First Bank of Nigeria Limited (“FirstBank”), founded in 1894, is the top bank in West Africa, Nigeria’s top bank brand, and the country’s top provider of financial services solutions.

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Home Loan – With the help of the Personal Home Loan product, staff members can easily buy and own homes. The program is also offered as a joint mortgage for couples.

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

How To Apply For First Bank Personal Home Loan

  • Download the Home Loan Application Form HERE
  • Complete the form and submit at the nearest First Bank branch

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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?

N50 million

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