Top 10 Mortgage Banks in Nigeria
Federal Mortgage Bank of Nigeria (FMBN) 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. Following the introduction of the Indigenization Policy, the Federal Government, by Indigenization Act [1973], acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria (FMBN). The top mortgage banks in Nigeria are those licensed by the CBN and accredited by the FMBN, providing robust financing options for homeownership. We have compiled the definitive list of the top 10 mortgage lenders by scrutinizing their licensing, loan products, and accessibility. By the end of this guide, you will know which banks offer the most competitive NHF rates and the crucial factors to consider so that you can confidently move forward with your home loan application. 1. Federal Mortgage Bank of Nigeria (FMBN) Federal Mortgage Bank of Nigeria stands as the apex mortgage institution in the country, established by the Federal Government to provide affordable housing finance to Nigerians. In 2024, FMBN approved N71.5 billion in loans, demonstrating its significant role in the housing sector. Key Features: Loan Products: Eligibility Requirements: FMBN remains the go-to option for first-time homebuyers and low-to-middle-income earners seeking affordable mortgage solutions. 2. Abbey Mortgage Bank Plc Established over three decades ago, Abbey Mortgage Bank has built a solid reputation as one of Nigeria’s leading primary mortgage institutions. The bank focuses on connecting aspiring homeowners with flexible financing options. Key Features: Loan Products: Why Choose Abbey: Abbey Mortgage Bank offers a balanced combination of experience, reliability, and customer-focused service. Their streamlined application process and responsive customer support make them a preferred choice for many Nigerians. 3. FBN Mortgages Limited As a subsidiary of First Bank of Nigeria, FBN Mortgages leverages the financial strength and extensive network of one of Nigeria’s oldest banking institutions. This backing provides customers with confidence in the bank’s stability and service delivery. Key Features: Loan Products: Competitive Advantages: FBN Mortgages combines traditional banking reliability with modern mortgage solutions. Their access to First Bank’s infrastructure means faster processing and better customer experience. 4. Infinity Trust Mortgage Bank Plc Infinity Trust Mortgage Bank has established itself as a customer-centric institution committed to making homeownership accessible to more Nigerians. The bank’s strategic transformation into a public limited company has strengthened its capacity to serve more customers. Key Features: Loan Products: What Sets Them Apart: Infinity Trust Mortgage Bank demonstrates flexibility in working with customers from various economic backgrounds, including those in the informal sector who may struggle to meet traditional documentation requirements. 5. Platinum Mortgage Bank Platinum Mortgage Bank operates as a reliable mortgage provider with a focus on delivering quality housing finance solutions. The bank maintains strong regulatory compliance and offers competitive mortgage products. Key Features: Loan Products: Customer Benefits: Platinum Mortgage Bank’s transparent approach to fees and charges helps customers understand exactly what they’re paying for, avoiding hidden costs that often frustrate borrowers. 6. SunTrust Mortgage Bank SunTrust Mortgage Bank has carved a niche for itself by focusing on efficiency and customer satisfaction. The bank uses technology to streamline mortgage processing while maintaining personal customer relationships. Key Features: Loan Products: Why SunTrust: For customers who value speed and efficiency, SunTrust Mortgage Bank delivers on its promise of quick processing without compromising service quality. 7. Imperial Mortgage Bank Imperial Mortgage Bank focuses on providing tailored mortgage solutions that meet individual customer needs. The bank’s personalized approach has earned it a loyal customer base. Key Features: Loan Products: Unique Offerings: Imperial Mortgage Bank’s willingness to work with customers on customized solutions makes it ideal for borrowers with unique circumstances or non-traditional income sources. 8. Mayfresh Mortgage Bank Operating from multiple locations including Lagos and Aba, Mayfresh Mortgage Bank serves customers across different regions with a focus on accessibility and affordability. Key Features: Loan Products: Regional Strength: Mayfresh Mortgage Bank’s presence in both commercial hubs and emerging markets allows them to serve a diverse customer base with varying needs. 9. Jubilee-Life Mortgage Bank Jubilee-Life Mortgage Bank brings insurance sector expertise into mortgage banking, offering customers additional security and confidence in their housing finance journey. Key Features: Loan Products: Added Value: The integration of insurance products with mortgage services provides customers with enhanced protection and peace of mind throughout their loan tenure. 10. Haggai Mortgage Bank Haggai Mortgage Bank rounds out our top 10 with its commitment to ethical banking practices and customer empowerment. The bank focuses on building long-term relationships with borrowers. Key Features: Loan Products: Community Impact: Haggai Mortgage Bank’s emphasis on financial literacy and customer education helps borrowers make informed decisions and manage their mortgages successfully. Comparison Table: Top 10 Mortgage Banks at a Glance Bank Name Interest Rate Range Loan Tenure Minimum Loan Amount Special Features FMBN 6% – 9% 5-30 years N5 million NHF loans, Diaspora mortgages Abbey Mortgage Bank 12% – 18% 5-25 years N2 million 30+ years experience FBN Mortgages 10% – 16% 5-25 years N3 million First Bank backing Infinity Trust 11% – 17% 5-30 years N2 million Informal sector support Platinum Mortgage 12% – 18% 5-20 years N2 million Transparent fees SunTrust 11% – 16% 5-25 years N2.5 million Fast processing Imperial Mortgage 12% – 17% 5-25 years N2 million Customized packages Mayfresh 13% – 18% 5-20 years N1.5 million Regional presence Jubilee-Life 12% – 17% 5-25 years N2 million Insurance-backed Haggai Mortgage 13% – 18% 5-20 years N2 million Ethical banking Note: Interest rates and terms are subject to change. Always confirm current rates directly with the bank. How to Choose the Right Mortgage Bank for Your Needs Selecting the right mortgage bank requires careful consideration of several factors beyond interest rates. Here’s how to make the best choice: Assess Your Financial Situation: Calculate your monthly income, existing debts, and how much you can comfortably afford as a monthly mortgage payment. Most banks recommend that your mortgage payment shouldn’t exceed 30-35% of your monthly income. Compare Interest Rates: While interest rates are