Joint Mortgage

With our Joint Mortgage loan, you and your spouse or business partner can easily buy property which either party could ordinarily not have been able to purchase as individuals. This loan is flexible and repayment pressure is reduced.

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More Information

Features

Applicants are legitimate couples or registered partners
Repayment capacity is on both applicants
Applicants are both financially committed
Applicants are joint and co-owners of the property
Loan obatainable is N70 million
Maximum tenor of 240 months (20 years), subject to 60 years retirement age
Minimum equity contribution of 20-30% depending on the location.

Benefits

Flexible repayment structure
Loan repayment is distributed between the spouses easing up repayment pressure
Competitive interest rates.

Required Documents

Consumer Loan Request Form
Status Enquiry of Employer form
Current 3-6 months payslip
3-6 months Bank Account Statement
3 passport photographs
Means of Identification- Driver’s License/International Passport/National Identification
Utility Bill of residence/Company address
Letter of recent remuneration
Current account with FirstBank
Letter of Introduction from employer.

Requirements for construction

Copy of the Title Documents to the property (ownership must be in the name of the customer)
Copy of the Approved Building Plan
Copy of the Bill of Quantities
Valuation Report on the property and if there has been any construction on site, photographs of the property showing front, back and side views
Equity contribution of 20%-30% of the property cost excluding cost of the land depending on the location
Cash flow projection on loan repayment.

Requirements for outright purchase

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.
Copy of the Bill of Quantities/Cost Estimates if the property is to be renovated.
Valuation Report of the property.
Photographs of the property showing front, back and side views.
Equity contribution of 20%-30% of the property cost excluding cost of the land, depending on the location.
Cash Flow Projection on loan repayment.

NOTE (For All Mortgages)

Security is Legal Mortgage on the property being constructed/purchased.
Mortgage Protection Assurance Policy is required.
Fire and Special Peril Insurance policy required through FBN Insurance Brokers, if loan is approved.
Irrevocable domiciliation of salary for the duration the facility.

Who Can Apply for a Joint Mortgage

Employees in paid employment and Self-employed professionals.

How to Apply

To apply for the Joint Mortgage Loan,

Download the Consumer Loan Application Form
Complete the form and submit to the Retail Team at the nearest FirstBank branch

FAQs

1) Can a self-employed applicant who has banking relationship with FirstBank go into joint mortgage with his/her spouse in a paid employment?

Yes, provided the spouse’s employer is acceptable to FirstBank.

2) Can legitimate couples who work in the same organization partake in this facility?

Yes.

3) Who else can enjoy this product?

Registered partners in the professional field as joint owners/obligors who must have been in the business for a minimum of 5 years and must have been banking with FirstBank for 24 months or 2 years.