The UBA Bank Home or Land Acquisition Loan is suitable for those who would like to Purchase land or residential property and/or Construct residential property in acceptable locations within Nigeria then apply for this loan.
BENEFITS OF THE UBA BANK HOME OR LAND ACQUISITION LOAN
1. It Imposes discipline and financial prudence
2. The Interest payments are tax deductible
3. Serves as an opportunity to create and grow wealth
4. Provides security and freedom from astronomical rental growth
5. A hedge against inflation
6. Provides an investment and annuity income
7. Provides post retirement cash flow and passive income
8. Considerate, structured and convenient terms of repayment
9. Competitive interest rate
WHO CAN APPLY FOR THE UBA BANK HOME OR LAND ACQUISITION LOAN
Confirmed employees of reputable organizations in the private or public sector.
Individuals whose salaries must have been paid through UBA for at least 3 months.
All UBA account holders can apply for the UBA home or land acquisition loan.
Employees who will be discussing or selling consumer credit products.
HOW TO APPLY FOR THE UBA BANK HOME OR LAND ACQUISITION LOAN
To apply for this loan, complete a UBA Consumer Loan Application form which you may download online or pick up from any of the UBA branches. CLICK HERE to download a copy of the UBA loan application form. For direction to any UBA branch CLICK HERE to see the branch close to you.
If you wish to purchase residential property, submit your application including the following to the Customer Service
Officer in your branch:
1. An offer letter from the vendor
2. A letter of authority from the vendor to the solicitor or estate agent of the property.
3. A formal instruction from the applicant to the vendor instructing or authorizing him to release the title documents to the bank.
4. An undertaking from the vendor or solicitor or agent to submit valid title documents directly to the bank.
5. A satisfactory Search report on the property from a bank approved lawyer.
6. The original of the purchase receipt and survey plan.
7. Executed documents which are necessary for the perfection of the legal mortgage on the property.
8. Valuation report accompanied by photographs of the property.
9. Bank statement for the preceding year.
10. A copy of the title documents, which should be in the vendor’s name.
11. copy of the approved building plan – if necessary. And copy of the land title documents in which the ownership is in your name.
12. A copy of the approved building plan, a copy of the Bill of Quantities and the construction timetable.
Mntrends have put together simple loan calculators to help you better understand your loan. CLICK HERE to use the general loan calculator. If you would like to use Mntrends Auto loan calculator then CLICK HERE. For the Mortgage Loan calculator CLICK HERE to use the simple calculator.