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How To Apply For The FirstBank Joint Mortgage

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FirstBank Joint Mortgage
Photo Credit: FirstBank Nigeria

The FirstBank Joint Mortgage is aimed at helping more than one person secure a mortgage loan. With this loan option from FirstBank, you and your spouse(wife and husband) can apply and buy a property together. The FirstBank Joint Mortgage is also available for business Partners.

With the FirstBank Joint Mortgage, you can easily acquire or get a loan that only you could not have otherwise secured. This means that you can get that dream Home or Property with ease.

Features Of The FirstBank Joint Mortgage

This Loan option from the FirstBank of Nigeria have some features and its stated below

Read Also: How To Apply For The FirstBank Personal Home Loan(Mortgage)

  • Applicants must/should be legitimate couples or registered business partners.
  • The Repayment capacity is on both applicants
  • Applicants are both financially committed
  • Applicants are joint and co-owners of the property
  • Loan obtainable is N70 million at once.
  • Maximum tenor of 240 months (20 years), subject to 60 years retirement age
  • Minimum equity contribution of 20-30% depending on the location.
Required Documents To Applying For The FirstBank Joint Mortgage

There are different required documents and they will be stated accordingly. Please note that the document to submit depends on the type of project you have in mind. Please see required documents below

Read Also Firstbank Personal Loan: How To Apply And Its Benefits

General Required Documents
  • Consumer Loan Request Form CLICK HERE to download the form.
  • Status Inquiry of Employer form
  • Current 3-6 months payslip
  • 3-6 months Bank Account Statement(If you have multiple accounts please provide the statement of those accounts too).
  • 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.
Required Documents For Construction
  • A 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.

Read Also: All You Should Know About The Firstbank Automobile Loan

Required Documents If You Are Purchasing The Property Directly
  • Vendor’s Offer Letter.
  • The Copy of the Title Documents to the property (ownership must be in the name of the vendor).
  • Copy of the Approved Building Plan.
  • A 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.
Who Can Apply For The FirstBank Joint Mortgage
  • Employees in paid employment.
  • Persons with Firstbank account.
  • Business owners with Firstbank account.
  • People who receive their salary via Firstbank.

There is also a quick note from the FirstBank of Nigeria regarding this Loan offer from the bank. Please read about it below

Read Also: How To Activate Your FirstBank Internet Banking Within Minutes

QUICK 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(This means that an insurance plan is to be bought by partners or couples once loan is approved. This is to protect the you and bank against lost).
  • Irrevocable domiciliation of salary for the duration the facility.
How To Apply For FirstBank Joint Mortgage

The Application process is a very simple one, just download the FirstBank Loan application form, fill it offline and take it to the nearest FirstBank branch. Use the link above to download the Form. You can CLICK HERE to make use of the Mntrends Loan Calculator to help you calculate the Loan interest rates.

While there are other Joint Mortgage available on the internet and different banks, the FirstBank Joint Mortgage is here to help you take on big projects. Don’t hesitate to share this article on Facebook and Twitter to help others know about this Loan offer from the FirstBank of Nigeria.

 

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