A mortgage can be a necessity if you can’t pay the full cost of a home out of pocket. Sometimes, it makes sense to have a mortgage on your home even though you have the money to pay it off. For example, if you have other investments you want to do, a mortgage provides the flexibility to repay the loan in a long tenor.
The basic requirements for accessing a mortgage facility are as follows;
- An application letter.
- An introduction letter from your employer is needed to ensure that you are indeed an employee of the company.
- Offer letter from the property developer
- Copy of documents of the property you want to purchase i.e Certificate of Occupancy.
- You are required to present payslips for the last three months. This is needed in order to verify that you have a steady income and you can afford to repay the loan you are requesting for.
- Your bank account statement for the last six to twelve months should be presented as well, depending on the requirements of the financier.
- A means of identification such as an international passport, National ID card, and Driver’s license should be presented.
- Tax clearance certificate.
- Letter of employment and confirmation can be used on jobs from jobs of 2years or up to 7years of working experience.
- An approved building plan should be presented.
Asides from these requirements, any loan facility to be granted always follows three steps which are;
- Account Opening
- Equity Deposit
- Application for the loan
- Processing and approval
The listed above is very crucial for a lot of reasons because many Nigerians mostly never give into the use of mortgage institutions based on the belief that mortgage institutions are profit-oriented and not customer-oriented, while others are simply afraid of ‘debts.’ Some have ended up getting defrauded, paying wrong parties or buildings on lands involved in a legal tussle or owned by the government. With these in mind, asides from making finances available, mortgage institutions carry out due diligence on the property or land during the process of assessment to find out if the buyer can go ahead with the purchase or otherwise inform the buyer about any trace of ingenuity or doubt to discourage the purchase.
In conclusion, once you have met the above requirements, as well as any other additional necessities based on the mortgage institution of your choice, you can get your dream house with ease.