Kaduna Mortgage Authority releases guidelines for loans

Kaduna State Mortgage and Foreclosure Authority has released guidelines that will enable applicants to access loans in order to own houses with a flexible repayment plan. A statement issued by Alhaji Yahaya Aliyu Lere, the Executive Secretary of the Authority, listed all requirements that applicants are required to meet, so as to access the loan. […]

Kaduna State Mortgage and Foreclosure Authority has released guidelines that will enable applicants to access loans in order to own houses with a flexible repayment plan.

A statement issued by Alhaji Yahaya Aliyu Lere, the Executive Secretary of the Authority, listed all requirements that applicants are required to meet, so as to access the loan.

The Executive Secretary said that prospective house-owners should ‘’obtain and complete FHA Mortgage Bank Ltd Account Opening form with a minimum opening amount of N50,000.’’

Alhaji Yahaya Lere further said that applicants are also expected to complete ‘’a FHA Mortgage Bank Mortgage Application Form with payment of N5,000 application fee.’’

The statement also said that would-be house owners should complete the Nigerian Mortgage Refinance Company (NMRC) online form, by logging to hmip.nmrc.com.ng.

‘’Thereafter, they should scroll down, click on ‘own a house’ and complete the required areas like personal information, current address, employment and subject property,’’ Yahaya said.

According to him, applicants should obtain a copy of the Certificate of Occupancy of the property that they wish to purchase and the approved building plan.

The Executive Secretary listed letter of provisional allocation for the property, letter of offer and allocation, as well as acceptance of the offer and allocation for the property that will be purchased, as documents that should be submitted with the applications.

The statement said that applicants should also present letters of undertaking, stating that they have not obtained any mortgage before.

‘’They must also produce most recent six months pay slips or 12 months of their recent statements of account, for those in the informal sector, Yahaya explained.

According to him, applicants in the informal sector are also expected to complete a guarantors form, adding that all of them should produce a means of identification, which include driving licence, national ID card, International Passport or voters card.

‘’In addition, applicants are expected to produce utility bills to confirm their addresses. They are also expected to present four passport photographs,’’ he added.

‘’Likewise, the applications must be accompanied with a legal search report by FHA Mortgage Bank Ltd, comprehensive insurance cover on the property to be purchased upon approval and handover,’’ he said.

The statement said that all completed applications are to be submitted to the office of the Executive Secretary, Kaduna State Mortgage and Foreclosure Authority.