Customer Relations

• I am unable to come to your Head Office as I live out of town. Do you have direct phone lines?
• Yes. If you have any enquiries regarding mortgages please contact our Customer Service Officers (at any Platinum Mortgage Bank branch - please ask for information for a branch closest to you) or call any of the following numbers:
  
  Phone Number: 
  
  If you have any other enquiries regarding our services you could visit our website www.pmbl-ng.com.com, call our Customer Care line (0000000) or mail customerservice@pmbl-ng.com
• How do I order new cheque books?
• Please collect a cheque book order form from any of our Customer Service Officers (CSO), once you complete this form and hand it back to the CSO you will be told when your cheque book will be ready.
• How do I report suspicious emails?
• Please forward any/all suspicious emails sent to your purportedly from PLATINUM to our email: customerservice@pmbl-ng.com
• What is Platinum Mortgage Bank sort code?
• PLATINUM is a PMI and does not currently participate in the interbank settlement system (clearing).
  However, we have correspondent banks who participate in the interbank settlement system and any of our Customer Service Officers will be pleased to give you the sort codes as required.
• How do I replace a lost/stolen ATM card?
• You will need to report your lost/stolen card immediately! Our staff will hotlist the card so that no one can use it for any nefarious transactions. Our CSO will be pleased to facilitate getting a replacement card.
• How long after I make a deposit can the funds become available to me?
• If you deposit a cheque you will have to wait until the cheque clears usually 3 days from the day the cheque was deposited.
• What is COT?
• COT is the acronym for Commission On Turnover. It is commission charged on your current account for debit transactions on your current account.
• Why do I have to pay COT?
• COT charged customers is used by the bank to offset maintenance costs and overheads.
• How do I stop payment on a cheque I have written?
• First call your account officer with details of the cheque.
• How do I request an extra copy of my statement?
• You can visit any of our branches, place your request and have the CSO print out your statement for you.
• How do I get a counter cheque?
• Simply visit any of our branches and place your request with the CSO.
• How can I get my account statement emailed to me?
• Simply have our CSO or your account officer update your contact details with your email address, you will need to provide proof of identity.
• What rates are available to me for fixed/term deposits?
• You can get information for indicative rates from our banking hall; alternatively you can get this information off your account officer.
  
• Can I leave valuable items/documents with PLATINUM for safekeeping?
• Yes, you can! Have your account officer process the documentation on your behalf.
• How do I apply for a salary advance?
• Please discuss your request with your account officer, and discuss the rates/charges for the same.
• How do I apply for an overdraft?
• Please discuss your request with your account officer, and discuss the rates/charges for the same.
• I want to pay in my dividend warrants to my savings account, how do I do this?
• If your warrants are in your name you can simply lodge them into your account; if not you will need to speak with your account officer to discuss the possibility of a 3rd party indemnity.
• Who regulates Platinum Mortgage Bank?
• PLATINUM is regulated by the Central Bank of Nigeria as a Primary Mortgage Institution.
• How do I process an NHF loan?
• As a contributor to the NHF scheme you are entitled to the NHF loan. You will need to:
  a. Open an PLATINUM Mortgage Personal Stake account
  b. Complete the NHF loan forms
  c. Provide the appraisal & valuation papers for the property you wish to purchase
  d. Provide a copy of your NHF contribution passbook
  e. Provide a copy of your Nigerian Tax Clearance Certificate.
• Why must I be charged PDO Interest on my mortgage?
• PDOs means past due obligation. It is portion of your monthly repayment left outstanding/unpaid after your repayment date has elapsed.
  The PDOs Interest charged on your account represents the penalty charged on your account for defaulting on your monthly repayment responsibility. It is charged at the prevailing default rate (in line with market forces).

Individual Banking

• How do I open an account?
• You can open an account by visiting any one of our branches locations or online
• What information is needed to open an Individual Account?
• Please view the Account Opening check lists
• What is the minimum balance required to open an account?
• It depends on the account. Here is a summary:
  N1,000.00 for Regular Savings
  N10,000.00 for Fixed Deposit
  N100,000.00 for Individual Account & N250,000.00 for Corporate Account (Both Excel) N20,000.00 for Corporate Account
• How do I check my account status and other account information?
• You can check your account balance and other information in any of our branches.

Business Banking

• What is Platinum Corporate Account?
• The Platinum Corporate Account allows sole proprietorship; private and public limited liability companies, NGOs and Religious organisations transact business and deposit funds in a secure and conducive banking environment.
• What information is needed to open a Corporate Account?
• Please view the Corporate Account Opening check list.
• How do I open a business account?
• You can open a business account by visiting any one of our branches locations or online.
• How do I add another signer to my account?
• To add another signatory, customer must write the bank indicating this interest, thus a new mandate card must be obtained and completed with all the signatories (both new and existing) sign on.

Mortgage Banking

• I want to start a business. Can Platinum Mortgage Bank assist me with a mortgage?
• No. Mortgages are for Real Estate/Property only. If you wish to start or expand your business, please see either your Account Officer or any member of our Product & Market team (at any of our branches) who will be pleased to offer advice on Platinum Business Banking products.
• I would like to rent/let/lease my property, can I do this?
• No, you are not allowed to rent/let/lease your property without prior consent of the bank.  If you intend to rent/let/lease your property, you should write to us indicating your intentions stating the rental period and amount. Should the information prove satisfactory, our Legal Team will give consent in writing to the rent/let/lease of the property.
• I would like to pay off/reduce my mortgage loan, can I do this?
• Yes. You can only do that on PMB mortgage loan while you can only liquidate NHF loan by asking for a redemption code from the credit department.
• What types of mortgages are available at Platinum Mortgage Bank?

• 	TYPES OF MORTGAGES		INTEREST RATES		TENOR OF LOAN		ELIGIBILITY		REQUIREMENTS
  1	NATIONAL HOUSING FUND (NHF)		6%		Maximum of 30 years  (but usually 60 minus your age)		Civil Servants who have been contributing to the NHF Scheme Other contributors to the scheme		-NHF Form. N1,000.00 -PLATINUM Personal Stake Account
  2	PMB MORTGAGE LOANS		Negotiable in line with market.		1-15 years		- Individuals  - Development Companies		- Have an existing current account with Platinum Mortgage Bank for a minimum of 6 months - Commercial loan forms
  3	COMMERCIAL LOANS		Negotiable in line with market.		1-3 years		- Individuals  - Development Companies		- Have an existing current account with Platinum Mortgage Bank for a minimum of 6 months - Commercial loan forms

• Can I know my Mortgage Account Balance?
• Yes. See one of our Customer Service Officers or your account officer.
• Can I get a loan to renovate my house?
• Yes. Please contact our staff in the Products & Market Division (at any Platinum Mortgage Bank Branch). You will require the following in preparation for your loan:
  • Bill of Quantities report for renovation
  • Valuation Report
  • A minimum contribution of 25% of the total project cost
  • Legal mortgage over the property
  • Can I get a mortgage before I find my property?
  You cannot get a mortgage loan without having a property that you can use as security for the loan.
• Can I get a mortgage before I find my property?
• You cannot get a mortgage loan without having a property that you can use as security for the loan.
• How do I pay back my mortgage?
• The most common type of payment is the monthly repayment. Offering the greatest simplicity, your monthly repayments cover both the principal and the interest on the loan (deducted from your account monthly), so that at the end of the term/tenor you have completed all payments. Please note that Platinum Mortgage Bank monthly repayments are calculated on a reducing annuity basis (see question 19 for more details).
• I am a Career Public Servant. Can I get a mortgage?
• Yes you can. All career public servants can make an application for a mortgage as long as they are in full time employment at the date of application. However you are required to make a payment of at least 25-30% on the property of your choice, and domicile your salary with Platinum Mortgage Bank.
• What other costs will I incur in taking out a Mortgage?
• When you take out a mortgage, you should be aware that in addition, you will have to pay valuation and processing fees. Once you take ownership of the property, PLATINUM will insist you take out insurance cover on the building. It is advisable to take out contents insurance as well.
  Always look at the total package and not just focus on the costs or interest rates.
• Is my Certificate of Occupancy with Platinum Mortgage Bank?
• Please contact our Customer Service Officers who will check for you.
• What is the early repayment charge for my mortgage?
• Your Offer Letter and the terms and conditions contained therein highlight in detail the early repayment charge associated with your mortgage.
• Why is my interest payment higher than my principal payment?
• Your monthly repayment depends on the tenor of your loan and is calculated at a reducing annuity mortgage basis. The principal has to be spread over the period or duration of the loan. For example, if you a have N5millon loan for a tenor of 10years, the principal repayment has to be spread through 10 years. Therefore as you pay your principal (which makes up part of your monthly repayment) which has been spread, you reduce the interest paid on the loan. 
  While your monthly repayment remains as stated in your offer letter, the components of this repayment (interest and principal) may be seen on your statement to vary. Your interest repayment on the onset is higher than the principal repayment, but tapers off (reduces) over time as you service your loan, while your principal repayment which starts off as lower than the interest repayment increases until it exceeds the interest portion of the repayment while the loan is being serviced.
• Why do I need to pay insurance premium quarterly?
• To protect you from the risk associated with such unforeseen circumstances/damage like fire, collapse, storm etc. The insurance also helps protect your mortgage repayment in the event of you being temporarily incapacitated In event of any unforeseen circumstance affecting you or your property (for which you got the mortgage) which could include damage to the property due to fire, rain storm, wind, earthquake etc; you can make an insurance claim in this instance by providing the following documents:
  
  - Application letter to support the claim
  - Pictures of the damage to the property
  -  PLATINUM MORTGAGE BANK Offer Letter
  - Copy of the receipt for payment of the property
  - Bill of quantities for the repair of the damage
  - Duly completed Insurance Claim Form (available from your branch CSO)
  
  Any of our Customer Service Officers will be happy to answer any other questions you have regarding making an insurance claim.

Mortgage Banking – National Housing Fund (NHF)

• Is Platinum Mortgage Bank a registered Mortgage Institution with the Federal Mortgage Bank?
• Yes, it was incorporated in November 1995 as a limited liablilty company.
• Is Platinum Mortgage Bank one of the Mortgage Institutions licensed to participate in the National Housing Fund (NHF) operated by Federal Mortgage Bank of Nigeria (FMBN)?
• As stated above, PLATINUM MORTGAGE BANK is a registered mortgage institution with FMBN and is licensed to participate in all mortgage schemes operated by FMBN, including the NHF.
• How long has Platinum Mortgage Bank been into providing Mortgage services?
• Platinum Mortgage Bank has been providing mortgage services since 1995. It started by developing a housing estate at Jikwoyi.
• What interest rates does Platinum Mortgage Bank charge for its Mortgage facilities?
• For mortgages under the NHF, PLATINUM charges an annual interest rate of 6% for periods of up to 30 years (depending on age and income).
• For Commercial mortgages, interest rates are dependent on prevailing market rate. However tenors under this category typically range between 1 year to 5 years.
• Is there a specific tenure for the mortgage facilities offered by Platinum Mortgage Bank?
• As discussed above, the tenure of mortgages depends on the mortgage scheme, and as determined by the Federal Mortgage Bank of Nigeria (FMBN).
• Must I have an account with Platinum Mortgage Bank before I benefit from your Mortgage services?
• To enjoy PLATINUM mortgage services, you are required to have an account with PLATINUM to accommodate the mortgage.
• Must I operate my account for six months in Platinum Mortgage Bank before I get a loan?
• To get a loan from PLATINUM, you are required to have an operational account. However, you can still benefit from PLATINUM mortgage services even if you have not operated your account for up to six months.
• Can retired employees also benefit from your mortgage services?
  
• Retirees can also participate in all our PLATINUM mortgages services except the NHF Loans. As a client-focused institution, PLATINUM caters for all class of customers including low income earners. However, this will depend on the value of their request.
• Has Platinum Mortgage Bank successfully accessed the National Housing Fund on behalf of its customers?
• Yes, we have over N9billion approved request.
• Is the NHF Loan for only contributors to the scheme?
• Yes. The NHF loan is for contributors who have made subscribtion to the Fund for a period of at least six months. For new subscribers that wish to benefit from the scheme, they can make the six month payment at once and continue subsequent monthly payments.
• At what interest rate does a Contributor access the NHF Loan through PLATINUM?
• Eligible contributors can access the NHF loan at an interest rate of 6% per annum.
• Can the NHF loan have tenors that are more than 10 years?
• Yes. Subject to age and income of the contributor, the NHF loan can be accessed for a maximum period of 30 years.
• What makes a contributor eligible to access the NHF Loan?
• A contributor becomes eligible to access the NHF loan after making contributions for a minimum period of six months.
• Is there an age limit after which a customer becomes ineligible to benefit from the NHF Loan?
• Yes. The age limit is 60 years, which corresponds with the retirement age in the civil service.
• Can the NHF Loan be used to construct a new house?
• Yes, but you must have initially developed the house up to 30% completion stage.
• Can it be used for renovating an existing house?
• Yes, you can apply for the purpose of renovation, as long as you have a certified Bill Of Quantities (BOQ).
• Is there a maximum amount that can be accessed by Contributors?
• Under the NHF scheme, the maximum amount that can be accessed is N15m.
• How long does it take for applications to be processed by FMBN?
• An average of 6 -12 months, depending on the geographical location of property.
• Does a contributor apply for the NHF Loan before or after identifying a house?
• After identifying and being offered the house by the owner.

Mortgage Banking - Commercial Mortgage Facility

• Does Platinum Mortgage Bank provide other mortgage facilities that are not under the NHF?
• Yes, PLATINUM provides mortgage loans that are not under the NHF.
• At what rate does Platinum Mortgage Bank provide the Commercial Mortgage Facility?
• PLATINUM CMF is offered to customers at the prevailing market rates.
• Is the Commercial Mortgage Facility for only houses?
• It can be used for shops, land and other real estate properties.
• Can the Commercial Mortgage Facility be for tenors of up to 10 years?
• No, the maximum tenor under the CMF is 5 years.
• Can I use the CMF to build a new house?
• Yes, you have to have developed the property to 30% completion stage.
• Can the CMF be used to renovate an existing house?
• Yes it can provided that there is a Bill Of Quantities (BOQ) for the renovation work to be carried out.
• Can a CMF be converted to an NHF Loan? (if yes, what is the procedure?)
• Yes, CMF could be granted to enable the customer make payment for a property pending release of NHF loan. When the NHF loan is granted, the CMF could then be converted to the NHF loan. However all outstanding payments under the CMF must be paid notwithstanding the NHF loan.
• Can I use my shares to secure the CMF?
• Yes, normally, we will use the property being financed; shares come in as additional comfort.
• What other Collaterals can be used to secure the CMF?
• Ideally, the property being financed or alternative real property. Other forms of securities, such as shares of quoted companies, may be accepted.
• Is the CMF open to Civil servants?
• Yes, depends on the ability of the civil servant to pay back the loan.
• Must I have an account with Platinum Mortgage Bank to benefit from the CMF?
• Yes you would have to open a current account with PLATINUM.