PLATINUM FAST-TRACK MORTGAGE

This product makes it possible for intending home owners to have access to their property of choice as early as 48 hours from the time of effective expression of interest. Here the customer  applies for a P.F.M loan at an interest rate of 10% per annum payable for a tenor up to 25 years. The customer will be required to make a lump sum payment of  the required equity and all associated fees. Thereafter his application is processed and approved. He is then issued a clearance letter along with the details of his monthly loan repayment and immediately takes possession of his house.

 The loan is available for PFM biddable estates only.  These are:

 1. Becky Gardens Estate 2, Karu, Abuja.

2. Trademore Estate, Umuahia, Abia State

 3. Minfa Housing Estate (Phase 2), Owerri.

 4. Teju Royal Gardens Estate, Lagos

 5. Lape Estate, Karu, Abuja

6. Aper-Aku Estate, Northbank, Makurdi

7. Emmanuel Estate, Badagry, Lagos.

Some more estates will be included across the country as time goes on.

     CONDITIONS FOR ACCESSING PFM

1. Applicant must be above the age of 21.
2. Applicant must have a verifiable and regular source of income.
3. Applicant must not have an existing PFM loan.
4. Applicant must be a tax payer.
5. Applicant must meet all financial and documentation requirements. (See details below)
6. Applicant will be required to pay a PFM fee of N100,000 at the point of account opening.
7. Property to be mortgaged must be on the list of PFM biddable estates.
8. The loan is given at an interest rate of 10% per annum and will run for a maximum tenor of 25 years.

 BENEFITS OF PFM

1. Applicant takes immediate possession of his property within 48 hours of meeting all requirements.
2. No backlog payment for registration required.
3. Reasonable interest rate of 10% P.A compared to 20% on commercial loans.
4. Individuals can benefit from PFM more than once provided the initial loan has been liquidated.
5. No loss of allocation due to prolonged loan processing time.
6. Customers are allowed to part-liquidate their loans with a minimum of 6 months repayment at anytime within the duration of the loan.

THE PROCESS

• The customer  identifies a property of interest (From any of the housing products financed by Platinum Mortgage Bank limited) and purchases the developer’s from for N10,000.00
• The customer opens a P.F.M account with Platinum Mortgage Bank limited with the sum of N150,000 and pays the required equity depending on the cost of the house he is interested in buying, along with all associated fees and 6 months loan repayment in advance.

          Note:                                           100,000 - 5M   :  10%

                                    5.1M    - 10M  :  20%

                                              10.1M   -  15m  :  30%

• The customer also purchases the P.F.M application form for N5,000.00 and fulfils all documentation requirements (see below) needed for his application to be processed.
• Platinum Mortgage Bank processes the loan application, and upon approval issues the customer with an offer letter for the loan. 
• Upon acceptance of the offer, the bank disburses the funds to the developer and forwards the customer’s name to the site.
• The customer is asked to proceed to the site to make a choice of house.
• The customer executes the mortgage deed agreement and deed of sub-lease for the property.
• Afterwards the customer is issued with a clearance letter along with details of his loan repayment and handed the keys to his property.

REQUIREMENTS

1. BIRTH CERTIFICATE/ DECLARATION OF AGE
2. SATISFACTORY EVIDENCE OF REGULAR INCOME (PAYSLIPS FOR 3 MONTHS AND/OR BANK STATEMENT FOR 6 MONTHS)
3. CURRENT TAX CLEARANCE CERTIFICATE (FOR NON CIVIL SERVANTS)
4. EVIDENCE OF FULL PAYMENT OF EQUITY
5. EVIDENCE OF PAYMENT OF ALL ASSOCIATED FEES (INCLUDING 6 MONTHS ADVANCE REPAYMENT & S.I. FOR THE DURATION OF THE LOAN)
6. COMPLETED PFM APPLICATION FORM (N5,000)
7. COMPLETED APPLICATION FORM FROM ESTATE DEVELOPER (N10,000)
8. 7 RECENT PASSPORT PHOTOGRAPHS OF APPLICANT

PERSONAL PMBL MORTGAGE LOANS REQUIREMENT 

1.      Two personal guarantors

2.      Printout of the last six months current acct statement with other banks

3.      Payslips- last five months

4.      Evidence of any other source of income

5.      Personal tax clearance certificate

6.      Schedule of repayment plan

7.      Valid ID card and two passport photos

8.      Copies of all the necessary document of landed property being used as security or any other

9.      Post dated cheques to the value of the loan as an additional security.

10.  Receipt of duly executed facility offer letter

11.  Payment of equity as follows:

                          i. 20%-30% for properties in liaison with PMBL

                         ii.  40-50% for properties not in liaison with PMPL

CORPORATE PMBL MORTGAGE LOANS REQUIREMENT 

12.  Extract of board resolution requesting for loan if a company

13.  Repayment plan

14.  Security for the loan

15.  The company commercial bank acct statement (6 months)

16.  The company’s audited financial statement

17.  Two third party guarantees

18.  Tax clearance cert

19.  Possible inspection to assess the progress of work in the site in case of tranche disbursement

20.  Valuation report

21.  Search report

22.  Post-dated cheque

23.  Receipt of duly executed offer letter

24.  Execution of deed of legal mortgage.

 NHF MORTGAGE LOAN REQUIREMENT

The NHF mortgage loan is a National Housing Fund loan which can only be processed by Nigerians who are contributors to National housing fund scheme of the Federal Mortgage bank.

The following are criteria that qualify one to access the NHF Loan:

1.  Open a mortgage account with the primary Mortgage bank.

2.  Provide a valid and Authentic means of I.D

3.  Provide seven recent passport photographs.

4.  Must be Age 21 and above

5.  Show evidence of contribution to NHF scheme

6.  Must have a source of income

7.  Must be a tax payer(provide evidence of tax [payment in 3 years)

8.  Must provide a birth certificate/ age declaration.

The maximum NFH loan to be obtained by individual is 15 million and one is entitled to access NHF loan once in life time.

For applicants seeking to obtain NHF loan between

1-5 million is expected to make or deposit             10%

6-10 million is expected to make or deposit           20%

11-15 million is expected to make or deposit         30%

Applicant to obtain a provisional offer from the developer, or Primary Mortgage Institution, after initial deposit to show acceptance of offer.

Applicants provide all necessary title documents for the property to be mortgaged before loan is accessed from Federal Mortgage Bank of Nigeria.