Own It Now: Top Mortgage Banks in Nigeria (2024)

Owning a home in Nigeria is a significant achievement, and a mortgage can be the key to reaching that dream. But with numerous mortgage banks offering various options, choosing the right one can be overwhelming. This article shows the list of mortgage banks in Nigeria, also the top ones, providing a general overview of their interest rates and repayment timelines.

List of Mortgage Banks In Nigeria

There are 32 PMIs in Nigeria, they are:

1. Abbey Mortgage Bank
2. Ag Homes
3. Akwa Savings
4. Aso Savings & Loans
5. Brent (Skyfield) Savings
6. Centage Savings & Loans
7. City Code
8. Coop Savings & Loans
9. Delta Mortgage Finance
10. Fbn Mortgages
11. Fha Homes Ltd.
12. First Generation Homes
13. Gateway Savings
14. Global Trust
15. Haggai Mortgage Bank
16. Home-Base Mortgage
17. Imperial Homes
18. Infinity Trust
19. Jigawa Savings & Loans
20. Jubilee-Life Mortgage Bank
21. Kebbi States Homes
22. Lagos Building & Investment
23. Mayfresh Mortgage Bank
24. Mgsl Mortgage Bank
25. Mutual Alliance
26. New Prudential
27. Nigeria Police Mortgage Bank
28. Omoluabi (Livingspring)
29. Platinum Mortgage Bank
30. Refuge Homes
31. Stb Building Society
32. Trustbond Mortgage Bank

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Top Mortgage Banks in Nigeria

1. Abbey Mortgage Bank Plc

Interest Rate: Competitive, starting around 15%

Repayment Period: Up to 20 years

Established veterans in the game, Abbey boasts decades of experience connecting Nigerians with affordable housing solutions. They offer various loan options and even savings accounts to help you prepare for homeownership. Their “KidzSave” program is a sweet touch, allowing parents to save for their children’s future home. They are accredited to offer National Housing Funding (NHF) loans, making homeownership more accessible.

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2. Infinity Trust Mortgage Bank Plc (ITMB Plc)

Interest Rate: 6-14%

Repayment Period: Up to 15 years

Established in 2002, this powerhouse of a bank is a publicly traded company, a testament to its success. They’ve financed countless homeownership dreams and are a major player in the National Mortgage Refinance Company. With strong capitalization, Infinity is a top choice for Nigerians seeking a well-established lender.

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3. FirstTrust Mortgage Bank Plc

Interest Rate: NHF Scheme offers concessionary rates of around 6-8%

Repayment Period: Up to 30 years (depending on scheme)

This merger of two long-standing institutions (First Mortgages and TrustBond) brings a wealth of experience to the table. They boast over 20 billion Naira in capital dedicated to serving Nigerians’ mortgage needs. FirstTrust aims to leverage technology to revolutionize mortgage and real estate financing.

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4. Platinum Mortgage Bank Limited

Interest Rate: Market-based rates, typically starting around 6-10%

Repayment Period: Up to 25 years

A seasoned player since 1992, Platinum Mortgage Bank has transformed into a formidable force. Through strategic recapitalization and cutting-edge technology, they’ve become a leader in helping Nigerians achieve homeownership.

5. Federal Mortgage Bank of Nigeria (FMBN)

Interest Rate: Competitive rates, potentially starting around 6%

Repayment Period: Up to 30 years

Established in 1956, FMBN is a government-backed institution dedicated to increasing access to mortgage financing for all Nigerians. The kingpin of Nigerian mortgages, FMBN oversees the entire industry. They offer the coveted National Housing Fund scheme, providing single-digit interest loans to contributors. Additionally, their Rent-to-Own program empowers tenants to step onto the property ladder.

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6. FBN Mortgages

BN Mortgages, a subsidiary of First Bank of Nigeria, is a leading mortgage lender in Nigeria. They offer a variety of mortgage and real estate financing options to help you achieve your goals.

With their expertise, they can guide you through the homeownership or development process and make it as smooth as possible.

Learn more about their services.

Additional Mortgage Providers to Consider:

7. Union Homes Savings and Loans Plc

Another prominent player offering a variety of mortgage products and financial services.

8. Stanbic IBTC Mortgage

Leverage the reputation of Stanbic IBTC for potentially competitive mortgage rates.

See>>> Simple Mortgage Calculator Nigeria

9. Trustbond Mortgage Bank Plc

Established lender offering various mortgage products.

10. AG Mortgage Bank Plc

A well-established PMB offering a range of mortgage products and investment opportunities.

11. Lagos Building Investment and Savings Plc

Focuses on the Lagos area, providing mortgage solutions tailored to the local market. See 70+ Mortgage Banks in Lagos

12. MGSL Mortgage

It was an established lender with a range of mortgage products.

These institutions are paving the way for a future where mortgage isn’t a foreign concept, but a stepping stone to homeownership for every Nigerian.