If you’ve ever wondered:
“How do I get a mortgage in Nigeria?”
You’re not alone. Many aspiring homeowners struggle to navigate the mortgage process due to a lack of clear information. In this blog post, we’ll break it down step by step, with a special focus on how the Homeowner’s Account from Jubilee-Life Mortgage Bank can make your homeownership journey easier.

What is a Mortgage Loan?

A mortgage loan is a type of financing that allows individuals to buy a home by borrowing from a mortgage bank. The borrower repays the loan over time, with interest, and the property itself serves as collateral. If the borrower defaults on payment, the bank has the legal right to reclaim the property.

In Nigeria, mortgage loans are typically issued by Primary Mortgage Banks (PMBs) and are regulated by the Federal Mortgage Bank of Nigeria (FMBN).

The Challenge of Getting a Mortgage in Nigeria

Many Nigerians face challenges when trying to access mortgage loans due to:

• Stringent eligibility requirements
• High interest rates
• The need for substantial equity contributions
• Lengthy application processes

To simplify access to mortgages, Jubilee-Life Mortgage Bank introduced the Homeowner’s Account, designed to help Nigerians save towards homeownership while also gaining easy access to mortgage loans.

What is the Homeowner’s Account?

The Homeowner’s Account is a dedicated savings account that helps individuals gradually build equity for a future mortgage loan. It offers a structured approach to home financing, allowing customers to save, access mortgage loans, and secure their dream homes.

Benefits of the Homeowner’s Account

1. Equity Contribution: Your savings can serve as the required equity contribution for a mortgage loan.
2. Cheque Lodgement: Account holders can deposit cheques once they provide two valid references and a utility bill.
3. Target Savings: You can use this account to save towards a future property purchase, rent advance, or mortgage financing.
4. Property as Security: The house you purchase serves as collateral for the loan.
5. Loan Offloading to NMRC: After six months of consistent mortgage repayments, your loan may be transferred to the Nigeria Mortgage Refinance Company (NMRC) for better terms.

How to Get a Mortgage in Nigeria Through the Homeowner’s Account

Step 1: Open a Homeowner’s Account

To begin your journey towards homeownership, open a Homeowner’s Account with Jubilee-Life Mortgage Bank. You can do this by visiting the Jubilee-Life website, www.jubileelifeng.com or any of our branches.

Account Opening Requirements

To open a Homeowner’s Account, you’ll need:

• Completed account opening forms
• A valid form of identification (Driver’s License, International Passport, National ID, Voter’s Card, or NIN Slip)
• One passport photograph
• Your BVN (Bank Verification Number)
• Satisfactory Reference(s) is required
• Proof of residence (Utility bill from the last 3 months) like PHCN Bills, Water Corporation Bills, DSTV Subscriptions, Waste Management Bills and internet Service Provider bills, Rent receipts, land use charge receipts. etc.
• Initial deposit to activate the account

Once your account is set up, you can start saving towards your equity contribution.

Step 2: Apply for a Mortgage Loan

Once you’ve built enough savings in your Homeowner’s Account, you can apply for a mortgage loan. Here’s how:

1. Obtain a Mortgage Application Form
   Visit any branch of Jubilee-Life Mortgage Bank Plc to request and complete an application form.
2. Meet the Mortgage Eligibility Criteria
   The bank will evaluate your financial stability to ensure you can repay the loan.
3. Credit Check Process
   Your creditworthiness and income history will be assessed.
4. Loan Assessment & Property Appraisal
   The bank will assess your mortgage request and appraise the property you wish to buy.
5. Loan Approval & Offer Letter
   If approved, you’ll receive a loan offer letter detailing the terms and conditions.
6. Property Purchase & Disbursement
   Once you accept the offer, the bank will disburse the funds, allowing you to complete your home purchase.

Key Factors to Consider Before Applying for a Mortgage in Nigeria

Before taking out a mortgage loan, consider the following:

1. Interest Rates

Mortgage rates in Nigeria vary depending on the bank and the tenure of the loan. Always compare rates before committing.

2. Loan Tenure

Mortgages in Nigeria typically range from 3 to 10 years, depending on the borrower’s age, income, and bank policy.

3. Equity Contribution

Most mortgage banks require an initial deposit (equity contribution) ranging from 20% to 30% of the property value.

4. Monthly Repayments

Ensure that your monthly mortgage payments do not exceed 30–40% of your income to avoid financial strain.

Why Choose Jubilee-Life Mortgage Bank?

Jubilee-Life Mortgage Bank is a leading mortgage bank in Nigeria, dedicated to helping individuals and businesses achieve their homeownership dreams. With our Homeowner’s Account, you get:

✅ Easy access to mortgage financing
✅ Flexible repayment structures
✅ Expert financial guidance
✅ A seamless mortgage application process

Final Thoughts

Owning a home doesn’t have to be a distant dream. With the right mortgage bank and a structured savings plan, you can secure the keys to your dream home sooner than you think.

If you’re ready to take the first step, open a Homeowner’s Account today and start your journey to homeownership with Jubilee-Life Mortgage Bank.