The Central Bank of Nigeria (CBN) list of 43 banks that have been approved to offer mortgage loans to Nigerians has been revealed.
The list includes two banks owned by the Nigerian Police Force (NPF) and the First Bank of Nigeria (FBN).
The banks approved are there to help in increasing Nigerians’ access to mortgage finance to become landlords
The Nigerian Deposit Insurance Corporation (NDIC) has released the Central Bank of Nigeria’s (CBN) list of 43 mortgage banks approved to assist Nigerians in becoming landlords.
The mortgage bank’s primary business is expected to facilitate the purchase, renovation, and construction of residential and commercial properties across the country.
CBN instructions for mortgage banks CBN has guidelines that clearly show permissible and non-permissible activities for mortgage banks.
Based on CBN guidelines, Primary mortgage banking business involves:
Granting loans directly to customers for acquiring, renovating, or building real estate properties.
Approved institutions have the authority to engage in various activities related to mortgage finance, including:
Real estate construction finance within permissible limits.
Permissible activities for primary mortgage banks include:
Accepting savings, demand and time/term deposits.
Drawing from mortgage funds (e.g., National Housing Fund) for on-lending purposes.
Providing financial advisory services to mortgage customers.
Granting mortgage and housing-related consumer loans.
Enhancements for residential mortgages, such as furniture, home appliances, and generators (capped at a maximum of 10% of total loans).
Approved institutions are permitted to engage in the following activities, subject to approval from the CBN:
Financing rent-to-own properties.
Providing home improvement loans.
Incremental housing finance.
Other activities approved by the CBN from time to time.
Primary mortgage banks are explicitly not allowed to:
Grant consumer or commercial loans (except for specified housing-related consumer loans).
Provide foreign currency denominated mortgage loans to customers.
Engage in leasing, estate agency or facilities/project management, and real estate development.
CBN further divided mortgage banks into two groups State Primary Mortgage Banks (Regional PMBs) and National Primary Mortgage Banks (National PMBs).
States mortgage banks can operate within a single state or the Federal Capital Territory (FCT).
While, nationals are permitted to conduct business operations in more than one state, including the FCT.
Here is a full list of CBN-approved mortgaged banks in Nigeria with customers deposits insured by NDIC
Abbey Mortgage Bank Plc
Platinum Mortgage Bank
Mayfresh Mortgage Bank
Jubilee-Life Mortgage Bank
Aso Savings & Loans Plc
Trust Bond Mortgage Bank
SunTrust Mortgage Bank Infinity
Trust Mortgage Bank Plc
Haggai Mortgage Bank
Imperial Mortgage Bank
Nigeria Police Mortgage Bank
FOKAS Savings & Loans Centage
Savings & Loans Resort
Savings & Loans Skyfield
Savings and Loans
FHA Homes Limited
FBN Mortgages Ltd
STB Building Society
Omoluabi (Living Spring)
Savings & Loans First Generation Homes
Global Trust Savings & Loans
AG Homes Savings & Loans
Kebbi State Homes
S & L Mutual Alliance Savings & Loans
Lagos Building and Invest. Co.
Refuge Home S & L
Safe Trust Savings & Loans
Delta Mortgage Finance
New Prudential Building Society
Home-Base Mortgage
Accord Savings & Loans
Adamawa Savings & Loans
Trans-Atlantic Mortgages Limited
Akwa Savings & Loans
Gateway Savings & Loans
United/Spring Mortgage
Kogi State Savings & Loans
Jigawa Savings & Loans
City-Code Savings & Loans
Taraba State Savings & Loans
MGSL Mortgage Bank
AHCOL Savings & Loans
 list of 43 banks that have been approved to offer mortgage loans to Nigerians has been revealed.){kind=link}