Platinum Mortgage Bank is one of the leading mortgage institutions in Nigeria providing services ranging from normal banking activities to loan offers. The loan offered by this bank is primarily aimed at getting Nigerians into their own houses. They are designed to finance real estate development for residential purposes. The Platinum Mortgage Bank loans are of two types:
- Platinum Fast Track Mortgage
- NHF Mortgage Loan
Platinum Fast Track Mortgage
The bank designed this to ensure that people who express interest in owning one of the properties constructed by it are able to access such property within forty eight hours. Under this product, the customer pays a lump sum as initial deposit for his property of interest and then takes the option of spreading the loan over a monthly period. After his application is successfully processed and approved, he is issued a clearance letter and the details of his loan repayment plan. He also gets to own and start making use of the house.
He can even pack into it immediately. The locations covered in this loan plan include Becky Gardens Estate 2, Karu, Abuja; Trademore Estate, Umuahia, Abia State; Minfa Housing Estate (Phase 2) Owerri; Teju Royal Gardens Estate, Lagos, Lape Estate, Karu, Abuja; Aper-Aku Estate, North bank, Makurdi; Emmanuel Estate, Badagry, Lagos.
How To Qualify For The Platinum Fast Track Mortgage
- Capacity of the applicant
Anyone looking to apply for the platinum fast track mortgage must be above the age of twenty one (21), must have a verifiable and regular source of income and must be a tax payer. You cannot apply for the platinum fast mortgage if you already have an existing loan with the bank and the property of interest must be one of the platinum fast track mortgage biddable estates that were listed in the last paragraph.
- Account Opening
Platinum fast track mortgage is only accessible by applicants who have a platinum fast track mortgage account. You can open this account when you begin to initiate the loan application process and have gotten the developer’s form of #10,000. The platinum fast track mortgage account can be opened with the sum of #150,000.
Anyone looking to apply for this loan must have the following:
- Birth Certificate or Declaration of Age
- Satisfactory Evidence of Regular Income such as payslips for three months and/or Bank Statement for six months
- Current Tax Clearance Certificate (for non civil servants)
- Evidence of Full payment of Equity
- Evidence of payment of all associated fees (including six months advance repayment and S.I. for the duration of the loan)
- Completed PFM Application Form which costs #5000
- Completed Aplication form from estate developer which costs #10,000
- 7 Recent Passport photographs of applicant.
If the applicant is an individual, he must provide two guarantors and copies of documents of landed property he wishes to use as collateral as well as post dated cheques to the value of the loan as additional security. Where he is a company however, he must produce the company’s board resolution requesting the loan, the company’s audited financial statement, two third party guarantees and must execute a deed of legal mortgage.
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NHF Mortgage Loan
This is a National Housing Fund Loan accessible only by Nigerians who are contributors to the National Housing Fund Scheme of the Federal Mortgage Bank. Such individuals can obtain up to fifteen million naira and can only do so once in their lifetime.
How To Obtain The NHF Mortgage Loan
Anyone looking to obtain an NHF Mortgage Loan through Platinum Mortgage Bank must:
- Open a mortgage account with the Federal Mortgage bank.
- Provide a valid and authentic means of Identification
- Provide seven recent passport photographs.
- Be twenty one (21) years old or more
- Show evidence of contribution to the NHF scheme
- Have a source of income
- Be a tax payer and provide evidence of three years tax payment
- Provide a birth certificate or an age declaration
- Provide the necessary documents of the property to be mortgaged
Loan Repayment Plans
The Platinum Mortgage Bank has made its loan repayment flexible. Therefore, customers do no need to stress over paying their mortgage. Below is the Platinum fast track mortgage repayment method:
- The loan is granted at a 10% interest rate and only graduates with the amount. Loan amounts from 5.1M to 10M will pay an interest of 20% while loan amounts of 10.1M to 15M will pay 30% interest on the loan. Otherwise the interest rate is 10%.
- At the time of purchasing the house, a loan applicant will be able to pay a lump sum that depends on the cost of the house and can make six months repayment in advance.
- Applicants also have the unique opportunity to part liquidate their loans with a minimum of six months repayment at anytime within the duration of the loan.
- The repayment plan is spread over a long period that can be up to twenty five years thereby making the loan repayment easier.
Where Can You Contact Platinum Mortgage Bank?
The Bank has offices spread across Nigeria but below are a few addresses:
You can contact Platinum Mortgage Bank at 27/29, Odunlami Street, Marina, Lagos Island, Lagos or at Joseph Dosu Way, Alakija if you are in Badagry.
Platinum offices are in six locations in Abuja. You can find the Bank in Wise, Utako, Garki, Gwarimpa and in Asokoro. Go to o 61, Yakubu Gowon Crescent, Asokoro Extension, Asokoro if that is your location or go to Plot 138, 4th Avenue, Gwarimpa Estate, Gwarimpa. Platinum Mortgage Bank is also at FMBN Building at Central Business District, Abuja.
80, Iyorchia-Ayu Road, Ankpa Ward, Benue
2, Bank Road, Umuahia
Please use the branch locator on the Platinum Mortgage Bank’s website to locate the branch closest to you.