Mortgage

DBR refers to your Debt Burden Ratio. This is the percentage of your monthly net income (after tax and other deductions) which we would permit you to use to service your mortgage facility.

We currently finance the purchase of residential property in Lagos, Abuja, Ibadan, Ogun and Port Harcourt.

Yes, as long as you are less than 60 years of age and the tenure of the loan you can take will expire before you clock 60 years. Our mortgage facilities are provided to individuals who are 21 years and above and under 60 years at maturity of the loan.

Yes, as long as you are less than 60 years of age and the tenure of the loan you can take will expire before you clock 60 years. Our mortgage facilities are provided to individuals who are 21 years and above and under 60 years at maturity of the loan.

The minimum loan amount we offer is ₦6mn for a minimum of 5 years.

Perfection fees are the fees paid to the government for the transfer of ownership of title from the original owner to the customer and also the registration of Legal Mortgage to note the Bank’s interest. Yes, you will be required to pay these fees upfront as it is a condition precedent to drawdown of the mortgage facility.

Applicants with verifiable income (paid employment or self-employed).

We currently finance the purchase of residential property in Lagos, Abuja, Ibadan, Ogun and Port Harcourt.

Equity contribution refers to the part of the purchase value of the property the buyer must provide. It is currently a minimum of 20% of the value of the property being purchased i.e. for a property worth ₦10 million, the buyer must provide a minimum of ₦2 million, and the bank finances ₦9 million. Conversely, loan to value refers to the portion of the bank finances, that is, up to a maximum of 80% of the market value of the property.

Minimum of 15% of the cost of the property.

Interest is calculated as a percentage of the principal amount outstanding on a daily basis i.e. on a reducing balance basis. The interest component of your monthly repayments is, therefore, larger at the start of the loan and reduces progressively over the life of the loan.

• Duly completed application form.
• Domiciliation of salary with the bank.
• 1-month payslip.
• 6 months statement of salary account duly stamped by Bank.
• Letter of introduction/Awareness from Employer.
• For Balance Transfer – Letter of indebtedness from lending bank stating current outstanding balance, property documents in their custody, and state of perfection.
• Copy of title deed to the property for mortgage.
• Copy of Approved building plan.

The interest rate for our mortgage is floating in line with the prevailing market condition.

The minimum you must earn to qualify for a mortgage is ₦300,000.

• Prequalification and issuance of letter of Intent.
• Search and Valuation, Issuance of offer letter and final approval.
• Disbursement, Cheque exchange and Registration of title.

Yes, as long as you are less than 60 years of age and the tenor of the loan you can take will expire before you turn 60 years. Our mortgage facilities are provided to individuals who are 21 years and above and under 60 years at maturity of the loan.

• Outright Purchase.
• Equity Release.
• Balance Transfer.
• Top Up.

Through any of our branches closest to you, or via email at Mortgage.NG@sc.com

Yes we can, if you are confirmed on the new job.