Whether you’re thinking of your dream home or you’re planning for a new project, we are ready to give a hand.
You can access the mortgage loan after 4 years as a staff in Total. [content_control role=”administrator, cooperators”] At this stage, you can access up to N60 million at a current rate of 20.5 % interest.[/content_control]
[content_control role=”administrator, cooperators”]
Conditions/Procedures for Application
- The maximum amount for mortgage loan is N60,000,000.00 (sixty million naira) only.
- A member can only have one mortgage loan running at a time (excluding cooperative projects)
- A member can only participate in one cooperative housing project at a time.
- The maximum repayment period is 84 months.
- The interest rate applicable to Mortgage loans will be based on the financial market realities and the lending rate offered by the funding bank. The current rate is 20.5% per annum
- The loan repayment can run through salary, allowance or both.
- A member should not have more than one mortgage loan at a given time.
- The mortgage loan application must be properly filled by the applicant.
- The member must also run his repayment plan and fill the direct payment authorization form for the payroll/allowance deduction or both.
- After approval of this loan, a member must submit the original copy of the title documents of the property he wants to develop/purchase before the disbursement of the fund.
- The title document will remain with the cooperative till the loan is fully liquidated.
- Allow 10 working days for processing.
- A member must have 10% of the loan amount in his savings to qualify for the loan and during the loan tenor.
- Disbursement of mortgage loans is subject to availability of funds.
|#||Mortgage Loan Amount||Qualification criteria in terms of years in service||Loan Tenor|
|1||N15M||Minimum of 4 years||48 months|
|2||N25M||6 Years||60 months|
|3||N30M||8 Years||60 months|
|4||N35M||10 Years||84 months|
|5||N45M||15 Years||84 months|
|6||N60M||20 Years||84 months|