FCMB's MyHome

In a bid to make a lot of Nigerians home owners, first city monument bank has come up with a unique product called MyHome which will make loans available to Nigerians. This is one major contribution to the Nigerian mortgage finance industry. The service is is expected to give you an instance pre-qualification and an approval in principle within 48 hours of submitting your application.
You will require the following to qualify

1) A FCMB MyHome application form

2) A current account opened at any of the FCMB branches

3) An international passport or driver's license or National Identity card

4) A Staff Identity Card

5) 4 passport photograph

6) An Employee status Enquiry form endorsed by current employer

7) Last 3 months pay slips

8) An evidence of any additional income from sources other than main employment for 3 months if applicant is self employed.

9) Statement of bank account for the last 6 months

10) paid utility bills (Electricity, Water, or Telephone) for the past 3 months

11) Recent receipt for the current year, if applicable.

12) Business premises rent receipt for the current year if self employed

13) A copy of title document of the proposed property

14) A copy of accompanying document of title (e.g. approved building plan, survey plan etc.)

15) Letter of authorization to conduct searches on the Title, written by the Title holder in favour of FCMB and addressed to The Registrar, Lagos State Lands Registry, Alausa, Ikeja for Lagos properties only.

16) Passport photograph of the Title holder with his/her/their name(s), signature(s) and phone numbers endorsed on the reverse side.

17) Copy of vendor's Certificate of Incorporation, Memorandum and Article of Association, Particulars of directors form and Particulars of Shareholder's form (for corporate vendors only)

18) Copies of existing life insurance policies on the life of the applicant

19) Vendor's letter of acceptance of purchase price or Contract of Sale executed by the Vendor and the borrower (with banker's confirmation of vendor's signature)

If you meet all these requirements, you will hopefully get a loan. I think the biggest hurdle here is meeting all these requirements. for a Nigerian its mostly likely that you will not meet one of these requirements but the good thing is that you can work towards it.Applicants must also earn a minimum annual income of 3 million naira.The bank charge a one time fee of 1% of the loan amount subject to a minimum of 150,000 naira. This is been charged for document verification, legal search and property valuation.Currently the interest rate ranges from 17% - 19.5% per annum in all.Please visit http://www.firstcitygroup.com/fcmb/homeloans.asp to apply.