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Procedure
Download the online application form
Fill and send back to us
Once the cost of construction as been ascertained, Applicant is expected to remit 30% of construction cost.
Amortization schedule for repayment is forwarded to the applicant.
Fees
1% Flat Legal fee
17%/annum interest rate
Equity contribution is 30% of construction cost
Bank puts in 70%
Repayment is spread 10 yrs
Maximum loan able fund is N15,000,000.00 (Fifteen Million Naira only)
Allow maximum 24months construction
Repayments in Nigerian Naira
Terms and conditions
a. The Applicant must pay for land in full
b. The land shall be the collateral for the building loan
c. Land must have valid title documents
d. Applicant shall declare means of repayment
e. Applicant shall be required to execute a mortgage loan agreement
f. 30% Equity Contribution
g. Title shall revert to Centage mortgage bank on repayment default for 3 (three) months
h. In all building projects, Centage shall reserve the right to use its builders
Processing of C of O
Should the applicant require the Bank to process C of O on their behalf, the following charges are applicable.
a. Land owner (Applicant) shall bear all statutory fees as may be decided by the concerned state or Local government.
b. Processing fees: N250,000.00 – Lands within Lagos Stat
N350,000.00 – Lands outside Lagos State
The Guarantor
The Applicant shall provide a Guarantor who shall be a person well known to him/her, and
of good standing. This Individual MUST be resident in Nigeria, shall be responsible for
supervising the applicant’s transactions with us as well as making sure that the applicant’s
interest is being taken care of.
This Guarantor shall also be liable in case of default by the applicant.
All applicants are at liberty to send their guarantors to examine the locations and properties.
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