Equity release
You can get a personal loan while the residential property serves as collateral
Features
- Maximum loan amount of 100 million naira
- Maximum tenure of 15years
- Applicant must be between 21 and 65 years
- Interest rate between 16% – 19% per annum.
- Applicant must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered.*
*Terms and conditions apply
Documents required
- Application form
- Pictures of the property
- Receipt of copy of the registered title (C of O, deed of assignment, deed of conveyance, or right of occupancy) to property backed by power of attorney or duly attested court affidavit
- Land survey
- Valuation report (to be conducted by the bank)
- 6 months’ account statement (minimum 1 month with Union Bank)
- Offer for sale of property from a reputable vendor/agent
- Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees
Outright Purchase
Financing of completed residential properties.
Features
- Maximum loan amount of 150 million naira
- Maximum tenure of 15years
- Applicant must be between 21 and 65 years
- Interest rate between 16% – 19% per annum.
- Applicant must have a minimum monthly salary of N250,000. Your spouse’s salary can also be considered*
- Equity Contribution of 20%
*Terms and conditions apply
Documents required
- Letter of undertaking
- Application form
- Pictures of the property
- Receipt of copy of the registered title (C of O, deed of assignment, deed of conveyance, or right of occupancy) to property backed by power of attorney or duly attested court affidavit
- Land survey
- Valuation report (to be conducted by the bank)
- 6 months’ account statement (minimum 1 month with Union Bank)
- Offer for sale of property from a reputable vendor/agent
- Instruction to debit your account for Legal search, equity contribution, valuation, perfection, comprehensive insurance cost, and management fees
Frequently Asked Questions
Can a customer in diaspora get a mortgage loan?
No, but we are working to make this happen and soon our mortgage loans will be open to everyone.
Does the loan finance building of properties?
Our mortgage loans finance the purchase of fully completed residential buildings.
Do I have to pay an equity contribution of 20%?
You do not have to pay an equity contribution of 20% if you go with the equity release option.
Does Union Bank finance off plan properties?
No, we do not. We only finance the purchase of fully completed residential buildings.
Is the interest rate paid per annum or for the whole tenure of the loan?
The interest rate (16-19%) is paid per annum.
What asset can be used as a collateral for the loan?
Fully completed residential buildings.
Is the mortgage loan offer available in all states in Nigeria?
The offer is only available to customers in Lagos, Abuja, PortHarcourt, Ibadan, Kano and Enugu.
What is the minimum monthly salary I should have to access the loan?
You should have a minimum salary of N250,000. Your spouse’s income can also be considered subject to terms and conditions.
Does Union Bank consider the average cost of properties in determining loan eligibility of customers?
Yes we do. We also consider your net monthly salary and your ability to pay down over the loan tenor.
How do you determine the loan amount I qualify for?
The loan amount is subject to 80% of the Forced Sale Value.
