SEAP also helps to make the dream of becoming a house ownner a reality and supporting other kinds of building projects like schools,churches etc.
Terms and Conditions:
- Registration: 2000 to 20,000 Naira
- Processing Fees: 1% of loan amount
- Loan Amount: N100,000 to N10m
- Savings : 20% with SEAP MFB/MFI
- Service charge: 10% per annum
- Duration: 1 to 5years
- Landed property to be financed must have a title document.
- Valuation of property/Stages of Property Development
- Transfer of Original title document to SEAP MFI( to be returned after the full repayment of the loan sum)
- Moratorium: 2 months
- Repayment period – 1-5 years depending on loan amount
- 4 Guarantors who are landlords and landowners required
- Each of the guarantors must pledge a property, with title documents, Deed of Conveyance, C of O or Deed of assignment of the land. The organization lawyer will help to write a letter, which the applicant will sign that he/she has transferred the ownership to SEAP, throughout the tenor of the facility
- Consent Form to be filled by Applicant
- Disbursement in Stages
- Loan Amount: Depending on the School Bill.
- Submission of survey & building plan, bill of quantity.