Mortgage Loan

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.