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Home Construction Loan Lagos Nigeria - What Is The Best Way To Approach A Bank For Construction Loan?

by DAVID
(california)

I am looking to develop a block of flat on one of my plots of Land at IKOTA Villa on Lekki Epe Axis.


I am looking for a bank that will finance the project for me. Can you suggest any bank in Nigeria and the steps to take in this approach.

Many thanks

Reply By Samson, Lagos Nigeria Real Estate Guide

David, I see you live outside the country. To take a loan you will need to have an account with a bank in Nigeria.

The next thing to do is to discuss with your account officer.

Your account officer will outline all that you need to do to secure the loan.

He will first want to understand monthly earnings level so he can calculate the loan amount you qualify for. Ideally, the sum of the loan repayment amount

and the interest should not exceed one-third of your earnings.

If you meet all the requirements, you will be issued the loan forms.

Please note that commercial banks are more inclined to give a home construction company a construction loan than an individual. Banks prefer to give

individuals home purchase loans so that if you default, they can recover their money from the sale of the property.

Therefore it's likely that you may not qualify for a construction loan.

However, depending on your relationship with your bank, you just may qualify for a construction loan.

As I said earlier, discuss with your account officer.

He knows the worth of your account. And therefore can proffer an ideal solution.

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Aug 19, 2016
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Jun 25, 2016
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Are you in need of an urgent cash loans NEW
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Mar 01, 2016
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LOAN APPLICATION FORM NEW
by: Anonymous

Dear Applicant,

We give loan to private company and individuals. You can find some vital information about the loan we offer below. In getting a loan from our company, there are some information we need to pass across to you before we can proceed to the application process . INTEREST RATE: In the loan we offer, we do charge 3% Interest rate . AMOUNT GIVEN: We Give Out A Minimum Amount Of 1,000.00 to A Maximum of 100,000,000.00 INFORMATION NEEDED: As for the information needed, you will need to fill an application which contains your personal information and also the loan information, this will help us give you a full documentation of the loan terms and agreement contract which you will be expected to sign and send back to the company for approval if satisfied. Email Us: (radoblinkloan@hotmail.com)

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Sep 14, 2015
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Construction Loan NEW
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