Mortgage Checklist

CHECK-LIST FOR MORTGAGE LOAN

1. Mortgage Loan Application Form – N5,000
2. Opening Of Savings Account With LBIC
3. Means Of Identification (Int’ Passport, Driver’s License etc)
4. Utility Bill
5. Applicant’s Two Recent Passport Photographs
6. Marriage Certificate for Co-Applicants
7. Handwritten Application, stating: Amount, Tenor, Purpose Of Loan and Equity Contribution
8. Evidence Of Income Tax Payment
9. Evidence Of Equity Contribution
10. Domiciliation of Salary Account
11. Execution of Direct Debit Instruction
12. Evidence Of Stable Income
    1. Current Payslip for the last Six Months
    2. Bank Statement for One (1) Year
    3. Other Statutory Evidence of Regular Income
    4. Letter of Introduction from Employer and Work ID
    5. Cash Flow of account statement for 3 years (audited report) - Self Employed
    6. Document of registered business (CAC) and Board Resolution– Self Employed
13. Security
    1. Certificate Of Occupancy
    2. Registered Conveyance
    3. Registered Deed of sub-lease
    4. Registered Deed Of Assignment
    5. Land Certificate
    6. Other Registrable Title Documents
14. Contract of Sales (Where Applicable)
15. Signing of Mortgage Deed
16. Signing of Letter of Undertaking
17. Processing Fees (Servicer Fee and Admin Fee)
    1. Service Fee 1% of Loan Amount (Payable Annually on the Anniversary of the Loan): Subject to Review
    2. Admin Fee 1% (One Off) : Subject to Review
18. Deposit for Perfection of Title Document (To be determined and must be paid before disbursement).
19. INSURANCE POLICY
    payment of;
    1. Mortgage Protection Policy (To be determined).
    2. Fire and Special Peril (To be determined).
20. Land Use Charge Receipt (Where Applicable)
21. Inspection/Valuation Report Fee - N50,000.00
22. Search Report
    1. Property Search - N20,000.00
    2. LSDPC Property Search – N20,000.00
    3. Credit Bureau Search – N6,000.00 (Per Individual)
23. If The Loan Is For Construction of building in-addition to the above document:-
    1. Approved Building Plan
    2. Bill of Quantities
24. 2 Guarantors (Means of ID and Passport Photograph)
25. Letter of Consent from Spouse (Means of ID and Passport Photograph)
26. PENCOM Statement/ NHF
27. Picture of Property for Purchase/ Development
28. General report

Note:

1. Co-borrower will submit same documents as the applicant, while a supporter will submit all documents as applicant except for:
   1. Letter of Consent from Spouse
   2. Guarantors
   3. Marriage Certificate
   4. Land Use Charge Receipt
2. All documents must be submitted before processing commences.
3. All fees and charges must be paid before disbursement

CHECK-LIST FOR RENOVATION LOAN

1. Renovation Loan Application Form
2. Opening Of Savings Account With LBIC
3. Means Of Identification
4. Utility Bill
5. Applicant’s Two Recent Passport Photographs
6. Evidence Of Equity Contribution -10%
7. Evidence Of Income
   1. Current Payslip for the last Six Months
   2. Current Bank Statement of account for the last Six Months
   3. Other Statutory Evidence of Regular Income
   4. Confirmation from Employer
8. Collateral / Security
   1. Letter of Allocation
   2. Deeds Of Sublease

OTHER REQUIREMENTS

1. Provision of Two Guarantors
2. Interest Rate -15%
3. Equity Contribution-10%
4. Tenor (1-3years)
5. Estimate of Work to be Done
6. Loan Amount (=N=100,000.00-=N=1,000,000.00M)

SECURITY PROVIDED

1. Certificate Of Occupancy
2. Registered Conveyance
3. Deed of sub-lease
4. Deed Of Assignment