Find The Answers


Can Omoluabi Finance my interest to purchase a house?

Yes, but only if you meet the requirements. Please see any of our Customer Service Officers or your account officer for more details.

Do I need to make any equity contribution of the cost of my target property?

Yes. You need to make at least 20% Equity contribution of your target property.

I want to start a business. Can Omoluabi assist me with mortgage loan?

No. Mortgages are for Real Estate/Property only. If you wish to start or expand your business, please see either your Account Officer or any member of our Product & Market team (at any of our branches) who will be pleased to offer advice on Omoluabi Small Business Banking products.

What is the minimum years Omoluabi can give me for a mortgage?

Number of year for a mortgage is dependent on the residual years on the title document and the applicant age.

Would I need my Tax details to be eligible for mortgage loan?

Yes. Your tax clearance will be required.

Can I get a mortgage before I find my target property?

You cannot get a mortgage loan without having a property that you can use as security for the loan.

How do I pay back my mortgage loan?

The most common type of payment is the monthly repayment. Offering the greatest simplicity, your monthly repayments cover both the principal and the interest on the loan (deducted from your account monthly), so that at the end of the term/tenor you have completed all payments. Please note that Omoluabi monthly repayments are calculated on a reducing annuity basis.

I am Career Public officer. Can I get a mortgage loan?

Yes you can. All career public servants can make an application for a mortgage as long as they are in full time employment at the date of application. However you are required to make a payment of at least 20%-30% on the property of your choice, and domicile your salary with Omoluabi.

What other fees would I incur in taking out Mortgage?

When you take out a mortgage, you should be aware that in addition, you will have to pay valuation and processing fees. Once you take ownership of the property, Omoluabi will insist you take out insurance cover on the building. It is advisable to take out contents insurance as well. Always look at the total package and not just focus on the costs or interest rates.

Would there be any charges if I decide to pay off my loan before the tenor in my offer letter?

Your Offer Letter and the terms and conditions contained therein highlight in detail the early repayment charge associated with your mortgage.

Why do I need to pay insurance monthly?

To protect you from the risk associated with such unforeseen circumstances/damage like fire, collapse, storm etc. The insurance also helps protect your mortgage repayment in the event of you being temporarily incapacitated.

How do I make insurance claim?

In event of any unforeseen circumstance affecting you or your property (for which you got the mortgage) which could include damage to the property due to fire, rain storm, wind, earthquake etc; you can make an insurance claim in this instance by providing the following documents:

  • Application letter to support the claim
  • Pictures of the damage to the property
  • Your Offer Letter
  • Copy of the receipt for payment of the property
  • Bill of quantities for the repair of the damage
  • Duly completed Insurance Claim Form (available from your branch CSO)

Any of our Customer Service Officers will be happy to answer any other questions you have regarding making an insurance claim.

Can I at any time apply to reduce the tenor of my loan and increase the repayment?

Yes. This is referred to as ‘Balloon Payment’. To do this, you should first deposit the amount you wish to pay into your loan current account. Then request for a ‘Balloon Payment Form’ from any of our Customer Service Officers who will be pleased to give you further information on processing your balloon payment (including the attendant charges). Once the “Balloon Payment’’ is done, you can collect your new repayment plan from your branch within 48hours of submitting your request. Alternatively contact your Account Officer to process this on your behalf.

I am interested in obtaining a mortgage. Can Omoluabi Mortgage Bank assist me in finding a property/house to buy?.

Yes. Omoluabi Mortgage Bank has some already built houses that you may be interested in for a mortgage.

Can I know my mortgage account balance?

Yes. See one of our Customer Service Officers or your account officer.

Is there any direct number as am leaving outside Osun-State?

Yes. If you have any enquiries regarding mortgages please contact our Customer Service Officers (at any Omoluabi branch - please ask for information for a branch closest to you) or call any of the following numbers 07053757863

Is Omoluabi Mortgage Bank Plc (OMBPLC) a registered Institution with Federal Mortgage Bank of Nigeria(FMBN)?

Yes, it was incorporated in April 1999 as a limited liability company.

Is Omoluabi one of the Mortgage Institutions licensed to participate in the National Housing Fund (NHF) operated by Federal Mortgage Bank of Nigeria (FMBN)?

As stated above, OMBPLC is a registered mortgage institution with FMBN and is licensed to participate in all mortgage schemes operated by FMBN, including the NHF.

How long has Omoluabi Mortgage Bank Plc been into providing Mortgage services?

Omoluabi Mortgage Bank Plc has been providing mortgage services since 1999.

What interest rate does Omoluabi charge on the Mortgage facilities?

For mortgages under the NHF, Omoluabi charges an annual interest rate of 6% for periods of up to 30 years (depending on age and income).

For mortgages under the Sale of Federal Government Houses programme (SOFGH), Omolaubi charges an annual interest rate of 9.5% for periods of up to 15 years (depending on age and income).

For Commercial mortgages, interest rates are dependent on prevailing market rate. However tenors under this category typically range between 1 year to 5 years.

Is there a specific tenure for an NHF Loan?

As discussed above, the tenure of mortgages depends on the mortgage scheme, and as determined by the Federal Mortgage Bank of Nigeria (FMBN).

Must I have account with Omoluabi before I can participate in the scheme?

Yes. you are required to have a current account with Omoluabi to accommodate the mortgage.

Must I operate my account for six months with Omoluabi before I get loan?

No. For the NHF scheme you are required to be a contributor to the scheme and have an operational account with Omoluabi. On our other mortgage products, you are required to have an operational account. However, you can still benefit from Omoluabi mortgage services even if you have not operated your account for up to six months.

Can a retired employees benefit from the NHF scheme?

Retirees can also participate in all our mortgages services except the NHF Loans.

Is NHF meant for only contributors to the scheme?

Yes. The NHF loan is for contributors who have made subscription to the Fund for a period of at least six months. For new subscribers that wish to benefit from the scheme, they can make the six month payment at once and continue subsequent monthly payments.

At what interest rate does a contributor access the NHF Loan through Omoluabi?

Eligible contributors can access the NHF loan at an interest rate of 6% per annumn.

Can NHF have tenures more than 15 years?

Yes. Subject to age and income of the contributor, the NHF loan can be accessed for a maximum period of 30 years.

What is the age limit for NHF scheme?

The age limit is 60 years, which corresponds with the retirement age in the civil service.

Can NHF use to construct a new house?

Yes, but you must have initially developed the house up to 30% completion stage.

How long does it take to process NHF Loan?

Depending on the customers satisfying all the requirements, at least 3 to 6 months and the geographical location of property.

NOTICE

The General Public should please note that the bank will never request for account details,BVN, pin, etcetera via email or text message.

Please refrain from giving out such details to anyone. If you are unsure of a request, please send a mail to info@ombplc.com and we will be happy to assist you.