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 LivingTrust Small Business Banking products.
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 LivingTrust monthly repayments are calculated on a reducing annuity basis.
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 LivingTrust.
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, LivingTrust 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.
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:
Any of our Customer Service Officers will be happy to answer any other questions you have regarding making an insurance claim.
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.
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.
For mortgages under the NHF, LivingTrust 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.
No. For the NHF scheme you are required to be a contributor to the scheme and have an operational account with LivingTrust. On our other mortgage products, you are required to have an operational account. However, you can still benefit from LivingTrust mortgage services even if you have not operated your account for up to six months.
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.
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 email@example.com and we will be happy to assist you.