Property ValueUp to N40millionSubject to your debt service capacity ratio (DSCR).
DSCRDebt Service Coverage Ratio is; 33.33% of monthly net income OR 66.67% of Net Annual/Bi-Annual
Allowances Periodic Rental Payment should not exceed the DCSR
Property TypeAny of the pre-qualified propertyOnly pre-qualified properties would be given due consideration.
Pricing21% p.a.Our pricing is all inclusive and there are no hidden charges. Price is fixed throughout the lease period.
TenorUp to 10 years Subject to maximum age of 55 years at the time of last payback.
InsuranceFire and Other Perils
Credit LifeComprehensive Insurance on the property is borne by us as the asset owner.
Life Insurance is borne by you with the bank named as loss payee
Domiciliation of salary/terminal benefitsDomiciliation of salary may be requiredDomiciliation of salary may be required else an Irrevocable Standing Payment Order (ISPO) would be required from your employer to the Bank.
Security Deposit30% of asset value
Credit LifePayable over the construction period for the development OR upon approval of the financing by the bank.
Utilization of Security DepositSecurity Deposit would immediately be used to reduce the lease value at the commencement of the lease period.
Asset OwnershipLegal ownership of the asset remains with the Bank throughout the lease tenor. The customer, however, has the right of use throughout the lease period.
Titling and Perfection CostThere are no costs attached to titling and perfection by the customer until the expiration of the lease tenor.
Preliminary Expenses The following would be incurred at the expense of the customer:
a. 3 Credit Checks on customer (less than N10,000)