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  • I want to start a business. Can Platinum Mortgage Bank assist me with a mortgage?
  • 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 Platinum Business Banking products.
  • I would like to rent/let/lease my property, can I do this?
  • No, you are not allowed to rent/let/lease your property without prior consent of the bank.  If you intend to rent/let/lease your property, you should write to us indicating your intentions stating the rental period and amount. Should the information prove satisfactory, our Legal Team will give consent in writing to the rent/let/lease of the property.
  • I would like to pay off/reduce my mortgage loan, can I do this?
  • Yes. You can only do that on PMB mortgage loan while you can only liquidate NHF loan by asking for a redemption code from the credit department.
  • What types of mortgages are available at Platinum Mortgage Bank?
    1NATIONAL HOUSING FUND (NHF) 6% Maximum of 30 years  (but usually 60 minus your age) Civil Servants who have been contributing to the NHF Scheme

    Other contributors to the scheme
     -NHF Form. N1,000.00
    -PLATINUM Personal Stake Account
    2PMB MORTGAGE LOANS Negotiable in line with market. 1-15 years - Individuals 
    - Development Companies
     - Have an existing current account with Platinum Mortgage Bank for a minimum of 6 months
    - Commercial loan forms
    3COMMERCIAL LOANS Negotiable in line with market. 1-3 years - Individuals 
    - Development Companies
     - Have an existing current account with Platinum Mortgage Bank for a minimum of 6 months
    - Commercial loan forms
  • Can I know my Mortgage Account Balance?
  • Yes. See one of our Customer Service Officers or your account officer.
  • Can I get a loan to renovate my house?
  • Yes. Please contact our staff in the Products & Market Division (at any Platinum Mortgage Bank Branch). You will require the following in preparation for your loan:
    • Bill of Quantities report for renovation
    • Valuation Report
    • A minimum contribution of 25% of the total project cost
    • Legal mortgage over the property
    • Can I get a mortgage before I find my property?
    You cannot get a mortgage loan without having a property that you can use as security for the loan.
  • Can I get a mortgage before I find my 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?
  • 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 Platinum Mortgage Bank monthly repayments are calculated on a reducing annuity basis (see question 19 for more details).
  • I am a Career Public Servant. Can I get a mortgage?
  • 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 25-30% on the property of your choice, and domicile your salary with Platinum Mortgage Bank.
  • What other costs will I incur in taking out a 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, PLATINUM 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.
  • Is my Certificate of Occupancy with Platinum Mortgage Bank?
  • Please contact our Customer Service Officers who will check for you.
  • What is the early repayment charge for my mortgage?
  • Your Offer Letter and the terms and conditions contained therein highlight in detail the early repayment charge associated with your mortgage.
  • Why is my interest payment higher than my principal payment?
  • Your monthly repayment depends on the tenor of your loan and is calculated at a reducing annuity mortgage basis. The principal has to be spread over the period or duration of the loan. For example, if you a have N5millon loan for a tenor of 10years, the principal repayment has to be spread through 10 years. Therefore as you pay your principal (which makes up part of your monthly repayment) which has been spread, you reduce the interest paid on the loan. 
    While your monthly repayment remains as stated in your offer letter, the components of this repayment (interest and principal) may be seen on your statement to vary. Your interest repayment on the onset is higher than the principal repayment, but tapers off (reduces) over time as you service your loan, while your principal repayment which starts off as lower than the interest repayment increases until it exceeds the interest portion of the repayment while the loan is being serviced.
  • Why do I need to pay insurance premium quarterly?
  • 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 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
    - 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.

Mortgage Banking – National Housing Fund (NHF)

Mortgage Banking - Commercial Mortgage Facility