Mortgage Checklist

LAGOS BUILDING INVESTMENT COMPANY PLC

CHECK-LIST FOR MORTGAGE LOAN

1. Mortgage 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.  Purpose Of Loan
7. Evidence Of Income Tax Payment
8. Evidence Of Equity Contribution
9. Evidence Of Stable Income
   • Current Payslip for the last Six Months
   • Current Bank Statement of account for the last Six Months
   • Other Statutory Evidence of Regular Income
   • Confirmation from Employer
10. Security Provided
    • Certificate Of Occupancy
    • Registered Conveyance
    • Deed of sub-lease
    • Deed Of Assignment
11. Contract Of Sales (Where applicable)
12. Mortgage Deed
13. Processing Fees
14. Land Use Charge Reciept
15. Inspection/Valuation Report
16. Search Report
17. If The Loan Is For Construction of building in-addition to the above document:-
    • Approved Building Plan
    • Bill of Quantities
18. General report

 

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
   • Current Payslip for the last Three Months
   • Current Bank Statement of account for the last Three Months
   • Other Statutory Evidence of Regular Income Confirmation from Employer
8. Collateral / Security
   • Letter of Allocation
   • 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