Products & Services
Gateway Diaspora Mortgage
Gateway Diaspora Mortgage Loan is a product designed for Nigerian residents abroad who desire to buy a property in Nigeria for personal use or investment purposes.
Interest rate – To be determined by money market conditions
PURPOSE
For property acquisition of residential housing unit for personal use or investment purposes.
MORTGAGE VALUE & TENOR
Up to 65% of property value but not more than ₦70million for a maximum tenor of 10years.
EQUITY CONTRIBUTION
Minimum of 35% equity
PROCESSING PERIOD
Within 3 – 4 weeks (subject to submission of required documents).
- Access to a mortgage facility back home.
- Prevent customers from being defrauded by friends/family members.
- Encourage equity build-up.
- Convenient repayment plan
- Flexible terms and conditions.
- Facility can be refinanced through Nigeria Mortgage Refinance Company at a lower interest rate after 6months of loan repayment without default.
- Pre-Liquidation is allowed without penal charge.
- Open G-DM account with minimum of N20,000.00
- 6 months relationship as customer in fulfillment of the CBN KYC rule.
- Owners’ stake negotiable but not less than 10%.
- Applicant must have resident permit in their country of residence.
- Submit two credit bureau reports from a minimum of two credit bureau institutions.
Gateway MRIEF
Pricing – MRIEF – 9.75%p.a
Other fees to be borne by the customer are:
- Cost of conducting valuation and charting
- Mortgage Advisory Fee (payable upfront and annually of loan balance throughout the existence of the facility)
- Management fee (1% one-off)
- Life and property insurance charges (payable monthly after the lump sum premium payment for first year.
- mortgage (can be added to the mortgage facility on request).
- Cost of title perfection and registration of deed of legal.
PROPERTY VALUE
Up to N100million subject to customer’s capacity.
EQUITY MIX
- Customer equity – 10% (can be self funded and /or funded with 25% RSA
- MRIEF – 90%
PROCESSING PERIOD
Within 3 – 4 weeks (subject to submission of required documents and availability of required documents).
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- To provide access to affordable houses through mortgage.
- To bridge the gap between home buyers and developers.
- To finance acquisition of completed/semi-finished residential housing unit for first time owners.
- To encourage property investment.
- Stable source of income.
- Open G-MREIF account with minimum of N20,000.00
- Continuous deposit into the account to make up equity/Stake.
- Property must have a good root of title e.g C of O or Deed of Assignment.
- Valuation and search reports from reputable professional at the cost to the customer.
- 6 months relationship as customer in fulfillment of the CBN KYC rule.
- Submit two credit bureau reports from a minimum of two credit bureau institutions.
Gateway Help-to-Own Mortgage of the Family Homes Fund
- Interest rate FHF – 7%p.a.
- GMB – 28%p.a
PURPOSE
To finance the acquisition of an already built residential housing unit for first time owners
EQUITY MIX
- Customer equity – 10% (can be self-funded and /or funded with 25% of RSA (Retirement Savings Account).
- FHF – 40%
- GMB –50%
MORATORIUM PERIOD
5 years moratorium on principal, only on 40% to be funded by FHF.
PROCESSING PERIOD
Within 3 – 4 weeks (subject to submission and availability of required documents).
- Long-term repayment up to a maximum of twenty years .
- Affordable interest rate
- Minimum equity contribution
- Flexible repayment plan
- Opportunity to use 25% Retirement Savings Account (RSA) to fund equity contribution
- Avenue for low-middle-income earners to become homeowners.
- Pre-Liquidation is allowed without a penal charge
- Open G-FHF account with minimum of N20,000.00
- Continuous deposit into the account to make up equity/Stake.
- Property must have a good root of title e.g C of O or Deed of Assignment.
- Valuation and search reports from reputable professional at the cost to the customer.
- 6 months relationship as customer in fulfillment of the CBN KYC rule.
- Submit two credit bureau reports from a minimum of two credit bureau institutions.
Gateway School Improvement Scheme
This product is designed for NHF contributors in both formal and informal sectors; the low and medium income levels who cannot afford commercial housing loans, e.g. civil servants, traders, artisans, to access mortgage finance from the Federal Mortgage Bank of Nigeria through Gateway Mortgage Bank to build, buy, or renovate a residential property.
Pricing (fixed rate) – 6%p.a
.
Equity Contribution – 10% subject property offer price.
PURPOSE
For property acquisition of residential housing unit for personal use.
TENOR
- Up to 30 years (subject to applicant’s current age
- Also applicant’s remaining years in service.
MORTGAGE VALUE
Up to ₦50 million mortgage.
PROCESSING PERIOD
Between 6 – 9 months, subject to Federal Mortgage Bank of Nigeria (FMBN) processing.
- Interest rate is at a single digit of 6%p.a
- Suitable for low income level earners
- A repayment period of up to 25years, subject to applicant’s age and remaining years in service.
- Flexible terms and conditions
- Minimum equity contribution of a minimum of 10%.
- Easy access to home ownership.
- Pre-Liquidation is allowed without a penal charge.
- Provide long term loans to mortgage banks for on lending to contributors of the fund
- Provide loans to Nigerians for erecting, purchasing and renovating houses.
- Open Home ownership Account with GMB.
- Must be a contributor to NHF for at least 6 months.
- Must have minimum of 10% to 30% equity contribution if request is above N5m.
- Apply through GMB your accredited Primary Mortgage Bank.
- Property must have a good root title.
Gateway Home Ownership Mortgage Empowerment Schemes
This is a long-term facility designed for professionals, public servants, and well–structured business owners to purchase an already built property with necessary title documents through a mortgage.
Interest rate -28%p.a.
PURPOSE
To finance the acquisition of residential housing unit for personal use
MORTGAGE VALUE
- Up to ₦120million, subject to customer’s capacity.
- Option to refinance with NMRC is available
EQUITY CONTRIBUTION
Minimum of 20% subject to customer’s capacity. it can be self-funded and /or funded with 25% RSA.
SECURITY
The financed property with a good title and within the bank’s acceptable Loan to Value ratio.
PROCESSING PERIOD
Within 2-3 weeks (subject to submission and availability of required documents).
- Opportunity to use 25% RSA as part of equity contribution.
- Longer repayment tenor.
- Convenient repayment plan.
- Flexible terms and conditions.
- Competitive interest rate.
- Mortgage can be refinanced with the Nigeria Mortgage Refinance Company (NMRC) after six months.
- Pre-Liquidation is allowed without a penal charge.
- To provide access to affordable houses through mortgage.
- To bridge the gap between home buyers and developers.
- To encourage property investment.
- Stable source of income.
- 50% of stake on the property after pre-qualification
- Continuous deposit into the account to make up equity/Stake.
- Property must have a good root of title e.g C of O or Deed of Assignment.
- Valuation and search reports from reputable professional at the cost to the customer.
Nigeria Mortgage Refinance Company
The account is designed for all NMRC contributors of formal, both public and private sector to access mortgage finance from FMBN at a single digit interest rate of 11% to build, buy or renovation a residential property.it also provide long term facilities.
- Provide long term credit facilities to mortgage banks for on lending to contributors of the fund
- Provide loans to Nigerians for erecting, purchasing and renovating houses.
- Provide a repayment period of 15 years.
- Establish and operate a viable secondary mortgage market.
- Mobilizing both domestic and offshore funds into the housing sector.
- To remove barriers to home ownership, provide liquidity, affordability, accessibility and stability to the housing market in Nigeria.
- Open Current account with minimum of N20,000.00
- Letter of loan Request
- Valid means of ID
- Letter of introduction
- Payslip – recent 6month
- Owners’ stake negotiable but not less than 15% -25%.
- Property to be pledge must have a good root of title e,g Certificate of Occupancy (C of O), Deed of Assignment etc.
Treasure Children’s Savings Account
This account is designed for parents/guardian/ wards who wish to have account for their children and also save regularly in order to meet their children’s financial obligations before the need arise e.g. School fee, Birthday Party, etc.
- Specific and purposeful
- Minimum opening balance of N10,000
- To prepare against emergency
- To encourage savings
- It encourages children to be self reliance
- A duly completed application form
- Copies of acceptable means of identification
- Utility bills issued within last three months
- 2 passport photograph of Parent
- 2 passport photograph of Child(ren)
Gateway School Improvement Scheme
This account is designed for Educational Institution (Privately owned Nursery, Primary/ secondary and Tertiary Institutions) to improve the standard of the school.
- To encourage opportunity in school investment.
- To explore opportunity by school owners that is having financial challenge to have access to fund for the improvement of their schools.
- To expand opportunity for increase of students for learning.
- Open G-SIS account with minimum of N20,000.00
- 6 months relationship as customer in fulfillment of the CBN KYC rule.
- Owners’ stake negotiable but not less than 10%.
- Property to be pledge must have a good root of title e,g Certificate of Occupancy (C of O), Deed of Assignment etc.
Target Savings Account
This account is designed for people who wish to save regularly in order to build up capital for specific events e.g. Christmas, Marriage, Holy Pilgrimage, Ileya Festival etc.
Benefits
- Higher interest bearing above normal saving account rate
- Allows clearing instruments and Dividend warrants of the owners and deposits (If Referenced)
- Allows joint operations i.e. Husband and Wife
- Available to Artisans and Salary Earners
- Convenience SMS and e mail alert
- Specific and purposeful
- Minimum opening balance of N10,000
- Minimum monthly deposit of N5,000
- A duly completed application form
- Copies of acceptable means of identification
- Utility bills issued within last three months
- 2 passport photograph
Regular Savings Account
This account is designed for people who wish to save regularly as a way of life and self-discipline apart from normal salary or business account either for transactional, speculative or contingency motives etc.
Benefits
- To encourage Saving Culture
- To encourage liquid asset for customer
- To encourage savings among salary earners and others who have fixed income
- It enables the depositor to earn income by way of savings through bank ‘s interest
- To provide immediate fund as and when required through ATM
- Specific and purposeful
- Minimum opening balance of N5,000
- Higher interest bearing if account is not withdrawn
- It encourages self reliance
- Available to artisan and salary earners
- A duly completed application form
- Copies of acceptable means of identification
- Utility bills issued within last three months
- 2 passport photographs
Gateway Property Improvement Scheme
- To provide retail loan facility for meeting short term varying housing needs.
- To provide opportunity for constant property improvement or refurbishment.
- Open G-PIS account with minimum of 50% of prequalified stake
- 6 months relationship as a customer in fulfillment of the CBN KYC rule.
- Undertaken to domicile business takings to GMB which must be regularized with notary public
Gateway Rent Advance Loan
This account is designed to complement the existing Mortgage products offered by GMB to provide flexibility in Mortgage facility on short term basis to customers for payment of house rent.
- It provide retail loan facility for meeting short term housing needs
- It encourages low Income earners meet their short term Obligations
- It gives comfort to consumers
- Repayment period of up to 2 years
- Availability of mobile and online transfer
- Convenience of SMS and e mail alert
- Minimum opening balance of N50,000
- It encourages self reliance
- Available to artisan, business men and women and salary earners
- A duly completed application form
- Copies of acceptable means of identification
- Utility bills issued within last three months
- 2 passport photographs
- 2 Referees by a current account holder in any bank
Informal Sector Account
This product provides support to GMB customers from the informal sector to meet their short term mortgage financing facility needs, also to provide flexibility in mortgage facility on short term basis to informal sector customers.
- To provide access to retail loan facility for meeting short term varying housing needs.
- To provide retail housing finance to groups for taking care of the housing needs of their members.
- To provide opportunity for constant property improvement or refurbishment
- To provide refinancing renovation costs for customers rather than dipping into their earnings.
- Open G-ISMS account with minimum of N2,000.00
- 6 months relationship as a customer in fulfillment of the CBN KYC rule
- Beneficiary must provide personal/collateralized guarantee
- Prequalification of the customers to determine their mortgage status
Gateway Current Account
This account is designed for high net worth customer with high volume numbers of transactions and busy schedule who prefers a checking account for their various business transactions
- It allows business men and women to conduct their business transaction smoothly
- It allows the use of cheque for payment of creditors
- Enables bank to collect money on behalf of the customer and credit same into their customer’s account
- Account holder can have access to overdraft
- Availability of mobile and online transfer
- Convenience of SMS and e mail alert
- Minimum opening balance of N50,000
- It encourages self reliance
- Available to artisan, business men and women and salary earners
- A duly completed application form
- Copies of acceptable means of identification
- Utility bills issued within last three months
- 2 passport photographs
- 2 Referees by a current account holder in any bank