First City Mortgage Loan

First City Mortgage Nigeria: Loan Amounts, Repayment Terms, Fees, and Key Advantages

The First City Mortgage in Nigeria offers a structured and dependable financing option for individuals and families seeking to purchase, build, or renovate residential properties. With flexible borrowing limits, transparent terms, and competitive fees, the mortgage product is designed to make homeownership more accessible for Nigerians in both the formal and informal sectors.

Maximum and Minimum Loan Amounts

First City Mortgage provides flexible borrowing options tailored to different income levels, property values, and customer categories.

Minimum Loan Amount:
The minimum mortgage value is typically ₦1,000,000, allowing entry level borrowers to finance modest properties or renovations.

Maximum Loan Amount:
The maximum loan amount can reach ₦200,000,000 or more, depending on the borrower’s income, creditworthiness, and the value of the property being financed.

The final approved amount is influenced by:

• Monthly income and debt profile
• Credit history
• Property valuation
• Down payment contribution
• Employment stability

This flexibility ensures that both middle income and upper income clients can secure mortgage financing appropriate for their needs.

Repayment Terms

First City Mortgage offers long term repayment structures that reduce the monthly financial burden on borrowers.

Tenure Options

Borrowers can choose repayment terms ranging from 5 to 20 years, depending on their age, earnings, and type of mortgage product.

Repayment Structure

• Fixed or semi fixed monthly installments
• Competitive interest rates
• Salary deductions (for salaried workers)
• Flexible repayment for business owners

Eligibility Requirements

To qualify, borrowers must demonstrate:

• Steady income
• Verified employment or business ownership
• Good credit standing
• Ability to contribute an equity deposit (usually 20%–30%)

Longer repayment terms make the mortgage accessible to more Nigerians by lowering monthly obligations and offering predictable long term financial planning.

Included Fees and Charges

Mortgage financing involves several standard fees. Understanding these charges helps borrowers anticipate costs and avoid surprises during the approval process.

Loan Processing Fee

Typically 0.5% to 1% of the loan amount. This covers administrative review and documentation.

Property Valuation Fee

Paid to certified valuers to assess the market worth and condition of the property.

Legal Documentation Fee

This includes preparation of mortgage agreements, title verification, and registration.

Insurance Premiums

Borrowers must obtain:

• Property insurance to protect against fire and structural damage
• Mortgage protection insurance covering death or permanent disability

Interest Charges

Interest applies throughout the tenure based on the agreed rate. Rates depend on market conditions and borrower risk level.

Credit Check Fee

Used to assess creditworthiness and repayment capability.

These fees ensure that the mortgage is legally secure, properly documented, and financially protected.

Why First City Mortgage Nigeria Is Worth Considering

Below is an informative table highlighting the primary benefits of choosing First City Mortgage.

Reason	Why It Matters
Flexible Loan Amounts	Supports both modest and high value property purchases.
Long Repayment Tenure	Lower monthly repayment, making homeownership more affordable.
Transparent Fee Structure	Helps borrowers understand total costs upfront.
Professional Property Valuation	Ensures the property is worth the investment.
Insurance Protection	Safeguards both borrower and asset from risks.
Suitable for Salaried & Self-Employed	Broadens eligibility for different income categories.
Predictable Monthly Payments	Allows easier budgeting and long-term planning.

This table summarizes the core value drivers that make the mortgage a viable choice for aspiring homeowners.

Learn more

The First City Mortgage Nigeria product offers a reliable and structured pathway to homeownership. With loan amounts ranging from ₦1 million to over ₦200 million, borrowers can finance a wide range of property types—from starter homes to larger investments. The extended repayment terms of 5 to 20 years, combined with transparent fees and professional valuation services, make the mortgage both accessible and secure.

For Nigerians seeking to purchase property without overwhelming upfront costs, First City Mortgage provides a competitive option supported by strong financial standards and borrower protection measures. By understanding the loan structure, fees, and requirements, applicants can confidently take the next step toward achieving long term residential stability and financial growth.