How to Apply for First City Mortgage

How to Apply for First City Mortgage Nigeria: Requirements, Steps, Contacts, and FAQs

The First City Mortgage Nigeria provides structured financing for individuals looking to purchase, build, or renovate residential property. With flexible terms and competitive interest rates, it is designed to support both salaried earners and self employed individuals. Understanding the application process, eligibility requirements, and support channels is essential for securing a smooth and successful mortgage approval.

How to Apply for First City Mortgage Nigeria

Applying for First City Mortgage Nigeria involves several straightforward procedures. Applicants may begin the process by visiting any First City Monument Bank (FCMB) branch or by contacting the bank through its digital platforms. Before submitting an application, borrowers should confirm property details, prepare documentation, and understand the financial obligations associated with the mortgage.

The application typically begins with selecting the type of property, whether it is a new purchase, construction loan, or refinancing option. Borrowers then engage with an FCMB mortgage officer, who guides them through eligibility checks, documentation requirements, property valuation, and loan structuring.

Requirements for Obtaining the Loan

To qualify for First City Mortgage Nigeria, applicants must meet specific eligibility and documentation requirements designed to confirm creditworthiness, income stability, and legal compliance.

Eligibility Requirements

• Must be at least 21 years old.
• Must have a stable source of income, either as a salaried worker or business owner.
• Must have a satisfactory credit history and manageable debt profile.
• Must provide a down payment or equity contribution, typically between 20% and 30% of the property value.
• Must purchase a property with valid and verifiable title documents.

Required Documentation

• Valid identification (National ID, Passport, Voter’s Card, or Driver’s License).
• Recent payslips for salaried earners or 6–12 months bank statements for self employed individuals.
• Employment confirmation letter or business registration documents.
• Utility bill for proof of residence.
• Property title documents, such as C of O, survey plan, or deed of assignment.
• Completed mortgage application form.
• Property valuation report (conducted by approved valuers).

Submitting accurate and complete documents helps speed up the evaluation process and increases the likelihood of approval.

Steps Involved in Applying for First City Mortgage

The mortgage application process follows a structured series of steps handled jointly by the borrower and the bank.

Step 1: Initial Inquiry

Visit an FCMB branch or the bank’s website to inquire about mortgage options, interest rates, repayment terms, and eligibility.

Step 2: Property Identification

Choose a property and secure preliminary documents such as an offer letter or title details.

Step 3: Documentation Preparation

Gather all required documents, including identification, income proof, and property details.

Step 4: Application Submission

Submit the completed form and supporting documents through an FCMB mortgage officer or online channel.

Step 5: Credit and Eligibility Assessment

The bank assesses income stability, credit history, debt to income ratio, and overall financial strength.

Step 6: Property Valuation and Legal Review

The bank conducts an independent valuation of the property and performs title verification to ensure legal authenticity.

Step 7: Offer Letter Issuance

Upon approval, the bank issues a formal offer letter stating the loan amount, tenure, interest rate, fees, and repayment terms.

Step 8: Acceptance and Documentation Signing

The borrower signs the offer letter, mortgage deed, and insurance agreements.

Step 9: Loan Disbursement

After completing all legal and compliance steps, the bank disburses the funds directly to the property developer or seller.

First City Mortgage Contact Channels

FCMB offers multiple channels for inquiries, updates, and customer support:

• Customer Care Line: +234 01 279 8800
• WhatsApp Banking: +234 903 000 2000
• Email: [email protected]
• Website: www.fcmb.com
• Social Media: @MyFCMB on Facebook, Instagram, and Twitter
• Physical Branches: Available nationwide for direct mortgage assistance

These channels ensure accessible support at every stage of the application process.

Frequently Asked Questions (FAQs)

1. How long does it take to approve the mortgage?

Approval typically takes 2 to 6 weeks, depending on document completeness and property verification results.

2. Can self employed applicants qualify for this mortgage?

Yes. Self employed individuals can apply, provided they submit verifiable financial statements and demonstrate consistent income.

3. Is property insurance mandatory?

Yes. The mortgage requires both property insurance and mortgage protection insurance to safeguard against risks.

It is worth it?

The First City Mortgage Nigeria remains a strong choice for individuals seeking accessible and secure financing for homeownership. With clear requirements, long repayment options, and structured application steps, the mortgage process is transparent and borrower friendly. By preparing accurate documentation and engaging with FCMB’s support channels, applicants can confidently navigate the mortgage journey and achieve their goal of owning a home.

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