PRIMARY MORTGAGE INSTITUTIONS

A Primary Mortgage Institution [PMI] shall be construed as any company that is licensed to carry out mortgage business in Nigeria.

Mortgage business shall include the following:

granting of loans or advances to any person for the building, improvement or extension of a dwelling/commercial house;

granting loans and advances to any person for the purchase or construction of a dwelling/commercial house;

Acceptance of savings and deposits from the public and payment of interest thereon;

management of pension funds/schemes;

Credit - pmbl-ng.com 

offering of technical advisory services for the purchase or construction of a dwelling house;

performing estate management duties;

offering of project consultancy services for estate development;

engaging in estate development through loan syndication, subject to the restriction imposed by the shareholders’ funds unimpaired by losses;

engaging in property trading including land acquisition and disposal;

Engaging in other activities which the Bank may approve from time to time.

The financial requirements which may be varied as the CBN considers necessary are as follows:

Minimum paid-up share capital - N100,000,000

Non-refundable application fee - N50,000

Non-refundable licensing fee - N100,000

Change of name fee - N10,000

The sources of funds of a PMI shall consist of the following:

i. Equity paid-up share capital and reserves.

ii. Debenture/other loans.

iii. Funds from NHF.

iv. Deposits

Source : CBN

 Thank you for reading, If you find the post helpful, I’d love to hear your thoughts in the COMMENT box. Also, don't forget to LIKE and SHARE with your social media friends, family, colleagues, social members, neighbours and everyone in your world, who you think might find this information useful..Lastly SUBSCRIBE to our website via Email to get the latest updates directly in your mail box for FREE. Your email address is safe with us! SUBSCRIBE BELOW !!! ‎Send your Adverts/Listing/Press Release/Articles to emmanadebayo@gmail.com ‎

 ‎REVIEWS and CAVEAT : We hope you have found this information helpful. Please note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. Any post, article, or comment or opinion expressed is not intended to substitute for the advice of a qualified lawyer, but that of the individual who made the contribution. If you require legal advice, please consult with a qualified lawyer. If you need assistance in contacting a lawyer, you may contact us via email emmanadebayo@gmail.com and we would be glad to match you with a lawyer who meets your requirements.  Send in all your property briefs: Request | Letting | Sale | Lease | Warehouse | Land We deliver at a swift pace! ‎ ‎ ‎