Rent To Own

Loan Purpose: Rent payments made yearly for 13 years after which ownership of the house is transferred to the Tenant-Owner.

Features
  • Proposed name is FGMB Rent To Own (FGMB - RENTO)
  • Tenor: 13 years
  • Equity Contribution: None required
  • Property Amount : Cost of House at prevailing market price + mark-up(10% per annum)

FGMB SHOP OWNERSHIP SCHEME (SOS)

This product offers credit facilities to individuals who intend to buy shops in markets within FCT. They shall be granted facilities for part funding of the shop purchase. Also Shop owners can refinance their shops by using them as security for accessing funds for business purposes.

Features
  • Facility Limit: N5 Million
  • Tenor: maximum of 24 months
  • Equity Contribution: 20% of the quoted shop amount in cases of shop purchase. Shop owners with intention of refinancing do not require equity contribution.
  • Interest Rate : 22% per annum
  • Acceptable Title : Shop Location

Rent Advance - RACE

A consumer loan product aimed at assisting customers (be it individuals, corporate organizations, cooperatives and government establishments) pay their house or office rents.

Features
  • Customer must NOT necessarily operate an FGMB account
  • Accessible amount of 70% of the rent subject to a maximum of N2.5million individual and N5milliion corporate
  • Tenor of not more than 6 months
  • Competitive Interest Rate
  • Flexible collateral option