GTBank Mortgage Loan, also referred to as the GTMortgage, gives credit facilities to their selected customers whose businesses or salaries are domiciled with the bank.
It enables these customers to own a home in desired cities within the country. This process by the bank has helped a majority of the citizens, living in some urban or rural slums, who just like to own more properties.
GTBank Mortgage Loan
Guaranty Trust Bank unveiled the GTBank Mortgage for the acquisition of residential properties for their customers at acceptable locations.
Although, it is not a hidden fact that Nigerian housing is in deficit but this plan is set to work for citizens as long as they stick to what they can afford.
You have less to worry about with the GTMortgage loan, as the tenor ranges from 1 to 20 years with a supple repayment method, be it annually, every six months, or a three-month repayment with a monthly interest service charge.
While the minimum loan amount is #5 million, the maximum is #150 million, which all depends on your repayment capacity.
You can choose different locations in Nigeria; Abuja, Lagos, Port Harcourt, and every other state capital in the country.
Documents Required For The Approval Of GTBank Mortgage Loan
Here’s a list of the required documents for GTBank Mortgage approval:
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An offer from the vendor
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A duplicate of the title document
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Fully completed form for GTMortgage loan request
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Fully completed form for GTMortgage Employer undertaking
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Valuation report from the bank
Applying For GTBank Mortgage Loan
First, your employment status has to be confirmed as a staff in a reputable company. Also, you must have been working there for at least a month.
With this, you can visit a GTBank branch around you and request the application form while you tender the following documents:
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Title Document of property
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An offer letter from the vendor to sell the property
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A search report specifically from GTBank Legal Group
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A valuation report from GTBank-approved estate valuer.
The Maximum Tenor on GTBank Mortgage Loan
The highest tenor on GTBank Mortgage is 20 years, but is also subject to the number of years to your retirement.
Since the retirement age is 55 years, an applicant in his mid-forties will only be able to borrow for a maximum of 10 years, that’s before his retirement.
For younger applicants, however, regardless of your current age, you can not exceed 20 years of payback.
You might also want to see GTBank whatsapp.
Final Thoughts
GTBank Mortgage loan has been in existence for quite a while now and citizens are really benefiting from it.
However, if you believe in the myth that says you pay much more when you collaborate with any bank for a mortgage loan, then you probably will not be able to benefit from the course or summon the courage to do so.
You can also become a house owner today with the GTBank Mortgage Loan. It is super easy!
You might also want to see how to buy shares in GTBank.