Frequently Asked Questions

NISH assesses a customer’s repayment capacity based on various criteria – including income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation, savings history, etc.

The different types of Home Loans available from NISH are as follows:

• Home Purchase Loan: This is the most common loan for purchasing a flat/independent home
• Home Construction Loan: This loan is available for construction of a new home
• Composite Loan: Composite Loan is a loan given for purchase of a plot of land as well as for construction of a house on it
• Home Improvement and Extension Loan: Home Improvement Loan is given for carrying out repairs and renovations in a house and home extension loan is given for expanding or extending an existing home. For example, addition of an extra room, an extra floor, etc.

To qualify for a home loan, you should be:

• A Nigerian citizen, salaried or self-employed
• Above 23 years of age at the commencement of a loan
• Below 65 when the loan matures

To increase your eligibility you can include other sources of income (Rent, dividend, agriculture income, bonus, monthly incentive) or you can also include a co-applicant income.

A Co-Applicant(s) is/are the Co-Owners of the property in respect of whom the financial assistance has been sought. However all co-applicants need not be co-owners. Usually co-applicants are: husband/wife, father/son, mother/daughter etc.

We are committed to giving the best in class service. We will ensure the fastest turnaround time for processing the loan is within 30 working days. 

*Subject to complete documentation and due diligence.

NISH Home Loan: The minimum age criteria for salaried is 23 years and a maximum of 65 years while for Self Employed Professional /Self Employed Non Professional the limit varies from 25 to 65 years.

For salaried the minimum work experience should be continuous 1 year in current organization and for self employed non professionals/ professionals it is two years in the profession/business.

The security for the Loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and / or such other collateral security as may be necessary.

Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to NISH of life insurance policies, the surrender value of which is at least equal to the Loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to NISH.

Yes, you will have to insure property for fire and other appropriate hazards, as required by the lender during the Loan tenure. The lender will be the beneficiary of the insurance. You will also have to produce proof / evidence, whenever required by the banks.

All loan repayment are done via equally monthly instalments.