REFUGE HORIMP – REFUGE HOUSE RENOVATION AND IMPROVEMENT ACCOUNT :This product helps in financing renovations and upgrades in residential and business premises. It can equally be accessed to enhance the interior of individual residences. This includes acquisition of household items

Basic Features

  • Minimum opening and operating balance of =N=100,000.00
  • Maximum tenor of 6 months
  • Secured by the property to be renovated(for property owners)
  • Secured by 2 commercial bankers(for rented apartments)
  • Interest rate of 28% per annum
  • Maximum upfront fees of 3% flat
  • Can be accessed by salary earners and people in self employment
  • Business entities can access this facility too
  • Repayment from salary or business income
  • Turnaround time of 24 hours subject to submission of all documents


  • A signed application letter
  • A filled application form
  • Submission of copy of title documents
  • Satisfactory legal search on title documents(for property owners)
  • Credit checks on 2 credit bureaus i.e. XDS and CRC
  • Six months bank statement to verify income. Accounts in other banks can suffice for customers whose relationship with RMB is less than 6 months


  • Duly accepted offer letter
  • Perfection of title documents or transfer of property to RMB
  • Life insurance policy for obligor(for property owners)
  • Property insurance policy(for property owners)
  • Job loss insurance policy for two guarantors(for rented apartments)
  • 2 Undated cheques each from guarantors for full amount and interest(for rented apartments)
  • Payment of upfront fees
  • Letter of guarantee from 2 eligible (eligibility will be measured by the amount earned in relation to loan request and other credibility variables) guarantors. Including employment identity cards, 1 passport photograph each
  • Submission of copy of tenancy agreement(for rented apartments)