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Banking | Mortgage | Real Estate

Refuge Rent to Own Advance Product

Get 120% of Your One Year Salary to Buy Your Dream Home.

Rent to Own Advance is a consumer loan product targeted at employees of structured organizations in the private sector and NGOs of the economy whose salary accounts are domiciled with Refuge Mortgage Bank to access funds to their dream house and pay over a period.
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Product Basic Features
The following are the basic features of Rent to Own Advance Product:
  • Up to 120% one-year net annual salary subject to a maximum of N20M and debt-to-income ratio in line with regulations
  • Tenor up to 36 months
  • Letter from employer confirming employment status, monthly/annual net salary, terminal benefits (where available), and other allowances and irrevocable domiciliation of salary, terminal benefits, and allowances with Refuge Mortgage Bank throughout the loan period by the employer
  • Corporate guarantee of the employer (where applicable)
  • Credit life policy where there is no corporate guarantee of the employer brokered by the bank’s authorized brokers with Refuge noted as first loss payee
Pre-Approval Requirements
The following are the Pre-Approval requirement of Rent to Own Advance Product:

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    Finance Your Dream Home
    This solution is for you to own a house while still renting. If you love the home you are now, and you want to buy it, we can help you make that possible. With Refuge Mortgage Bank, you can own it fast with 20MN available.
    Gradual Ownership Journey
    Rent to Own Advance allows you to own your home while paying gradually through a structured agreement. This provides the time to build equity and improve your financial standing while achieving home ownership.
    Enjoy A Flexible Repayment Option
    Take advantage of a stress-free ownership transfer with a customized payback plan for up to 36 months, based on your financial position. At Refuge Mortgage Bank, we are committed to making repayment easy.
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