Banking | Mortgage | Real Estate

Refuge Household Enhancement Facility (RHEF)

Enhance Your Refuge, Enhance Your Life

Access up to N10m for motor vehicles or up to N2M for home appliances at competitive rates with the Refuge Household Enhancement Facility (RHEF).

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Product Requirement

Refuge Household Enhancement Facility (RHEF) 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.

You qualify for this if you are self-employed with verifiable and consistent cash flow. The objective is to further support our mortgage loan customers with finance to prepare the house for habitation.

Product Basic Features

The following are the product basic features of Household Enhancement Facility (RHEF):

Up to N10M for motor vehicles

Up to N2M for home appliances

Up to 3 years for motor vehicles

Up to 12 months for home appliances

Attractive and competitive interest rate

Equity contribution 10%-20%

Pre-Approval Requirements

The following are the Pre-Approval requirement of Household Enhancement Facility (RHEF):

Receipt of loan application letter

Receipt of executed loan offer letter

Active current account with the bank

Receipt equity contribution

Receipt of valuation reports from the bank’s appointed valuer

Positive legal search on the property

Positive CRMS check on the customer

Execution of all documents for the perfection and transfer title

Execution of Credit Agreement and Right of Set Off

Post-Approval Requirements

The following are the Post-Approval requirement of Household Enhancement Facility (RHEF):

Key man insurance on the obligor

Yearly comprehensive on the property

Receipt of monthly salary/business proceeds into the account

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Funds For Your Specific Needs

We have you in mind and the funds available can be tailored to your specific needs. You can get up to N10 million to finance necessary house upgrades, such as cars for easy commuting or appliances like washers and refrigerators.

Flexible Repayment At Your Convenience

Benefit from flexible repayment periods, allowing you to manage your loan conveniently and not be burdened with debt. You can repay auto loans for up to three years and appliance loans for twelve months.

Easy Equity Contribution

Leverage your existing assets through a flexible equity contribution option of only 10% to 20% to improve your improve your loan application’s strength and unlock affordable financing.

More Beneficial Products

Mortgage Construction Finance

The Refuge Mortgage Construction Finance product provides funds to developers and individuals for existing projects, new ventures, and real estate profit-making enterprises.

Equity Release Facility

Our Equity Release Product offers individuals access to funds for their planned business expansion, working capital, and capital projects, using their property as collateral.

Finance for Professionals

Refuge Finance for Professionals (REF-P) is a risk asset product for individual professionals. It is meant to create a strong bond between the clients and the bank through support and financing.

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