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
Receipt loan application letter
Receipt of executed loan offer letter
Active current account with the bank
Receipt of offer for sale from the vendor/seller
Receipt equity contribution
Receipt of valuation reports from the bank’s appointed valuer
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
Key man insurance on the obligor
Yearly comprehensive on the property
Receipt of monthly salary/business proceeds into the school account
