FCMB introduces innovative home loan products

FCMB introduces innovative home loan products

January 18, 2008/Vanguard


First CityMonument Bank Plc (FCMB) has introduced a new  loans scheme in the country with its innovative consumer home loan called “MyHomeâ€ÂÂÂÂÂ.


“MyHome†consumer loan product now comes in three variants of outright purchase, refinancing, and equity release.



According to a statement by the bank, the product’s flagship variant “MyHome Equity Release†is designed to assist home owners unlock  the cash in their existing homes.


“MyHome Equity Release†provides home owners capital to renovate or remodel existing homes; buy or complete  another home; and cash to invest in other capital intensive projects or businesses.


 It also provides cash to meet other lifestyle needs such as payment for school fees, new cars, holidays, and home improvement. Customers can also take advantage of FCMB’s “MyHome Equity Release†to undertake new investments opportunities.


FCMB’s Vice President in charge of Home Loans, Oloyede Obatoyinbo says “MyHome†is a specialized consumer banking product suite that provides a wide range of options to home owners and customers; and offers flexible payment plans; fast decision-in-principle; and up to 25 years repayment.


“Investment in real estate is a sure way of building wealth for the future. That wealth can be unlocked at any time to meet individual needs. FCMB’s product offers prospecting customers the opportunity to unlock the equity in their home.


 For properties bought outright or built from the scratch without any outstanding debt secured against the property, the prospect’s equity is 100% from day one. Subject to the forced sale value of the property and customer’s ability to repay, prospecting customers can borrow up to 70%of their property’s valueâ€ÂÂÂÂÂ.


He further explains “This product can be combined with refinancing –where customer has an existing loan with another financer and wants FCMB to take over this facility at more flexible terms while releasing some of the equity he has built up over the period.


So long as the outstanding loan is not up to 70% of the value of the property, the outstanding loan can be paid off and some money advanced to the customer to meet other lifestyle needs.â€ÂÂÂÂÂ


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