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Mortgage Loan


Whether you’re thinking of your dream home or you’re planning for a new project, we are ready to give a hand.


You can access the mortgage loan after 4 years as a staff in Total. [content_control role=”administrator, cooperators”] At this stage, you can access up to N60 million at a current rate of 20.5 % interest.[/content_control]

[content_control role=”administrator, cooperators”]

Conditions/Procedures for Application

  1. The maximum amount for mortgage loan is N60,000,000.00 (sixty million naira) only.
  2. A member can only have one mortgage loan running at a time (excluding cooperative projects)
  3. A member can only participate in one cooperative housing project at a time.
  4. The maximum repayment period is 84 months.
  5. The interest rate applicable to Mortgage loans will be based on the financial market realities and the lending rate offered by the funding bank. The current rate is 20.5% per annum
  6. The loan repayment can run through salary, allowance or both.
  7. A member should not have more than one mortgage loan at a given time.
  8. The mortgage loan application must be properly filled by the applicant.
  9. The member must also run his repayment plan and fill the direct payment authorization form for the payroll/allowance deduction or both.
  10. After approval of this loan, a member must submit the original copy of the title documents of the property he wants to develop/purchase before the disbursement of the fund.
  11. The title document will remain with the cooperative till the loan is fully liquidated.
  12. Allow 10 working days for processing.
  13. A member must have 10% of the loan amount in his savings to qualify for the loan and during the loan tenor.
  14. Disbursement of mortgage loans is subject to availability of funds.
#Mortgage Loan AmountQualification criteria in terms of years in serviceLoan Tenor
1N15MMinimum of 4 years48 months
2N25M6 Years60 months
3N30M8 Years60 months
4N35M10 Years84 months
5N45M15 Years84 months
6N60M20 Years84 months