Lagos is one of the most developed states in Nigeria and the most industrious area. Therefore, it has a high population and accommodates most of the headquarters of well-known businesses in the country. In reality, this has caused an ever-rising cost of housing and infrastructure in the state, with lands and properties that keep appreciating in value. Building a house in a state like Lagos is no small feat, therefore many turn to loans. Therefore, this is one of the reasons why the Lagos Building Investment Company was established, as it provides an easy way out for interested citizens.
An Overview of the Lagos building investment company
Although it recently gained prominence through active publicity, the Lagos building investment company PLC (LIBC) has been around since 1980. Also, the CAC registered established the company with the primary purpose to provide mortgage finance facilities to allottees accordingly. Therefore, it runs a low-cost housing scheme that was designed by the Lagos state government to provide houses. Furthermore, since its inception in 1980, the company has become a full primary mortgage bank and has the capacity to grant mortgages to qualified individuals.
In addition, according to data, the Lagos building investment company has contributed to giving over 22,000 houses since it became operational. Therefore, this is an immense contribution, which was done through construction and partnership with other joint venture developers. Also, as of the time of this writing, the company is presently developing the sixty luxury flats at itesiwaju court, AmuwoOdofin, containing fifty-three-bedroom flats and ten units of two-bedroom flats.
What are the requirements to obtain a mortgage from Lagos Building Investment Company?
For you to obtain a mortgage from LIBC, you must satisfy but not limited to the following requirements:
- Own a valid means of identification
- Must be a non-defaulter in income tax payment
- Have a stable income
- Own a building with proof of a certificate of occupancy
- Other documents as requested by the Lagos building investment company
What are the necessary documents needed for obtaining a Lagos building investment company?
Firstly, for a mortgage loan application, you would require the following:
- Loan application form
- Opening a savings account with the company
- Valid means of identification for KYC verification.
- Utility bill
- Two recent passports photographs
- A letter stating the purpose of the loan
- Evidence of income tax payment
- Proof of equity contribution
- Evidence of stable income with bank account statement and confirmation from your employer
- Land security proof including certificate of occupancy, registered conveyance, deed of assignment and dead of sublease
- Contract of sales
- Processing fees
- Mortgage deed
- Land use charge receipt
- Inspection and valuation report
- Search report
- For the construction of a building, you would need to include the bill of qualities and an approved building plan
- Lastly, you would require a general report
When applying for a renovation loan, you would need to tender the following documents:
- Application form
- Opening of a savings account with the company
- Valid means of identification. You may also be asked to provide proof of address for address verification.
- Utility bill
- Two recent passport photographs
- Evidence of 10% of equity contribution
- Proof of income with your bank statement and payslip for the past 3 months
- Security proof showing the letter of allocation and deeds of sublease
- Regardless of the loan type you intend to apply for, you would need to satisfy the following:
- Two guarantors
- Agree to an interest rate of 15%
- An equity contribution of 10%
- Maximum loan tenor of 3 years
- Estimate the duration of work completion
- Finally, note that it has a minimum loan amount of N100,000 and a maximum of N1,000,000
How do I apply for a Lagos Building Investment Company loan?
Firstly, simply follow the procedures below to apply for the loan:
- Visit their official website at https://www.lbicplc.com/
- Start by clicking on Open an account
- Lastly, after completing the procedure, you would be able to apply for a loan
However, you can also choose to apply to their physical branch
How do I contact the Lagos Building Investment Company?
You can contact LBIC through any of the following means:
- Email: info@lbicplc.com
- Address: LBIC HOUSE 1, Assbifi Road, Central Business District, Alausa, Ikeja P.O. Box 7525, Lagos.
- Phone: +234 9080000721
Conclusion
The opportunities created by the Lagos Building Investment Company mean that it is now easier than ever to build. Also, you can either decide to obtain a mortgage from their options of properties or take a loan to develop yours. In essence, whichever works for you, you can easily develop or own a property.
