1. Home Ownership Account
This product or facility is designed to enable individuals who have been contributing to the National Housing Trust Fund Scheme for the last six (6) months to buy, develop, complete or renovate their own homes. Opening deposit and monthly contribution for both savings and mortgage account are dependent on the customer's income and loan requirement.
Key Features and Benefits
Interest rate on savings account 4% p.a.
Interest rate on mortgage loan 6% p.a.
Repayment Period 30 years (maximum)
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 10% of loan requirement
Maximum Loan Amount N5 million
Security Financed Property
Added Value
  • Easy access to NHF loan
  • Long tenor of repayment subject to age of applicants
  • Earn interest on your savings deposit
  • Structured repayment plan to match customers income / budget
  • Stable interest rate throughout the tenor
2. Home Purchase Account
This is a bridging loan to NHTF loan applicants to purchase, develop or renovate a residential house within specified locations. Opening deposit and monthly contribution for both savings and mortgage account are dependent on the customer's income and loan requirement.
Key Features and Benefits
Interest rate on savings account 4% p.a.
Interest rate on mortgage loan Prevailing rates (17% p.a.)
Repayment Period 2 years
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 20% of loan requirement
Maximum Loan Amount N4.5 million
Security Financed Property
Added Value
  • Access to bridging loan for emergency purposes
  • Earn interest on your savings deposit
  • Structured repayment plan to match customers income / budget
  • Avoidance of capital being tied down in capital projects
3. Cooperative Account
This account is designed to provide mortgage facilities to members of cooperative societies/groups even if subject of finance is not real estate. Opening deposit and monthly contribution for both savings and mortgage accounts are dependent on the customer's income and loan requirement.
Key Features and Benefits
Interest rate on savings account 4% p.a.
Interest rate on mortgage loan Prevailing rates (presently 19%)
Repayment Period Tiered to customer / co-operative's income
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 20% of loan requirement
Maximum Loan Amount Determined by customer / Co-operative Approved liability limit / income / repayment capacity
Security Financed property and / or Co-operative guarantee
Added Value
  • Earn interest on your savings deposit
  • Structured repayment plan to match customers income / budget
  • Professional advice and support from Springmortgage Limited
  • Account lodgement of cheques / divident warrants
4. Home Express Account
This account is designed for professionals and up-coming executives undertaking their first investment in real estate. Opening deposit and monthly contribution for both savings and mortgage account are dependent on the customer's income and loan requirement
Key Features and Benefits
Interest rate on savings account 2% above savings rate (presently 4% p.a.)
Interest rate on mortgage loan Prevailing rates (presently 19%)
Repayment Period 10 years
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 20% of loan requirement
Maximum Loan Amount N20 million
Security Financed Property
Added Value
  • Earn high interest on your savings deposit
  • Structured repayment plan to match customers income / budget
  • Professional advice and support from Springmortgage
  • Account holder has priority consideration in Springmortgage housing estates
5. Target Home Account
This account is designed to encourage our customers to save towards owning their own homes. Opening deposit and monthly contribution for both savings and mortgage account are dependent on the customer's income and loan requirement.
Key Features and Benefits
Interest rate on savings account 2% above savings rate (presently 4%p.a.)
Interest rate on mortgage loan Discounted rate (2%) below prevailing rates (presently 19%)
Repayment Period 10 years
Minimum savings period before granting of loan 12 months
Total equity contribution expected from customer 30% of loan requirement
Maximum Loan Amount N20 million
Security Financed Property
Added Value
  • Springmortgage will undertake to source for and provide a house
  • Option of full repayment or interest only repayment
  • Discounted rate on prevailing lending rate
  • Earn competitive interest on your savings deposit
  • Mutually agreed repayment plan to accommodate income / budget
6. Quick Mortgage Account
This account is designed to cater for situations whereby our customers who have maintained relationship with us for a minimum period of six (6) months require a mortgage facility to buy a property urgently. Opening deposit and monthly contribution for both savings and mortgage accounts are dependent on the customer's income and loan requirement.
Key Features and Benefits
Interest rate on savings account 4% p.a.
Interest rate on mortgage loan Prevailing rates (presently 19%)
Repayment Period 2 years
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 30% of loan requirement
Maximum Loan Amount N20 million
Security Financed Property
Added Value
  • Access to emergency loan
  • Earn interest on your savings deposit
  • Structured repayment plan to match customer's budget
  • No lost opportunity in purchasing a dream property
7. Investment Trust Account
This is a trust fund whereby a pool of funds is created and managed for our customers and investors who are interested in real estate. The funds are invested in real estate development and property trading. Monthly contribution for both investment and mortgage accounts are dependent on the customer's income and loan requirement.
Key Features and Benefits
Opening contribution on investment account N1,000,000
Interest rate on investment account 20% p.a.
Interest rate on mortgage account Prevailing rates (presently 19%)
Repayment Period 4 years
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 30% of loan requirement
Maximum Loan Amount N22 million
Security Financed Property
Added Value
  • Access to Springmortgage mortgage facilities
  • Attractive return on investment
  • Earn interest on your savings deposit
  • Structured repayment plan to match customer's budget
8. Co-Invest in a Property Advisory
This product is targeted at common friends in organizations/members of an investment club. The organization or club is encouraged to identify a property and we jointly fund the purchase. Thereafter, we deal in the property and share income in ratio of contribution. Opening deposit and monthly contribution for both savings and mortgage account are dependent on the customer's income and loan requirement.
Key Features and Benefits
Interest rate on investment account 4% p.a.
Interest rate on mortgage account Prevailing rates (presently 19%)
Repayment Period 3 years
Minimum savings period before granting of loan 6 months
Total equity contribution expected from customer 40% - 50% of loan requirement
Maximum Loan Amount N25 million
Security Financed Property
Added Value
  • Joint funding of property
  • Joint funding of property income
  • Joint sharing of risks
  • Access to Springmortgage mortgage facilities
  • Earn interest on your savings deposit
  • Structured repayment plan to match customer's budget