FAQ (Frequently Asked Questions)

# What is a Mortgage Loan?
# What are the Requirements for obtaining a Mortgage Loan in Centage?
# Can one obtain loan from Centage to purchase or develop a commercial property?
# What are the Requirements?
# Can someone living outside Nigeria access a mortgage loan through Centage?
# Do I need to present collateral when applying for a mortgage loan?
# Does Centage help in marketing properties belonging to other real estate firms?
# What products do you have in CENTAGE?
# What type of account do you operate?
# What is the minimum amount for opening an account?

Q: What is a Mortgage Loan?
A: Ans: It is a type of loan used to purchase property. The security for giving the loan is the property which is held by the lender for the repayment of the loan. Therefore, the lender (mortgagee) has the right to take the property if the borrower (mortgagor) fails to repay the loan. Top Next

Q: What are the Requirements for obtaining a Mortgage Loan in Centage?
A: Ans: For one to be eligible to access a mortgage loan in Centage, the applicant will submit the following:
1.) Applicant must be a regular customer of the bank.
2.) Formal application (a hand written or typed application/completed mortgage loan application form.)
3.) A registered title, which may be:-
a) Certificate of Occupancy.
b) Deed of Conveyance.
c) Deed of Assignment.
d) Deed of Sub-lease.
3.) Personal account statement for the past six months.
4.) Payments slip for a period of six months
5.) Company account statement for the six months (for corporate organizations).
6.) Three years tax clearance certificate.
7.) 30% equity contribution of the property price.
8.) Completed mortgage loan application form.
9.) Completed current account opening form.

Q: Can one obtain loan from Centage to purchase or develop a commercial property?
A: Ans: Yes. It is known as a Commercial Mortgage Loan.

Q: What are the Requirements?
A: Ans: For one to be eligible to access a commercial mortgage loan in Centage, the applicant will submit the following:
1.) A hand written or typed application for mortgage loan.
2.) A registered title, which may be
a) Certificate of Occupancy.
b) Deed of Conveyance.
c) Deed of Assignment.
d) Deed of Sub-lease.
e) Statutory Right of Occupancy.
f) Customary Right of Occupancy.
3.) Personal account statement for the past six months.
4.) Payments slip for a period of six months.
5.) Company account statement for the past six months (for corporate organizations).
6.) Approved building plan.
7.) Bill of Quantities.
8.) 30% equity contribution of the estimated construction cost.
9.) Three years tax clearance certificate.
10.) Company profile (for corporate organizations).
11.) Completed mortgage loan application form.
12.) Completed current account opening form.

Q: Can someone living outside Nigeria access a mortgage loan through Centage?
A: Ans: Yes.

Q: Do I need to present collateral when applying for a mortgage loan?
A: Ans: Not necessarily. The property for which a mortgage loan is being sought is considered as collateral since Centage would be the custodian of the title document after its purchase. However, presentation of collateral when applying for a mortgage loan is also an added advantage.

Q: Does Centage help in marketing properties belonging to other real estate firms?
A: Ans: Yes, as long as the properties have good title documents and are from reputable real estate firms.

Q: What products do you have in CENTAGE?
A: Centage Mortgage Products
-- Centage Home Purchase Mortgage
-- Centage Equity Mortgage
-- Centage Interest Only Mortgage
-- Centage Home Completion Mortgage
-- Centage Home Improvement Mortgage
-- Centage Land Acquisition loan
-- Centage Home Ownership Account
-- Centage Rent Account
-- Centage Child welfare Account
-- Current Account
-- Savings Account
-- Fixed Deposits Services
-- Management and Access to National Housing Fund
-- Housing Estate Development
-- Personalized Banking
-- Business Advisory Services
-- Estate management
-- Other Treasury Services

Q: What type of account do you operate?
A: We have Corporate Account, Sole proprietorship Account, Savings Account, and Current Account

Q: What is the minimum amount for opening an account?
A: You can open an account with Centage for as low as N10,000 Previous Top » Our Ownership Structure

Q: How do I open a business account?
A: You can open a business account by visiting any one of our branch locations or online at

Q: How Do I add another signer to my account?
A: To add another signatory, the customer must write the bank indicating this interest, thus a new mandate card must  be obtained and completed with all the signatories (both new and existing) sign on.

Q: Will an ATM Debit card come with my Centage account?
A: To protect our customers, Centage does not issue debit cards for corporate accounts with more than 1 signatory. However, if there is a sole signatory we will produce a debit card upon request.