Finance – NISH Finance

NISH Home Purchase Loans

NISH Home Construction Loans

NISH Home Extension Loans

At NISH Finance, we provide low interest loans for purchase, construction and extension of dwelling units. We offer customised Home Loan solutions with best-in-class services, full-fledged domain knowledge and simplified loan procedures.

Overview

Product Information

The product features are as follows :

Maximum Loan Amount 1/3 of Annual salary x Payback Period.
Maximum Tenure 240 months.

Interest Rate

Segment	Federal Mortgage Bank of Nigeria(FMBN) Interest Rate	Federal Government Staff Housing Loans Board (FGSHLB),
Salaried	6.0%	3.0%
Self – Employed	13.0 -20.5%	13.0 -20.5%

Processing Fees

Initial Non-refundable Processing Fee	₦ 5,000 plus applicable taxes and/ or other statutory levies. This is a one time non-refundable fee, and is collected by NISH Housing for the purpose of appraising the application for the Loan and is independent of the outcome/result of such appraisal. This amount is payable at the time of submitting the application form.
Processing Fees	Up to 2% of Loan Amount plus applicable taxes and/ or other statutory levies

The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of NISH Finance.

NISH Finance calculates the loan eligibility taking into consideration various factors such as income, other sustainable income, age of the borrower, tenure of the loan, work experience and other key parameters that may influence credit worthiness.

Documentation

The most important feature of our offering is that we do not collect any physical document from the customer until we are sure that we can satisfy your requirements.

Our documentation requirements are structured to ensure that we collect the least number of documents for a home loan. The documentation includes an application form, copies of your identification documents, address proof, income documents, bank statements and property documents.

Please note that depending on the individual case, NISH Finance reserves the right to ask for any additional documents as well.

Home Loan Documents Required

Salaried Employees	Self Employed/Professionals
Duly filled Application Form with Photograph	Duly filled Application Form with Photograph
Age Proof (PVC, Passport, Any other Certificate from Statutory Authority)	Age Proof (PVC, Passport, Any other Certificate from Statutory Authority)
Residence Proof (Passport, Driving License, Telephone Bill, Any other Certificate from Statutory Authority)	Residence Proof (Passport, Driving License, Telephone Bill, Any other Certificate from Statutory Authority)
Education Qualifications – Latest Degree	Education Qualifications – Latest Degree (for professionals)
Latest Salary-slips for 3 months	Certificate & Proof of business existence along with Business Profile
Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant	Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant
Last 6 months Bank Statements(salary account)	Last 12 months Bank Account Statements (self & business)
Processing Fee receipt in favour of NISH Housing	Processing Fee receipt in favour of NISH Housing

Loan Disbursement

At NISH Finance, we provide loans for purchase, construction and extension of dwelling units. We offer customised Home Loan solutions with best-in-class services, full-fledged domain knowledge and simplified loan procedures.

NISH Finance excels in providing a complete bouquet of services to customers to meet their Home Loan needs. NISH Finance undertakes a comprehensive collateral evaluation which comprises of a legal and technical appraisal to understand the marketability, maintenance, the age of property, level of construction, quality of construction, if required legal clearances are in place and so on.

The amount sanctioned may be disbursed on the basis of the stage of construction of the property.
The amount disbursed may be done through electronic transfers or cheque

NISH Calculator

NISH Loan Estimation Tool (NLET)

NISH has a Home Loan Affordability calculator which helps you gauge the value of the property you can buy and your eligible home loan amount. While you calculate your home loan affordability, it’s important to know that lending institutions consider factors like relative health of one’s former income tax records, outstanding loans and payments that one owes to creditors as one of the few factors before arriving at the final eligibility.