FREQUENTLY ASKED QUESTIONS

1.                  QU. What is the role of primary mortgage institutions in the banking industry?

ANS. Primary Mortgage Institutions are licensed by CBN and Federal Mortgage Bank of Nigeria to operate as a mortgage outfit that will collect deposit and support individuals and corporations in meeting their housing needs.

2.                  QU. Why is the difference between Accord Savings & Loans and a primary mortgage institution?     

ANS. Accord Savings & Loans is the name of the organization but is licensed to operate as a primary mortgage institution, therefore there is no difference.

3.                  QU. What do you do at Accord Savings & Loans Ltd?

ANS. Just like the name, we receive deposits through opening of Savings, Current and Fixed deposits from customers and pay agreed interest on Savings and Fixed deposits only. We also consider other ways of supporting our customers to achieve their dream especially in owning houses, shops, land and growing their businesses.

4.                  QU. Do you open account for everybody?

ANS. Yes, we open account for individuals, Associations, Companies, Co-operative societies, etc. For children their parents can open and operate the account on their behalf until they become adult. We also open joint account for husband and wife or any other group.

5.                  QU. What are the requirements for opening account?

ANS. There are various requirements but we will mention some now. For Savings account you need two passport photograph, minimum of N2,000.00. Fixed deposit it is only your money which should start from N100,000.00 to any amount and we shall agree the interest rate to pay you depending on the amount but the higher the amount, the higher the interest rate.

For Current account what is expected from individual is different from the requirement of company, association, co-operative, etc. We shall provide the list on our website-www.accordsavings.com

6.                  QU.  When do you start giving Loans?

ANS. For new customers that operate a current account, we expect that you will run the account for 6 months satisfactorily but exceptions may be given to those that have genuine request. Those that have fixed deposit will not wait for six months before accessing loan. We want to support our customers to achieve their various dreams.

7.                  QU. What is National Housing Fund (NHF) Loan scheme?

ANS. It is a scheme set up by FGN to provide housing for all. All workers are expected to register and contribute certain amount from their salary monthly to the NHF Scheme. After about 6 months the person becomes qualified to access the NHF Loan. The maximum amount is N5million and at an interest rate of 6% repayable over 25 years depending on the age of the customer. The customer is also expected to make a contribution of 10% of the value of the property by saving it with a primary mortgage institution like Accord Savings & Loans Ltd. The other requirements are covered in our website- www.accordsavings.com

8.                  QU. Do you give other types of Loans?

ANS. Yes, we give based on the customers need. There are other commercial loans for building houses, renovation of building, Overdraft, etc, but it is only after satisfactory appraisal of the customers’ ability to repay and provision of collateral which may be cash, shares, property, motor vehicle, etc.