Home Finance Banking - Frequently Asked Questions

Mortgage Banking

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Yes, but only if you meet the requirements. Please see any of our Customer Service Officers or your account officer for more details.

Yes. But you will be required to pay 10% equity and 2% administrative fees. You will also be required to complete new application forms.

No. Mortgages are for Real Estate/Property only. If you wish to start or expand your business, please see either your Account Officer or any member of our Product & Market team (at any of our branches) who will be pleased to offer advice on ASOs Small Business Banking products.

Yes. If you have any enquiries regarding mortgages please contact our Customer Service Officers (at any ASO branch - please ask for information for a branch closest to you) or call any of the following numbers:

09 6734619, 09 6734620, 09 6734623

If you have any other enquiries regarding our services you could visit our website www.asoplc.com, call our Customer Care line (09-7041631121) or mail customerservice@asoplc.com.

This is what in your Loan Agreement is called ‘Force Majeure’.

Please come to our office with a copy of the Withdrawal Letter. We will process the withdrawal/revocation and the following will take place:

  • Refund of monies deducted

  • Return of original documents received from you by the Bank i.e. original offer letter, receipt(s), etc.

  • Please note that COT and the administrative fees are non-refundable.

Please request that one of our Customer Service Officers to do a manual check for your receipt. Once confirmed that your receipt has not been issued, ensure that your name and EOI number are taken and placed in our Unissued Receipt List. We shall forward it to the Head of Accounts, Ad-Hoc Committee on SOFGH, who will confirm to us if your document/payment is okay or not. If it is, we issue you a receipt within 2 weeks. But if not, they inform us of the outstanding requirements and we inform you via phone of the outcome.

No, you are not allowed to rent/let/lease your property without prior consent of the bank.

If you intend to rent/let/lease your property, you should write to us indicating your intentions stating the rental period and amount. Should the information prove satisfactory, our Legal Team will give consent in writing to the rent/let/lease of the property.


This is referred to as ‘Balloon Payment’.

To do this, you should first deposit the amount you wish to pay into your loan current account. Then request for a ‘Balloon Payment Form’ from any of our Customer Service Officers who will be pleased to give you further information on processing your balloon payment (including the attendant charges).

Once the “Balloon Payment’’ is done, you can collect your new repayment plan from your branch within 48hours of submitting your request.

Alternatively contact your Account Officer to process this on your behalf.










Maximum of 30 years  (but usually 60 minus your age)

Civil Servants who have been contributing to the NHF Scheme

Other contributors to the scheme

-NHF Form. N1,000.00
-ASO Current Account




15 years

- Owners-Occupiers
- Civil Servants
- Political Office Holders
- Winning Bidders

- Offer Letter
- 10% equity paid to FCDA
- ASO Current Account
- Domicile Salary with ASO
- Mortgage application forms



Negotiable in line with market.

1-10 years

- Individuals
- Development Companies

- Have an existing current account with ASO for a minimum of 6 months
- Commercial loan forms



See one of our Customer Service Officers or your account officer.


Please contact our staff in the Products & Market Division (at any ASO Branch). You will require the following in preparation for your loan:

  • Bill of Quantities report for renovation

  • Valuation Report

  • A minimum contribution of 25% of the total project cost

  • Legal mortgage over the property

You cannot get a mortgage loan without having a property that you can use as security for the loan.

The most common type of payment is the monthly repayment. Offering the greatest simplicity, your monthly repayments cover both the principal and the interest on the loan (deducted from your account monthly), so that at the end of the term/tenor you have completed all payments. Please note that ASO monthly repayments are calculated on a reducing annuity basis (see question 19 for more details)

Yes you can.

All career public servants can make an application for a mortgage as long as they are in full time employment at the date of application. However you are required to make a payment of at least 25-30% on the property of your choice, and domicile your salary with ASO.

When you take out a mortgage, you should be aware that in addition, you will have to pay valuation and processing fees. Once you take ownership of the property, ASO will insist you take out insurance cover on the building. It is advisable to take out contents insurance as well.

Always look at the total package and not just focus on the costs or interest rates.

Please contact our Customer Service Officers who will check for you.

Your Offer Letter and the terms and conditions contained therein highlight in detail the early repayment charge associated with your mortgage.

Your monthly repayment depends on the tenor of your loan and is calculated at a reducing annuity mortgage basis. The principal has to be spread over the period or duration of the loan. For example, if you a have N5millon loan for a tenor of 5years, the principal repayment has to be spread through 5 years. Therefore as you pay your principal (which makes up part of your monthly repayment) which has been spread, you reduce the interest paid on the loan.

While your monthly repayment remains as stated in your offer letter, the components of this repayment (interest and principal) may be seen on your statement to vary. Your interest repayment on the onset is higher than the principal repayment, but tapers off (reduces) over time as you service your loan, while your principal repayment which starts off as lower than the interest repayment increases until it exceeds the interest portion of the repayment while the loan is being serviced.

To protect you from the risk associated with such unforeseen circumstances/damage like fire, collapse, storm etc. The insurance also helps protect your mortgage repayment in the event of you being temporarily incapacitated

In event of any unforeseen circumstance affecting you or your property (for which you got the mortgage) which could include damage to the property due to fire, rain storm, wind, earthquake etc; you can make an insurance claim in this instance by providing the following documents:

- Application letter to support the claim
- Pictures of the damage to the property
- FCDA Offer Letter and ASO Offer Letter
- Copy of the receipt for payment of the property
- Bill of quantities for the repair of the damage
- Duly completed Insurance Claim Form (available from your branch CSO)

Any of our Customer Service Officers will be happy to answer any other questions you have regarding making an insurance claim.

Mortgage Banking - National Housing Fund (NHF)

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Yes, it was incorporated in November 1995 as a limited liablilty company.

As stated above, ASO is a registered mortgage institution with FMBN and is licensed to participate in all mortgage schemes operated by FMBN, including the NHF.

ASO has been providing mortgage services since 1995. It started by developing a housing estate at Jikwoyi

  1. For mortgages under the NHF, ASO charges an annual interest rate of 6% for periods of up to 30 years (depending on age and income)

  2. For mortgages under the Sale of Federal Government Houses programme (SOFGH) ASO charges an annual interest rate of 9.5% for periods of up to 15 years (depending on age and income)

  3. For Commercial mortgages, interest rates are dependent on prevailing market rate. However tenors under this category typically range between 1 year to 5 years.

As discussed above, the tenure of mortgages depends on the mortgage scheme, and as determined by the Federal Mortgage Bank of Nigeria (FMBN).

To enjoy ASOs mortgage services, you are required to have a current account with ASO to accommodate the mortgage.

To get a loan from ASO, you are required to have an operational account. However, you can still benefit from ASOs mortgage services even if you have not operated your account for up to six months.

Retirees can also participate in all our mortgages services except the NHF Loans.

As a client-focused institution, ASO caters for all class of customers including low income earners. However, this will depend on the value of their request.

Yes. The NHF loan is for contributors who have made subscribtion to the Fund for a period of at least six months. For new subscribers that wish to benefit from the scheme, they can make the six month payment at once and continue subsequent monthly payments.

Eligible contributors can access the NHF loan at an interest rate of 6% per annum.

Yes. Subject to age and income of the contributor, the NHF loan can be accessed for a maximum period of 30 years.

A contributor becomes eligible to access the NHF loan after making contributions for a minimum period of six months.

Yes. The age limit is 60 years, which corresponds with the retirement age in the civil service.

Yes, but you must have initially developed the house up to 30% completion stage.

Yes, you can apply for the purpose of renovation, as long as you have a certified Bill Of Quantities (BOQ).

Under the NHF scheme, the maximum amount that can be accessed is N5mm.

An average of 3 months, depending on the geographical location of property.

After identifying and being offered the house by the owner.

Mortgage Banking - Sales of Federal Government Houses

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Its a pilot scheme where houses owned by the Federal Government are mortgaged at a regulated interest rate under specific defined underwriting conditions. The mortgages generated under this scheme will eventually be sold to investors in the capital market.

A Letter of offer for a Federal Government House from the Ad-Hoc committee FCT.

Access this information by visiting the website www.fct.gov.ng or Room 109, Federal Capital Development Authority (FCDA), Area 11

Yes, prior to bidding or when an offer is made to the loan applicant. The loan applicant is required to make an equity contribution of 30% of the amount, and repayment of the 10% loan must be made within 90days of the offer.

Access this information by visiting the website www.fct.gov.ng or watch for notices in national dailies

You get refunded your equity (contribution) to the 10% on return of ASOs draft ifo Adhoc committee on sale of Fed Govt. Houses

No. ASO does not have any sought of influence in the Adhoc Committee, however, ASO abides by the guidelines outlined by the Committee.

Yes, as long as you have an offer from FCDA.

Though this process is entirely beyond the control of ASO, it usually takes an average of 30 days.

  • Letter of offer/winning bidder;

  • 6 Passports;

  • Completed ASO Loan Application form;

  • Executed Mortgage Loan Agreement;

  • Executed Deed of Assignment;

  • Executed Memorandum of Deposit;

  • AGIS form;

  • Letter of Domiciliation of Salary;

  • Terminal benefits from employer.

Bulk payments will deflate the monthly repayments or reduce the tenor of the loan, whichever the applicant prefers.

All documents will be transferred to the customers upon making full payment of the mortgage loan to ASO.

Mortgage Banking - Commercial Mortgage Facility

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Yes, ASO provides mortgage loans that are not under the NHF and SOFGH to its customers.

ASOs CMF is offered to customers at the prevailing market rates.

It can be used for shops, land and other real estate properties.

No, the maximum tenor under the CMF is 5 years.

Yes, you have to have developed the property to 30% completion stage.

Yes it can provided that there is a Bill Of Quantities (BOQ) for the renovation work to be carried out.

Yes, CMF could be granted to enable the customer make payment for a property pending release of NHF loan. When the NHF loan is granted, the CMF could then be converted to the NHF loan. However all outstanding payments under the CMF must be paid notwithstanding the NHF loan.

Yes, normally, we will use the property being financed; shares come in as additional comfort.

Ideally, the property being financed or alternative real property. Other forms of securities, such as shares of quoted companies, may be accepted.

Yes, depends on the ability of the civil servant to pay back the loan.

Yes you would have to open a current account with ASO.

Insurance Premium On Mortgages

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This is a system or process by which one party referred to as the insurer agrees to indemnify the other party called the insured in the event of any financial or material loss after due payment of a consideration called premium.

A premium is the payment you make on the insurance policy payable annually. Premiums are calculated based on the property value, loan balance and age of the person who is insured by the policy and tenor of loan. The younger you are, the lower the premium.

One of the most important reasons to purchase insurance is to ensure your loved ones are provided for financially. Mortgage Protection is useful in helping your survivors pay your mortgage debt after your death. General Protection is useful in helping to reinstate or replace property damaged or destroyed.

Mortgage protection is a contract between the policy owner/insured and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured's death. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals.

This provides indemnity to the insured in the event of loss or damage to property covered under it as a direct result of fire outbreak, lightning or explosion.

It is a contract wherein the insurer guarantees to pay for the loss and damage to the property for the specified period of time (normally the policy is a one year policy and renewable annually).

Premium rates for mortgage protection are typically based on factors such as:

  • Age, Loan Balance, Loan tenor
  • Premium rates for general protection are typically
  • Negotiable and determined by the insurance companies after its risk analysis

Generally the coverage starts once premium is received by the insurance companies. The cover is usually for a year and premium is remitted annually.

A master policy will be provided by the insurance company. Individual certificates containing abridged policy information will also be provided, which will be electronically mailed to customers.

Annual premium is to be paid, in the event no premium is paid to the insurance companies; there is no cover for any event that happens within that period no premium was paid.

Yes you can, but it will be based on Fire and Special peril only since the mortgage has been liquidated

There is no insurance cover in the event of loss of job or sickness. The insurance claim is only applicable in the event of the death of the customer and the death claim proceeds are used to clear up the customer’s outstanding loan amount with the bank.

The NOK should visit the bank within 90days of the incidence to formally notify ASO of the passing on of the mortgage beneficiary. A formatted ‘Death Notification & Insurance Claim template will be completed by the NOK with a copy of his/her valid ID card and the deceased death certificate as supporting documents.

Subsequently, the Letter of Administration from Probate Registry of the Federal High Court should be applied for and obtained by the NOK to facilitate the process of releasing the original titles of the deceased estate from ASO.

The claim will not be accessible as it has exceeded the notification window period.

CBN'S KYC Requirement For DNFBPs

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DNFBP is an acronym for "Designated Non-Financial Businesses and Professions".

SCUML means Special Control Unit against Money Laundering and is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non-Financial Institutions (DNFIs).

CBN/EFCC have classed the following categories of businesses and professions as DNFBPs:

  • Dealers in Jewellery,

  • Dealers in Luxury Goods,

  • Chartered/Professional Accountants,

  • Audit Firms,

  • Tax Consultants,

  • Clearing and Settlement Companies,

  • Legal Practitioners,

  • Trust and Company Service Providers,

  • Estate Surveyors and Valuers,

  • Hotels and Hospitality Industry Businesses,

  • Dealers and Miners of Precious Stones and Metals,

  • Pool Betting, Casino and Lottery,

  • Supermarkets,

  • Non-Governmental Organizations,

  • Consultants and Consulting Companies,

  • Construction Companies,

  • Estate Agents, Dealers in Real Estate,

  • Importers and Dealers in Cars and Vehicles,

  • Dealers in mechanized farming equipment and machinery,

  • Practitioners of mechanized farming and any other business(es) as may be designated from time to time by the Federal Ministry of Trade and Investment or SCUML

Registration forms are available in the branches for onward submission at SCUML offices or can be downloaded via this link; http://www.scuml.org.

No, customers should process and collect their certificates at SCUML offices and forward same to their branches

  • Certificate of Incorporation.

  • Article and Memorandum of Association.

  • Tax Clearance Certificate (Not Applicable to NGOs).

  • Audited Financial Report.

  • Authorised Operational License (Not Applicable to NGOs).

  • Company/ Organization Profile.

  • Constitution (For NGOs Only).

  • Agreement Signed between the NGO and the National Planning Commission (For International NGOs Only).

  • Head Office: No. 1 Obosi Street off Ladoke Akintola Boulevard beside PHCN Garki II office Abuja. Tel: (234) 09 7806364 Website: http://www.scuml.org E-mail: info@scuml.org

  • Lagos Zonal office: 15, Awolowo Road, Ikoyi, Lagos State

  • Kano Zonal office: GP 360 Bida Road, Civic Centre, Kano State

  • Port Harcourt zonal office: 8, Bank Road, (off Moscow Road), Port Harcourt, Rivers State.

  • Enugu Zonal office: Plot 106 Federal Government college road, Independence Layout, Enugu.

  • Gombe Zonal office: No.4, EFCC Street, New G.R.A Gombe, Gombe State.

For more information, contact SCUML Registration Office on (234) 09 7806364 or visit their website on http://www.scuml.org or visit our branches

Dud Cheques

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A dud cheque is a cheque that is written for more than what is in the bank e.g. a cheque for N200 when the person only has N150 in the bank will bounce (be dishonored) – the cheque is a dud

Your bankers are required to send names of its customers who have issued up to three (3) dud cheques to the CBN. So if you issue dud cheques up to three times, ASO will be constrained to send your name to the CBN.

Yes, you do. The CBN requires that you give your bankers a written pledge that you will never issue a dud cheque. ASO has made this easier by creating pledge forms you can use for this purpose. Please see your Relationship Manager or branch Customer Service Officer for a copy of this form for your use.

Please avail yourself of the Dud Cheque Pledge Form available at any ASO branch, and online (on the downloadable forms section of the ASO website)

Yes there are. ASO will be constrained to send your name to the CBN who could then forward same to EFCC for further action.

The CBN’s action is geared to support its Cash Lite policy and improve customer confidence in the use of cheques as a medium of payment.