Your Dream Home is Here
About OneHome
OneHome is a cost efficient living experience. You can get access to tailor-made residential solutions without all the extra baggage. Whether you are renting, taking out a mortgage or investing in real-estate, we will give you realistic solutions for your peculiar needs.
Types Of Offerings
Rent Finance
Rent Finance Scheme – have you found a great apartment you would like to rent but you don’t have all the funds readily available? ‘Pay rent small small’ can help with that, you have the option of paying rent in sums that are more agreeable to your pocket! Start now
Who is eligible to apply?
- Landlords
- Tenants (“Salaried earners, Professionals/Self-employed Individuals”.)
Salaried individuals with a regular source of income can apply for Pay rent small small through our approved list of Rental/Development properties. In a case the applicant wants a non-listed property, there must be evidence showing that the claimed landlord is the owner of the property.
Mortgage
Mortgage- Mortgage loans are long term borrowing instruments with a maximum tenure of 10 years for employees and 5 years tenor for business owners. The tenure offered to customers depends on the loan amount along with other eligibility criteria. (Qualification, Age of applicant and others).
OneHome Mortgage Finance Scheme Pension Mortgage (PENCOM) Guideline
The OneHome Mortgage Finance Scheme leverages the PENCOM guideline that allows intending homeowners who are contributors to PFA to access 25% of their Retirement Savings Account (RSA) contributions towards payment of equity contribution for Mortgages created on residential properties.
The maximum amount that can be utilized, under the PenCom scheme, is 25% of the total mandatory RSA balance as of the date of application, irrespective of the value of equity contribution required by the mortgage lender.
Any party with a RSA or a micro-pension plan (MPP), provided they are self-employed or in active employment.
i. Out-of-Work Applicants; Applicants out of work whose RSA has received both employee and employer contributions for a minimum of 60 months (5 years) from the dates of the first contribution are eligible. Your pension fund administration (PFA) will also advise your eligibility.
ii. Married Couples; Married couples can apply provided that they are both individually eligible.
iii. Retirees; Existing retirees on a Contributory Pension Scheme (CPS) and exempted persons under the PRA act (2014), shall not be eligible to use their RSA balance for payment of equity contributions for residential mortgages.
Interested party (RSA holder) must have a duly signed offer letter from the property owner and verified by the Mortgage Lender.
Interested party can apply if he/she has at least 3 years to retirement.
i. Interested party would need to approach his/her PFA directly.
ii. Determine the eligibility criteria.
iii. Go through the process and make an application.
Frequently Asked Questions
OneHome Business is a business under the consumer finance team. The Business was created from the need of
the bank to provide tailor made offerings addressing the huge housing deficit in Nigeria with the aim to provide affordable housing solutions for the average Nigerian. These offerings are centered around Rent and Mortgage.
• Rent Finance Scheme: Coming Soon
• Diaspora Home Acquisition Finance Facility: Coming Soon
• Home Acquisition Finance Facility
- Customers to enjoy flexible repayment with up to 10 years for salaried individuals and 4 years for business owners, making homeownership more accessible.
- Low equity requirement (40% and 30% for business owners and Salary earners respectively).
- Up to ₦150 million loan size
- Rate : 32% per annum, Commitment fee: 1% upfront
About The Rent Finance Scheme
Rent Finance was birthed out of the need to help renters meet up with their rent payment and provide them the opportunity to rent properties of their choice by taking away budget constrain. This product makes it possible for renters to pay rent at their
convenience using a repayment model best suited to them.
Applicants can choose from the following.
• Monthly/Quarterly Rent Repayment – Renters pay on a monthly/quarterly basis
depending on cashflow and pre-determined eligibility criteria.
• Bullet Rent Repayment – Renters pay a bullet repayment based on expected
inflow; mostly an upfront salary payment or receivables; and pre-determined
eligibility criteria.
• Salaried Individuals
• Professionals/Self Employed Individuals
Applicants can access up to N5,000,000 to pay the rent for their property.
• Residential Properties
• Commercial Properties such as offices, retail store building and warehouses.
Yes, there are.
• 1% Insurance Fee (Security Cover)
• 1% Management Fee
• The Monthly/Quarterly rent payment is for a maximum period of 12 months at 2%
flat per month.
• The Bullet Rent payment is for a maximum period of 3 month at a rate of 1.5% flat
per month for a one-month tenor facility, 2.0% flat per month for a two-month
facility and 2.5% flat per month for a three-month facility.
Funds are paid directly to the landlord on behalf of the applicant for the rent payment.
Commencement of banking relationship with opening of current/salary account is a requirement during the application process, provided the applicant does not already have an existing Sterling Bank Current account.
It is applicable to customers who reside and work legally in the diaspora and are looking to purchase a property in Nigeria.
The terms and conditions are similar to the HAFF. The major difference is that the Diaspora HAFF caters to Nigerians in Diaspora.
The minor differences are below.
Interest rate is 19% and not 19.5%.
Customer shouldn’t be more than the age of 60 years throughout the tenor.
Everything else under the HAFF applies.
No, the Landlord is not required to open a Sterling Bank account. The funds will be disbursed into any account of their choosing. However, should the Landlord be interested in opening one, that can be done.
PRE-APPROVAL DOCUMENTS
• Evidence of Previous Rent Payment or Rent Agreement (For sit-in tenants)
OR
Notification of apartment allotment (for new tenants)
• Last 6 months Salary/Business Account Statement
PRE-DISBURSEMENT DOCUMENTS
• Duly signed Offer Letter
• Duly signed Credit Facility Agreement
• Duly signed Tripartite Agreement (For new tenants) between the Bank, Applicant and the
Landlord/Property Manager
• Execution of REMITA (For other Bank’s account holders)
Three to Five Working Days upon provision of all required documents.
• Rental Listing Companies
• Property Mangers
• House owners/Landlords
• Tenants
• Other service providers within the housing ecosystem
Home Acquisition Finance Facility (HAFF) FAQ
The Home Acquisition Finance Facility (HAFF) is a mortgage product that avails mortgage-backed facilities to customers for a defined tenor. The borrower (mortgagor) receives financing from the lender (Sterling Bank i.e., the mortgagee) to purchase a choice property and lien is placed on financed or pledged property as collateral for
the loan. It is designed to partly finance the acquisition of completed properties in major cities and state capitals across Nigeria.
Initially, the product targeted at confirmed Sterling Bank employees and employees of pre-approved private-sector entities. The eligibility criteria have been expanded to include self-employed individuals and business owners.
For salaried individuals:
• Must be confirmed/permanent Sterling Bank staff or employees of pre-approved private sector entities who have spent a minimum of 6 months or completed a probationary period.
• Irrevocable domiciliation of salary and other entitlements to Sterling Bank is required.
• A letter of introduction from the employer must accompany the application, indicating the employer’s willingness to domicile salaries and allowances to the Bank and pledging retirement benefits until the full loan repayment.
• The employer must also notify the Bank before the obligor’s exit from the organization.
For self-employed individuals/business owners:
• Must have valid Corporate Affairs Commission (CAC) documents.
• Domiciliation of a business account with Sterling Bank with a fixed monthly turnover limit based on the facility.
• The company must have been in business for a minimum of 3 years and have a minimum of 3 months of active banking relationship with Sterling Bank.
• Facility limits are determined based on the business’s annual repayment capacity, historical revenue performance, leverage ratio, and Debt Service Coverage Ratio (DSCR).
• A maximum leverage ratio of less than 1 is required.
• A minimum DSCR of 2.0 must be demonstrated.
• The facility should primarily be available to business owners engaged in consumer goods and industries with steady demand and cash flow. Applications from other business categories will be assessed on a case-by-case basis.
Maximum of N150million
Yes, for salaried individuals, an irrevocable domiciliation of the customer’s salary and entitlements to the Bank is required. For self-employed individuals, domiciliation of their business account with Sterling Bank is required
DSCR refers to Debt Service Coverage Ratio. This is the percentage of your monthly net
income (after tax & other deductions/indebtedness) which we would permit you to use
to service your mortgage facility
- For salaried individuals, a DSCR of 33.3% is required.
- For self-employed individuals/business owners, a DSCR of 10% of the average monthly turnover in 12 months is required. A minimum DSCR of 2.0 must be demonstrated to provide a sufficient buffer, showing that the business consistently generates twice the income needed to service its debts.
The maximum tenor for salaried individuals is 10 years, with the obligor’s age not exceeding 60 years throughout the tenor. For business owners, the maximum tenor is 5 years ,with the obligor’s age not exceeding 60 years throughout the tenor.
Yes, equity contribution is required. For salaried individuals, 30% equity is required, maintaining a minimum Loan-to-Value (LTV) cover of 70% for residential properties. For business owners, 40% equity shall be made available.
Repayment sources are primarily from salary and allowances for salaried individuals, and from monthly business cash flow for business owners.
• Registered Deed of Assignment
• Certificate of Occupancy
HAFF currently caters only to the purchase of already completed residential properties
The facility finances completed residential properties in prime locations, as stipulated by the Credit Policy Guide (CPG), with associated basic amenities such as motorable roads, drainage systems, sewage systems, running water, and power.
The interest rate is 32% per annum, subject to prevailing market conditions.
Yes, this includes:
- Commitment fee: 1% upfront.
- Insurance premium for Credit Life & Job loss: 1% per annum of mortgage loan exposures.
- Fire Insurance: 0.2% per annum.
No, there is no penal charge for part or full liquidation of facility
Pre-disbursement documentation includes:
- Duly signed Offer Letter from the property vendor & offer acceptance by the obligor
- Domiciliation of salary with the Bank (for salary earners)
- Last 6 months payslips (for salary earners)
- 3 years of audited financial reports (for business owners)
- Domiciliation of business account with the Bank (for business owners)
- Duly signed Credit Facility Agreement.
- Documentary evidence of payment of the customer’s equity contribution.
- Execution and submission of all documents required for perfection of the Legal Mortgage.
- Comprehensive insurance on the pledged property against Fire and Special Peril, noting the Bank as the first loss payee.
- Charting report on the property from the Surveyor General’s Office.
- Credit Life and Job loss Insurance for the applicant.
- Keyman Insurance on the promoter (business owner).
- Corporate Guarantee of the obligor’s company (business owner).
- Execution of Global Standing Instruction (GSI) by the customer.
Perfection fees are the fees paid to the government for the transfer of ownership of title from the original owner to the customer and then the registration of Legal Mortgage to note the Bank’s interest. Yes, you would be required to pay these fees. We advise client to set aside about 10% of the cost of the asset for perfection cost and same must be in a dedicated account prior to the disbursement of the facility
Yes, married couples may apply as co-applicants, provided they individually meet the Risk Acceptance Criteria (RAC) of the product paper.
Applicable fees & Charges
- Commitment Fee: 1% upfront.
- Insurance Premium:
Credit Life & Job Loss: 1% per annum of mortgage loan exposures.
Fire Insurance: 0.2% per annum. - Perfection Fees: Customer is to fund their account for payment of perfection fees and all associated costs. (10% of the cost of the asset is advised)
- Upfront Fees: Customer is to fund their account for upfront fees in line with IFRS
The customer submits an application letter, executed application form, and other pre-approval documents to the Portfolio Manager(s), via any of branches Sterling Bank Branch or Send a mail to [email protected] to apply.
The Home Acquisition Finance Facility (HAFF) is a mortgage product that avails mortgage-backed facilities to customers for a defined tenor. The borrower (mortgagor) receives financing from the lender (Sterling Bank i.e., the mortgagee) to purchase a choice property and lien is placed on financed or pledged property as collateral for
the loan.
This product is accessible to confirmed Sterling Bank employees and employees of preapproved private-sector entities with a minimum Obligor Risk Rating (ORR) of BB for private sector employers (SPECTA BASIC CUSTOMERS). Obligors must be active PFA
holders.
Maximum of N50million subject to DSCR of 33.3% (salaried individual) and 80% of biannual housing allowance for Sterling staff, not exceeding 10 times the annual housing
allowance {The determination of financial capacity shall be based on the applicant’s
net monthly salaries and/or bi-annual housing allowances (i.e., taking existing
indebtedness, if any, into account).
Yes. This is a condition to apply for the facility.
DSCR refers to Debt Service Coverage Ratio. This is the percentage of your monthly net
income (after tax & other deductions/indebtedness) which we would permit you to use
to service your mortgage facility
Maximum tenor of 10 years shall apply, and the obligor’s age shall not exceed 55 years
through-out the tenor of the facility.
Minimum of 30% of the cost of the asset shall be made available by the customer.
- Equal monthly instalment (EMI) through direct debit from borrower’s salary
account. The monthly payments cover interest and principal. - Bi-annual repayment from housing allowance for Sterling Staff (Not more than
80% of bi-annual housing allowance shall be for the purpose of loan servicing).
• Registered Deed of Assignment
• Certificate of Occupancy
HAFF currently caters to the purchase of already completed residential properties
Completed residential properties in prime locations with associated basic amenities such
as motorable roads, drainage systems, sewage systems, running water, power, etc.
Interest rate of 19.5% per annum applies
• Commitment fee: 1% upfront
• Insurance premium – Credit Life& Job loss: 1% p.a of mortgage loan exposures
• Fire Insurance: 0.2% p.a
No, there is no penal charge for part or full liquidation of facility
• Duly completed OneHome Mortgage application form
• Domiciliation of salary with the Bank
• Last 3-months payslips
• 12 months duly stamped statement of salary account with Sterling or any other bank.
• Letter of Introduction from employer and undertaking by the employer to notify
the Bank prior to the exit of the organization’s obligors
• Obligor’s employment confirmation letter and/or HR verification of employment
status
• Documentary evidence of active PFA contributions for employees i.e. PENCOM
compliance letter OR PFA statement
• Copy of title held on the property
• Offer letter from property vendor & offer acceptance by obligor
Perfection fees are the fees paid to the government for the transfer of ownership of title from the original owner to the customer and then the registration of Legal Mortgage to note the Bank’s interest. Yes, you would be required to pay these fees. We advise client
to set aside about 10% of the cost of the asset for perfection cost and same must be in a dedicated account prior to disbursement of facility
A married couple may serve as co-borrowers on the loan to support repayment. In this case, the income and debt obligation of both individuals will apply in determining whether the couple is eligible for the loan.
• Valuation cost
• Perfection cost
• Insurance fee (Credit Life & Property Insurance)
• Legal search
• Management fee
Send a mail to [email protected] to apply
Types Of Offerings
Rent Finance
Rent Finance Scheme – have you found a great apartment you would like to rent but you don’t have all the funds readily available? ‘Pay rent small small’ can help with that, you have the option of paying rent in sums that are more agreeable to your pocket! Start now
Who is eligible to apply?
- Landlords
- Tenants (“Salaried earners, Professionals/Self-employed Individuals”)
Salaried individuals with a regular source of income can apply for Pay rent small small through our approved list of Rental/Development properties. In a case the applicant wants a non-listed property, there must be evidence showing that the claimed landlord is the owner of the property.
Rent Finance FAQ
OneHome Business is a business under the Propositions and Partnership Group of the Retail and Consumer Banking Directorate. The Business was created from the need of
the bank to provide tailor made offerings addressing the huge housing deficit in Nigeria
with the aim to provide affordable housing solutions for the average Nigerian. These
offerings are centered around Rent and Mortgage.
• Rent Finance Scheme
• Home Acquisition Finance Facility
• Diaspora Home Acquisition Finance Facility
About The Rent Finance Scheme
Rent Finance was birthed out of the need to help renters meet up with their rent payment and provide them the opportunity to rent properties of their choice by taking away budget constrain. This product makes it possible for renters to pay rent at their
convenience using a repayment model best suited to them.
Applicants can choose from the following.
• Monthly/Quarterly Rent Repayment – Renters pay on a monthly/quarterly basis
depending on cashflow and pre-determined eligibility criteria.
• Bullet Rent Repayment – Renters pay a bullet repayment based on expected
inflow; mostly an upfront salary payment or receivables; and pre-determined
eligibility criteria.
• Salaried Individuals
• Professionals/Self Employed Individuals
Applicants can access up to N5,000,000 to pay the rent for their property.
• Residential Properties
• Commercial Properties such as offices, retail store building and warehouses.
• The Monthly/Quarterly rent payment is for a maximum period of 12 months at 2%
flat per month.
• The Bullet Rent payment is for a maximum period of 3 month at a rate of 1.5% flat
per month for a one-month tenor facility, 2.0% flat per month for a two-month
facility and 2.5% flat per month for a three-month facility.
Yes, there are.
• 1% Insurance Fee (Security Cover)
• 1% Management Fee
Funds are paid directly to the landlord on behalf of the applicant for the rent payment.
Commencement of banking relationship with opening of current/salary account is a requirement during the application process, provided the applicant does not already have an existing Sterling Bank Current account.
No, the Landlord is not required to open a Sterling Bank account. The funds will be disbursed into any account of their choosing. However, should the Landlord be interested in opening one, that can be done.
PRE-APPROVAL DOCUMENTS
• Evidence of Previous Rent Payment or Rent Agreement (For sit-in tenants)
OR
Notification of apartment allotment (for new tenants)
• Last 6 months Salary/Business Account Statement
PRE-DISBURSEMENT DOCUMENTS
• Duly signed Offer Letter
• Duly signed Credit Facility Agreement
• Duly signed Tripartite Agreement (For new tenants) between the Bank, Applicant and the
Landlord/Property Manager
• Execution of REMITA (For other Bank’s account holders)
Q14. How Can one Apply?
• Apply on the OneHome platform sterling.ng/OneHome
• Send a mail to [email protected]
Three to Five Working Days upon provision of all required documents.
• Rental Listing Companies
• Property Mangers
• House owners/Landlords
• Tenants
• Other service providers within the housing ecosystem
It is applicable to customers who reside and work legally in the diaspora and are looking to purchase a property in Nigeria.
The terms and conditions are similar to the HAFF. The major difference is that the Diaspora HAFF caters to Nigerians in Diaspora.
The minor differences are below.
- Interest rate is 19% and not 19.5%.
- Customer shouldn’t be more than the age of 60 years throughout the tenor.
Everything else under the HAFF applies.
Mortgage
Mortgage- Mortgage loans are long term borrowing instruments with a maximum tenure of 10 years. The tenure offered to customers depends on the loan amount along with other eligibility criteria. (Qualification, Age of applicant and others).
Home Acquisition Finance Facility (HAFF) FAQ
OneHome Business is a business under the Propositions and Partnership Group of the Retail and Consumer Banking Directorate. The Business was created from the need of
the bank to provide tailor made offerings addressing the huge housing deficit in Nigeria
with the aim to provide affordable housing solutions for the average Nigerian. These
offerings are centered around Rent and Mortgage.
• Rent Finance Scheme
• Home Acquisition Finance Facility
• Diaspora Home Acquisition Finance Facility
ABOUT THE RENT FINANCE SCHEME – PART 1
About The Home Acquisition Finance Facility
The Home Acquisition Finance Facility (HAFF) is a mortgage product that avails mortgage-backed facilities to customers for a defined tenor. The borrower (mortgagor) receives financing from the lender (Sterling Bank i.e., the mortgagee) to purchase a choice property and lien is placed on financed or pledged property as collateral for
the loan.
This product is accessible to confirmed Sterling Bank employees and employees of preapproved private-sector entities with a minimum Obligor Risk Rating (ORR) of BB for private sector employers (SPECTA BASIC CUSTOMERS). Obligors must be active PFA
holders.
Maximum of N50million subject to DSCR of 33.3% (salaried individual) and 80% of biannual housing allowance for Sterling staff, not exceeding 10 times the annual housing
allowance {The determination of financial capacity shall be based on the applicant’s
net monthly salaries and/or bi-annual housing allowances (i.e., taking existing
indebtedness, if any, into account).
DSCR refers to Debt Service Coverage Ratio. This is the percentage of your monthly net
income (after tax & other deductions/indebtedness) which we would permit you to use
to service your mortgage facility
Yes. This is a condition to apply for the facility.
Maximum tenor of 10 years shall apply, and the obligor’s age shall not exceed 55 years
through-out the tenor of the facility.
30% of the cost of the asset shall be made available by the customer.
Interest rate of 19.5% per annum applies
• Commitment fee: 1% upfront
• Insurance premium – Credit Life& Job loss: 1% p.a of mortgage loan exposures
• Fire Insurance: 0.2% p.a
- Equal monthly instalment (EMI) through direct debit from borrower’s salary
account. The monthly payments cover interest and principal. - Bi-annual repayment from housing allowance for Sterling Staff (Not more than
80% of bi-annual housing allowance shall be for the purpose of loan servicing).
• Registered Deed of Assignment
• Certificate of Occupancy
HAFF currently caters to the purchase of already completed residential properties
Completed residential properties in prime locations with associated basic amenities such
as motorable roads, drainage systems, sewage systems, running water, power, etc.
No, there is no penal charge for part or full liquidation of facility
• Duly completed OneHome Mortgage application form
• Domiciliation of salary with the Bank
• Last 3-months payslips
• 12 months duly stamped statement of salary account with Sterling or other bank
• Letter of Introduction from employer and undertaking by the employer to notify
the Bank prior to the exit of the organization’s obligors
• Obligor’s employment confirmation letter and/or HR verification of employment
status
• Documentary evidence of active PFA contributions for employees i.e. PENCOM
compliance letter OR PFA statement
• Copy of title held on the property
• Offer letter from property vendor & offer acceptance by obligor
Perfection fees are the fees paid to the government for the transfer of ownership of title from the original owner to the customer and then the registration of Legal Mortgage to note the Bank’s interest. Yes, you would be required to pay these fees. We advise client
to set aside about 10% of the cost of the asset for perfection cost and same must be in a dedicated account prior to disbursement of facility
A married couple may serve as co-borrowers on the loan to support repayment. In this case, the income and debt obligation of both individuals will apply in determining whether the couple is eligible for the loan.
• Valuation cost
• Perfection cost
• Insurance fee (Credit Life & Property Insurance)
• Legal search
• Management fee
Send a mail to [email protected] to apply
It is applicable to customers who reside and work legally in the diaspora and are looking to purchase a property in Nigeria.
The terms and conditions are similar to the HAFF. The major difference is that the Diaspora HAFF caters to Nigerians in Diaspora.
The minor differences are below.
Interest rate is 19% and not 19.5%.
Customer shouldn’t be more than the age of 60 years throughout the tenor.
Everything else under the HAFF applies.
Why OneHome
We understand the need for you to have the kind of home you think you deserve; this is why Onehome was created. You can take on this responsibility without breaking the bank or draining your savings in its entirety. The process is seamless and there are no hidden charges.
Who Can Use OneHome? Am I Eligible
If you fall under any of the following you might be eligible
Rent Finance Fees
Interest rate on Loan: 2.125% flat per month
One off payment for Insurance: 1%
One off fee: 1%
Repayment Period: 1-12months
Maximum obligor limit of N5.0million
Representative Example:
Let’s take a look at IKECHUKWU’S request for a Rent Finance of N2,500,000.00 from OneHome for a period of 12 months. At an interest rate of 2.125% per month, he will be paying back ₦238,217.51 monthly for 12 months. This is exclusive of management fees (1%) and Credit life & Job loss Insurance fees of (1%) which are one off fees.
Apply Here
Apply Here
Rent Finance Fees
Interest rate on Loan: 2.125% flat per month
One off payment for Insurance: 1%
One off fee: 1%
Repayment Period: 1-12months
Maximum obligor limit of N5.0million
Representative Example:
Let’s take a look at IKECHUKWU’S request for a Rent Finance of N2,500,000.00 from OneHome for a period of 12 months. At an interest rate of 2.125% month, he will be paying back ₦238,217.51 monthly for 12 months. This is exclusive of management fees (1%) and Credit life & Job loss Insurance fees of (1%) which are one off fees.
Write Up
The facility will be available to customers for Monthly repayment, Quarterly repayment and Bi-annual repayment for a maximum period of 12 months while bullet repayment shall be for a maximum period of 3 months.
The interest rate is 2% flat per month will be charged on the loan and customer will also fund his account with other fees before disbursement.
Management fee- 1% (upfront)
Credit Life Insurance – 1%
For Bullet repayment;
◾1.5% flat will be charged on a 1 month bullet rent repayment and other associated fees above
- 2.0% flat per month will be charged on 2 months rent repayment and other associated fees above
- 2.5% flat per month will be charged on 3 months rent repayment and other associated fees above
Terms & Conditions
- Customer must be a Salary Earner
- Execution of loan application form
- Employment Letter or last promotion letter supported with pay slip for the last 3months
- Customer to provide Previous Rent Receipt and utility bill (if you are presently living in the house)
- Account Statement evidencing receipts of salary in the last 6 months
- Copy of Agreement with the landlord
- Customer to execute Landlord and Property details form
- Customer must fund his/her account for all upfront fees before disbursement
