You may use this loan for the acquisition of land

BENEFITS

• Customer gets financial support to acquire a property now, in order to beat the effect of inflation if he tries to save up to acquire the property
• Interest rates are calculated on a reducing balance making repayments less expensive for the customer
• Flexible and convenient repayment plans ¿ monthly, quarterly, semi-annual or annual
• Simple, standardized and scalable products
• An opportunity to create and grow wealth
• Provides security and freedom from astronomical rental growth
• Provides an investment and annuity income
• Provides post retirement cash flow and passive income
• Competitive interest rate
• Imposes discipline and financial prudence

Target Audience

• Individuals in paid employment in the private and public sectors who are confirmed
• Nigerians in the Diaspora who are in paid employment who are confirmed
• Self employed individuals

How to Apply

• Go into any of our business offices and provide the following:
• A copy of the title documents
• A copy of the survey plan
• Money (Naira) for a legal search report
• If you are not already an Oceanic Bank customer, then you will be required to complete an Oceanic Bank account opening package
• Nigerians-In-Diaspora customers will be required to complete a request form for a credit check
• A search will be conducted on the property by a lawyer appointed by the bank within 48hrs and if the search report is favourable you will be asked to complete a Consumer Credit Application form and submit the following:

Iindividuals in Paid Employment

• An offer letter from the seller
• For Off-plan purchases: Developer¿s timelines
• Employer¿s letter
• For customers whose employer will not provide a letter, a copy of employment contract and staff ID card will suffice
• For applicants whose salaries are domiciled in another bank and will not be transferred to Oceanic Bank a statement for the 6 months preceding the application The statement must be endorsed by an officer in the other Bank who is authorised to do so
• Applicants who have not operated a salary account in Oceanic Bank for at least 6 months will provide a statement of account for the period at another Bank to make up a 6 month history The statement must be endorsed by an officer in the other Bank who is authorised to do so

Self Employed Individuals

• An offer letter from the seller
• For Off-plan purchases: Developer¿s timelines
• Applicants who have not operated a business account in Oceanic Bank for at least 6 months will provide a statement of account for the period at another Bank to make up a 6 month history
• Twelve months bank statements of the business account if applicant has not previously operated an account with Oceanic The statement must be endorsed by an officer in the other Bank who is authorised to do so

Other requirements that will be needed later to access Oceanic Land Acquisition Plan

• A Valuation report
• Mortgage Protection Insurance Policy from Oceanic Insurance
• An executed Loan agreement ¿ 2 copies
• An executed Deed of legal mortgage - 6 copies
• A consent to mortgage ¿ One copy
• An authorisation from you for the Bank to raise a draft in the name of the seller and also to collect the title documents from seller
• A letter from the seller that they will release title documents to Oceanic Bank upon receipt of draft
• Original copies of the Deed of Assignment or Deed of Conveyance or Sub-lease depending on the property type executed by you and the seller/vendor
• The Sale and Purchase agreements executed by you and the seller/vendor
• If the seller is an estate management establishment, then they must execute an undertaking to deliver the title documents to Oceanic Bank when these are ready
• A duly executed direct debit mandate drawn on your income account with another bank