The House Loan Agreement is a vital legal instrument used in Nigerian property financing transactions when an individual or entity seeks funding for house purchase or construction. This document is essential for financial institutions operating within Nigeria's regulatory framework, particularly under the supervision of the Central Bank of Nigeria and in compliance with the Mortgage Institutions Act. The agreement comprehensively covers loan terms, security arrangements, borrower obligations, and enforcement mechanisms, while incorporating necessary consumer protection elements required by Nigerian law. It is typically used when a formal, secured lending arrangement is needed for residential property transactions, providing both lender and borrower with clear legal protection and defining their respective rights and obligations throughout the loan tenure.
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1. Parties: Identifies and defines the Lender and the Borrower with their full legal names and addresses
2. Background: Sets out the context of the loan agreement, including the purpose of the loan for house purchase/construction
3. Definitions: Defines all key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount of the loan and confirms its purpose for house purchase/construction
5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and any variations
6. Repayment Terms: Specifies the loan tenure, repayment schedule, and payment methods
7. Security and Collateral: Details the property or other assets serving as security for the loan
8. Conditions Precedent: Lists conditions that must be satisfied before the loan is disbursed
9. Borrower's Representations and Warranties: States the borrower's declarations regarding their eligibility and capacity
10. Borrower's Covenants: Lists the borrower's ongoing obligations throughout the loan term
11. Events of Default: Defines circumstances constituting default and their consequences
12. Lender's Rights and Remedies: Outlines the lender's rights in case of default or breach
13. Notices: Specifies how formal communications between parties should be made
14. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
1. Insurance Requirements: Required when the lender mandates specific insurance coverage for the property
2. Guarantor Provisions: Included when a guarantor is required to secure the loan
3. Construction Milestones: Required when the loan is for house construction with staged disbursements
4. Prepayment Terms: Included when early repayment options are offered
5. Additional Security Arrangements: Required when multiple properties or assets are provided as security
6. Change of Circumstances: Included when specific provisions for change in borrower's circumstances are needed
7. Assignment and Transfer: Required when either party may need to transfer their rights or obligations
1. Schedule 1 - Property Details: Detailed description of the property being purchased/constructed
2. Schedule 2 - Repayment Schedule: Detailed amortization table showing all payments throughout the loan term
3. Schedule 3 - Insurance Requirements: Specific details of required insurance coverage and terms
4. Schedule 4 - Fees and Charges: Comprehensive list of all applicable fees and charges
5. Schedule 5 - Conditions Precedent Documents: List of all required documentation for loan disbursement
6. Appendix A - Property Valuation Report: Independent valuation of the property
7. Appendix B - Title Documents: Copies of relevant property title documents
8. Appendix C - Construction Plans: If applicable, approved building plans and permits
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