You can open an account by visiting any one of our branches locations or online.

Please view the Account Opening check lists

It depends. You can get an ATM card upon request in the account opening package

It depends on the account. Here is a summary:

N1,000.000 for Regular Savings

N10,000.00 for Fixed Deposit

N10,000.00 for ASO Plus Account (Savings Account)

N100,000.00 for Individual Account & N250,000.00 for Corporate Account (Both Excel)

N50,000.00 for my House Account

N5,000.00 for Flourish Account

N20,000.00 for Corporate Account

Please contact us immediately to report a lost or stolen ATM card or visit an ASO Financial center. You can order a replacement card at the same time.

You can check your account balance and other information online (Internet Banking), mobile phones (SMS Banking), or at any of our branches near you.

The ASO Corporate Account allows sole proprietorship; private and public limited liability companies, NGOs and Religious organisations transact business and deposit funds in a secure and conducive banking environment.

Please view the Corporate Account Opening check list.

You can open a business account by visiting any one of our branches locations or online.

To add another signatory, customer must write the bank indicating this interest, thus a new mandate card must be obtained and completed with all the signatories (both new and existing) sign on.

We don't issue debit cards for Corporate Accounts with more than 1 signatory, However, if there is a sole signatory, we will produce a debit card UPON REQUEST.

Please contact us immediately to report a lost or stolen ATM card or visit an ASO Financial center. You can order a replacement card at the same time.

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 ASO’s 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.

Yes.
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.

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

Yes.
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.

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 ASO’s 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 ASO’s 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, we have over N1billion approved 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.

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 ASO’s 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, currently we have close to 6,000 customers benefiting from ASO’s mortgage services.

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

Yes.

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

The FCDA ensures that through its task-force.

• 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.

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

ASO’s 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.

Yes. We have developed housing estates at Jikwoyi and Lugbe.

Not right now.

ASO intends to develop more estates subject to the approval of the Central Bank of Nigeria (CBN).

Yes.

ASO has provided mortgages to customer to purchase commercial property. ASO is working on diversifying its real estate portfolio by developing residential and commercial properties.

Yes our main partner is Abuja Investment and Property Development Company(AIPDC). ASO will be willing to partner with other developers in providing residential and commercial properties.

No. Customers from other locations outside the FCT can still access ASO’s mortgage services provided they meet our requirements. To increase its reach, ASO will expand its network to other major cities in Nigeria in the short term.

ASO‘s Annual General Meeting(AGM) is usually held once a year. The date is communicated to its shareholders through the Registrars.

You would make a formal report of the loss and a request for replacement to First Registrars Limited, Plot 2, Abebe Village Road, Iganmu, Lagos. The Registrar will send a form of indemnity to you to sign and return; following which a new certificate will be issued to you.

Inform the Registrar by sending a certified copy of the death certificate along with the original Grant of Probate (or a sealed office copy) or the Letters of Administration. The name(s) of the deceased's personal representative(s) will thereafter be substituted on the share register while the estate is finalised.

Contact your stockbroker who will run you through the process.

Kindly write to First Registrars Limited, Plot 2, Abebe Village Road, Iganmu, Lagos stating the new address.

Kindly write to First Registrars Limited, Plot 2, Abebe Village Road, Iganmu, Lagos informing them of the relevant changes to be made.

All shareholders whose names are on the company register or their proxies may attend the Annual General Meetings.

Yes, ASO Savings & Loans PLC. pays cash dividends on its ordinary shares.

ASO Savings & Loans PLC.’s Annual Reports and Accounts are published as at March 31, 2008, yearly.

The Reports can be accessed on this website under the Financials tab; and hard copies can be obtained on request at the head office in Abuja or through the Registrars.

The Bank’s shares are traded on the floor of the Nigerian Stock Exchange.

ASO was listed on the floor of the exchange in April 2008.

Please collect a chq book order form from any of our Customer Service Officers (CSO), once you complete this form and hand it back to the CSO you will be told when your cheque book will be ready.

Please forward any/all suspicious emails sent to your purportedly from ASO to our email: customerservice@asoplc.com

ASO is a PMI and does not currently participate in the interbank settlement system (clearing).

However, we have correspondent banks who participate in the interbank settlement system and any of our Customer Service Officers will be pleased to give you the sort codes as required.

You will need to report your lost/stolen card immediately! Our staff will ‘hotlist’ the card so that no one can use it for any nefarious transactions. Our CSO will be pleased to facilitate getting a replacement card.

If you deposit a cheque you will have to wait until the cheque ‘clears’ – usually 3 days from the day the cheque was deposited.

COT is the acronym for Commission On Turnover. It is commission charged on your current account for debit transactions on your current account.

COT charged customers is used by the bank to offset maintainace costs and overheads.

First call your account officer with details of the cheque.

Then you are expected to write formally to the bank, giving details of the cheque to be stopped.

You can log on to our internet banking portal (you need to register for this), you can view and print your statement from the portal.

Alternatively, you can visit any of our branches, place your request and have the CSO print out your statement for you.

Simply visit any of our branches and place your request with the CSO.

Simply have our CSO or your account officer update your contact details with your email address, you will need to provide proof of identity.

Simply sign on for the service with any ASO CSO; you will need to complete a form and provide proof of identity.

You can get information for indicative rates from our banking hall; alternatively you can get this information off your account officer.

Yes, you can! Have your account officer process the documentation on your behalf.

Please discuss your request with your account officer, and discuss the rates/charges for the same.

Please discuss your request with your account officer, and discuss the rates/charges for the same.

If your warrants are in your name you can simply lodge them into your account; if not you will need to speak with your account officer to discuss the possibility of a 3rd party indemnity.

ASO is regulated by the Central Bank of Nigeria as a Primary Mortgage Institution

As a contributor to the NHF scheme you are entitled to the NHF loan. You will need to:

a. Open an ASO current account
b. Complete the NHF loan forms
c. Provide the appraisal & valuation papers for the property you wish to purchase
d. Provide a copy of your NHF contribution passbook
e. Provide a copy of your Nigerian Tax Clearance Certificate.

ASO is a PMI and does not currently participate in the interbank settlement system (clearing). However, we have correspondent banks who participate in the interbank settlement system, and we route our ATM transactions via these banks at a fee. The N100 our customers pay is used to offset these costs.

PD means ‘past due’. It is portion of your monthly repayment left outstanding/unpaid after your repayment date has elapsed.

The PD Interest charged on your account represents the penalty charged on your account for defaulting on your monthly repayment responsibility. It is charged at the prevailing default rate (in line with market forces).