Section 61 Mortgage and Property Law of Lagos State

Section 61 of the Mortgage and Property Law of Lagos State 2010 is about Financing of insurance or other products sold in connection with the loan. It provides as follows:

No mortgage institution shall finance, directly or indirectly, any credit life, credit property insurance, or any other life or health insurance premiums, or
any payments directly or indirectly for any debt cancellation or suspension agreement or contract, or any product or service that is not necessary,
collateral or related to the home loan but not including fees paid to the lender, broker or agent, fees related to the recording of the mortgage, cancellation or suspension fees calculated and paid on a monthly basis shall not be considered financed.