Lagos Apartments: Mortgage Loans and Payment Plans
Mortgage loans? Payment plans? Do these words ring any bells in you? Say you are looking forward to owning one of Lagos apartments, you should at least take some time reading about them. You’ve learned from the previous blog about the things to do before applying for a home mortgage, so read on and acquaint yourself with the following information.
Property for sale in Lagos: Getting Mortgage Loans and Payment Plans In Lagos, Nigeria
Today, accessing mortgages in Nigeria’s prominent cities such as Lagos and Abuja are made easy. Primarily, the nature of mortgages is formal. When we say formal, any property for sale in Lagos needs to be verified with proper documentation in order for banks to lend you money to buy one or two Lagos apartments. Commonly, verification happens outside Lagos and Abuja. Theoretically speaking, getting a mortgage loan is easy, but practically, can be difficult (consider yourself warned). Read on as we shed some light on how should Nigerian come about the process of buying a Lagos apartment with a mortgage.
Buying Lagos Apartments with a mortgage
To make a long story short, know where to obtain financing then you’ll get on the Nigerian housing ladder in no time and lastly, you’ll buy your first apartment in Lagos (or second).
The mortgage process is as follows:
Save a deposit. While it is pretty obvious that property buyers need some sort of deposit to put down on any home, they are looking forward to buying. Take note, the amount of money varies depending on the property owners and financing institutions.
Browse through our property listing. Just let us know about your property preferences and you are good to go.
Obtain a mortgage loan. Considering you already have a deposit and you are fully aware of the monthly payments, let’s finalize a mortgage on your property. As discussed in the previous blog, we are assuming you would have already done some research on some primary mortgage institutions. Needless to ask, (we’ll still ask, anyway) have you had sort of preliminary meetings with a few of these banks?
Well, congratulations! You are a step ahead with formal talks that will lead you to the signing of papers and getting the keys to your next home.
The question, who can get a mortgage in Nigeria?
You are eligible for getting a mortgage if
1. Registered NHF1 (employer) forms NHF2 (employee) forms
2. A minimum of 6 months of prior contributions
3. Apply through accredited primary mortgage banks in Nigeria
4. Provide sufficient evidence of monthly income
On the other hand, mortgage lenders will also check: your monthly income, your monthly expenditure, your existing debt profile, property’s market value, and your mortgage affordability
Why can it be difficult to get a mortgage in Nigeria?
Risk and uncertainty are what it takes when you lend money. In our country, things are not as certain as they can be, making it really difficult to obtain financing for a house.
- First time home buyer. You have no prior experience in handling a mortgage or settling any debts. Therefore, lender is having a hard time to predict how well you can keep up with your payment each month.
- Small Deposit. Here’ s the thing, the smaller the amount you put aside for the initial mortgage deposit the harder you can apply for mortgage loan. (worst case scenario, this can limit the types of houses you can buy)
- No Collateral. There will be instances that the you cannot equate the amount of mortgage with other assets.
For quick reference, we gathered a list of mortgage banks in Nigeria:
This is a list of Central Bank of Nigeria (CBN) accredited primary mortgage banks. Aside from disbursing NHF loans, these prominent mortgage banks also provide financial advisory services and other related activities for customers.
- Abbey Building Society
- Ag Homes Savings & Loans
- Akwa Savings & Loans
- Aso Saving & Loans
- Brent Mortgage Bank
- Centage Savings & Loans
- City Code Savings & Loans
- Coop Saving & Loans
- Delta Building Society
- Fbn Mortgages
- Fha Homes Savings & Loans
- First Generation Homes (Savings & Loans)
- Gateway Savings & Loans
- Global Trust Savings & Loans
- Haggai Savings And Loans
- Homebase Mortgage
- Imperial Homes Mortgage Bank
- Infinity Trust Mortgage Bank
- Jigawa Savings & Loans
- Jubilee-Life Savings & Loans
- Kebbi State Home Savings & Loans
- Lagos Building & Investment Company
- Mayfresh Savings & Loans
- Mgsl Mortgage Bank
- Mutual Alliance Saving & Loans
- New Prudential Building Society
- Nigeria Police Mortgage Bank
- Omoluabi Savings & Loans
- Platinum Savings & Loans
- Refuge Home Savings & Loans
- Resort Savings & Loans
- Safe Trust Savings & Loans
- Stb Building Society
- Trustbond Mortgage Bank
- United Mortgage
Quick Read: Property List Hub is a prominent Nigerian real estate company. Whether you are a property owner or a homebuyer, we got something special for you. We offer online property listing for homeowners while house, flat, land, or commercial property, to buy or rent is what we offer for homebuyers—just visit our property or land listings. Spoiler alert: You can also send a property request.
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