Getting a Property Mortgage in Nigeria: A Plain-English Guide

Property mortgages in Nigeria are more accessible than many people realise — but the process is significantly different from what you might know from other countries. Here is a clear guide to your options.

Option 1: National Housing Fund (NHF) Mortgage

The National Housing Fund, administered through the Federal Mortgage Bank of Nigeria (FMBN), is the most affordable mortgage option available in Nigeria.

Key features:

• Interest rate: 6% per annum (significantly below commercial rates)
• Maximum loan amount: ₦15 million
• Maximum tenor: 30 years
• Eligibility: Must be a contributor to the NHF scheme (deductions from salary or voluntary contributions for self-employed)
• Property must be for owner-occupation, not investment

How to apply: Apply through a Primary Mortgage Bank (PMB) that is affiliated with FMBN. You will need: NHF contribution history, recent payslips or business records, property title documents, and a valuation report.

Option 2: Commercial Bank Mortgage

Most of the major Nigerian commercial banks (Access, GTB, First Bank, Zenith, UBA) offer mortgage products. These have higher interest rates but higher maximum loan amounts.

Key features:

• Interest rate: typically 18–25% per annum (variable)
• Maximum loan: varies by bank, typically up to ₦50M – ₦100M
• Maximum tenor: typically 10–20 years
• Loan-to-value (LTV): typically 60–70% (you contribute 30–40% as equity)
• Requirements: employment or income verification, good credit history, property with clean title

Option 3: Developer Instalment Plans

For new-build properties and estate developments, many developers offer in-house instalment plans that are often more flexible and faster to access than formal mortgages. Typical terms:

• Deposit: 20–30% upfront
• Balance over 6–36 months
• No bank approval needed

APEXIFY Real Estate Limited works with several developers offering flexible payment plans on properties across Ogun and Lagos States.

Steps to Getting a Mortgage

1. Determine your maximum affordable monthly payment
2. Check your NHF contribution status at the FMBN or your employer
3. Get pre-approval from your preferred lender before making an offer
4. Identify a property with clean title documentation
5. Commission a formal property valuation
6. Submit the full mortgage application with all required documents
7. Once approved, complete the purchase with your lawyer handling conveyancing

Speak to Our Team

Our consultants at APEXIFY Real Estate Limited can guide you through the mortgage process and connect you with trusted mortgage advisers and Primary Mortgage Banks in Lagos. Contact us to get started.