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Requirements To Get A Home Mortgage Loan in Nigeria

Posted on | April 5, 2010 | 11 Comments

If you want to buy a home for yourself in Nigeria, you can take advantage of mortgage loan. You can get this loan from different lenders, with different loan terms and conditions. Prior to going to a lender, you can find out how much mortgage you can afford, by using online home mortgage calculator.

What a mortgage calculator means
A home mortgage calculator is a tool by which you can find out how much amount you have to pay each month, for a certain amount of loan. You also can choose your loan term, interest rate and loan amount to find out the monthly repayment amount. Depending on your needs, a calculator can be of many types, like, repayment calculator, interest-only mortgage calculator, cost calculator, etc.

Mortgage loans are offered to the people of Nigeria through accredited mortgage lending organizations and banks all across the country. The Federal Mortgage Bank of Nigeria (FMBN) issues home loans through the lenders and banks and raises fund for the loans through the National Housing Trust Fund or NHTF.

Requirements to take a mortgage loan
You need to fulfill some requirements, before you can be eligible to get a home loan in Nigeria. Some of the requirements are mentioned below:



  • An introduction letter from your employer: You need an introduction letter from your current employer to ensure that you are a permanent employee of that company.
  • Copy of documents of the property: You need to have copies of documents related to the property you want to purchase.
  • Valuation report of the property: You need to produce a valuation report of the property where the purchase is from an original allottee. The valuation report should be accompanied by photographs, taken from all angles of the property.
  • Cash flow projection on repayment of loan: You need to give a cash flow projection on repayment of the loan, where the processing fee will be 0.25% annually, management fee will be 0.5% quarterly, annual interest rate will be 15.75% and at least 2.5% of the loan amount will include fee towards perfection and sundry charges.
  • Salary stubs: You have to produce salary stubs of last three months, to prove that you have a good steady income and you can afford to repay the loan amount.
  • Bank account statement: You have to produce your bank account statement of last six to twelve months.
  • Offer letter from agent: You need to produce an offer letter from the agent confirming your interest to purchase of the property.

You can also take advantage of NHTF mortgages, even if you are a non-resident Nigerian. In that case, you will need to have a National Housing Trust number, to be eligible to get the loan. However, the interest rate of the loan will be higher, so, you can use an online home mortgage calculator, to find out whether or not you can really afford to take the loan.

Samantha Taylor is the Community Mentor of MortgageFit and has been contributing her suggestions to the Community since 2005. Not just that, she has also made notable contributions through the various articles written on different subjects related to the mortgage industry. Few of her popular articles would include names like ‘Mortgage that you can afford’, ‘Mobile Home Loan with Bad Credit’, and How much mortgage can I borrow?’

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Related posts:

  1. Home Ownership: Procedure For Registration in the National Housing Fund (NHF)
  2. Mortgage Loans in Nigeria: How to Access NHF Loans
  3. National Housing Loan – Frequently Asked Questions
  4. Where Do I Put My Money?
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Comments

11 Responses to “Requirements To Get A Home Mortgage Loan in Nigeria”

  1. Mathisen Financial
    April 22nd, 2010 @ 9:25 pm

    For a Home buying,Figure out how much you can afford.Talk to several lenders, compare price and interest rates,offers,and negotiate to get a better deal.Consider getting pre-approved for a loan and more important Home loans are usually accompanied by some extra costs like Processing Charge,Pre-payment Penalties,Commitment Fees and ocumentation or consultant charges.

    Take care of it.

    Best of luck

  2. How Much Can I Borro
    May 4th, 2010 @ 10:47 am

    A loan calculator to housing, also called mortgage can be a wonderful tool to help you find your dream home. Whatever you choose to buy the house, it is imperative that you know you'll be able to afford the repayments on a mortgage calculator and a mortgage can not only provide details of monthly payments, but also options if you start by entering what you know you can afford to repay any loans month.A home loan is often prescribed for use on the mortgagee website, and is one of the best tools available to potential borrowers today, home mortgage new.

  3. AJIBOYE JOSEPH
    August 25th, 2010 @ 8:44 pm

    NEED TO BORROW MONEY UP TO 1MILLION NAIRA

    TO COMPLETE MY HOUSE PROJECT AND REPAY MONTHLY

    INSTALLMENT BASE ON THE CALCULATION WITH THE

    PERCENTAGE INTEREST, WORKING AS SALARY EARNER WITH A REPUTABLE COMPANY IN LAGOS NIGERIA.

    REGARD.

  4. adeleye kehinde
    December 25th, 2010 @ 3:00 am

    i need an assistance in completing my house. How may you help me please.
    Thanks
    Adeleye

  5. Newdawn
    December 27th, 2010 @ 12:48 am

    I am working on a post to address this shortly. Keep posted

    By the way this is a guest post

  6. ogusan oluwole jacob
    March 3rd, 2011 @ 2:49 pm

    i Jacob, i have a business, type: computer service&Recharge card dealer. BUT NOW,i want enlargement in my business. 4 cyber cafe. please how do i go about it. THANK U. PLS REPLY. OLUWOLE JACOB

  7. joseph tetteh
    March 14th, 2011 @ 1:27 pm

    i need help to complete my wife house in nigeria. please can u borrow me money . contcat +32 0492213197

  8. stephen Tanimonure
    April 6th, 2011 @ 1:13 pm

    i need housing loan from FMBN. I can meet all the above stated requirements

  9. OFFOR PETER
    October 25th, 2011 @ 10:00 am

    I need loan to complete my building project in my village and the only way out is NHF.

    Please help

  10. Mr clinton
    October 25th, 2011 @ 2:27 pm

    I need an assistance in my business .type fashion designers and weeding cards dealer.but NOW i need help to build up my business please thank mr clinton +2348094323878

  11. Newdawn
    October 31st, 2011 @ 7:08 pm

    Hello Clinton, your best bet is to get a mentor who will show you the ropes, someone who has already succeeded in what you are trying to do. All the best

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