How many Nigerians know they can buy a house in Lagos or Abuja with mortgage or installment, definitely not a lot.

Most of the few that know about it, cannot access any of the Mortgage Houses in Nigeria, majorly because of stringent requirements and high interest rates.

However, there are available affordable houses you can buy in Lagos and Abuja with mortgage down payment or installment, and spread the balance for months or years.

How to buy a house in Lagos or Abuja with mortgage?

Buying a house in Lagos or Abuja can be financially intensive, instead there are schemes where you can buy via house repayment. Apparently, these schemes are set up based on a your income.

Therefore, your income will determine the house you can buy in Lagos or Abuja and the duration of installment or repayment.

However, there are 2 routes if you are looking for a way to buy a house in Lagos or Abuja with mortgage or installment and spread payment.

1. Buying A House through mortgage in Lagos or Abuja

Although the Federal Government have set up some couple of housing schemes e.g. NHF (Nigeria Housing Fund) and Family home funds, the housing challenge in Nigeria is still on a high.

Consequently, there are private investors offering mortgage loans and assistance, e.g. NMRC mortgage loans, commercial mortgage loans.

However, these schemes lack proper awareness and are mostly for high earners.

Mortgage houses in Nigeria with 0% interest rate, simply repay in monthly installments

Pros of buying with mortgage in Lagos or Abuja

  1. Long payment duration of up to 25 years (depending on eligbility).
  2. Equity (down payment) of 10% to 20%, after which you can move in.
  3. Liquidation is allowed, you can pay off before the payment duration.

Cons of buying with mortgage

  1. Strict requirement which makes only few eligible.
  2. Interest rate for commercial mortgage is unreasonable.
  3. Delay in processing and disubursement, especially for NHF loan.

2. Buying A House with installment in Lagos or Abuja

Nevertheless, if mortgage is a no-no for you, you can still buy a house and spread payment in Lagos or Abuja by taking up an installment plan.

Although, most of these installment plans are for off-plan houses, there are some ready built offers too.

Pros of buying a house without mortgage

  1. You pay a fixed stipulated amount, since there is no interest charge.
  2. You can pay over 3 or more installments, since you can’t buy the property on outright.
  3. For off-pan, you still get to buy a newly built house without having to build yourself or pay at once.

Cons of buying a house without mortgage

  1. House installment period is short, mostly 12 to 18 months for ready built.
  2. Most of the Lagos or Abuja houses you can spread payment for are usually off-plan.
  3. You’re not allowed to move in after down payment.

How long can you spread a house payment?

As mentioned earlier, we provide you with options, house repayment plans can last for 24 months (2 years) or 20 years, it all depends on which mortgage option you chose.

Moreover, regardless of your payment duration, you can always pay up prior to the period and we handover your home, for some of our mortgage options, we handover at 60%.

Which route should you choose to buy your desired house?

Basically, your income would determine both where and what you buy, as well as the route that would suit you.

How much can you afford to be paying monthly?

Check out our available designs with their repayment plans, we also build custom designs if you have any and set up repayment plan for you.