Does anyone know how one can obtain a mortgage loan in Nigeria? any details will be appreciated.

Mortgage can easily be arranged, I'm sure. Some people already operate a form of mortgage by using one building as colateral to get a loan to buy another building and so on. The next logical step of using a building as collateral for its own purchase will bring mortgage to Nigeria. Personally, the idea of borrowing money scares me.

Mortgage is Good business and i think before starts one in nigeria, he should also consider the capital base,Genuine property for collateral and products/supply of a stakeholder to make purchase and lease at same time
For details Contact Intercontinental (saving and loans)Bank along Awolowo way opposite Obefemi Awolowo house and they'll guide you on what to note before you start the business

Try www.finacorpbuildingsocietyltd.com.
Most banks ask for C of O for mortgage loans. You can try Union homes and FBN Mortgages.

There are mortgages that operate the Uk style in Nigeria where all you need to do is put down a deposit (10-20%) of the cost of the property and the lenders will pay the rest. The two major problems with the Nigerian version is the rate of interest and the lenght of time for the repayment. I was offered a mortgage in June in Nigeria for a property in Abuja. The interest rate was 17% and the duration was 10 years.
In Nigeria the cost of borrowing is still too high and this will impact on other areas of business. If only there could be some sort of govt intervention to reduce interest rates. This will greatly help the mortgage industry.

I had wanted to take out a loan for a house in Uyo. They didn't require any form of collateral. However, the conditions were such that I couldn't get it

1) Pay 50% down payment (I wanted a N9million loan - too much for ur broda )

2) Pay remaining 50% over 3 months in equal installments.

Who knows, perhaps other companies operate under the same/similar conditions.

The housing company in question is: http://www.apicoltd.com, in case anyone is interested. Most of the site is no longer functional but the govt agency still exists and can be contacted.

I hope this helps.

Thks @ Seun for revining interest in this my post oh ! this has being really helpful. @ Shinor which company/bank offered you that 10year mortgage loan in Naija if i see that one i no run oh ,

Mortgage can easily be arranged, I'm sure. Some people already operate a form of mortgage by using one building as colateral to get a loan to buy another building and so on. The next logical step of using a building as collateral for its own purchase will bring mortgage to Nigeria. Personally, the idea of borrowing money scares me.

Seun, you are a very smart person and i think that if we had alot of people like you in Nigeria the country would be much better. I have been noticing how you answer some questions and all i have to say that the answers are excellent.

Am also interested in a reliable provider of mortgages in Nigeria, does anyone know how i can contact Union Homes. I wonder why these builing societies don't market themselves to the diaspora?

Please, please help

You can obtain information on Union Homes via www.unionbankng.com.
Then click on subsidiaries link and get info on union homes contact numbers and website ( I think the website is down, union homes only). Goodluck!

For Mortgage Information, check out this link:

http://www.geesquare.com/geeplaces/forum/discussion/62/information-on-mortgages-in-nigeria/

The most comprehensive mortgage finance links in Nigeria are available at http://www.geeplaces.com/geehomes/mxml/lenders.html

[size=20pt]Mortgage lending[/size]:

Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential property. For commercial mortgages see the separate article.

Although the terminology and precise forms will differ from country to country, the basic components tend to be similar:

Property: the physical residence being financed. The exact form of ownership will vary from country to country, and may restrict the types of lending that are possible.

Mortgage: the security created on the property by the lender, which will usually include certain restrictions on the use or disposal of the property (such as paying any outstanding debt before selling the property).

Borrower: the person borrowing who either has or is creating an ownership interest in the property.

Lender: any lender, but usually a bank or other financial institution.

Principal: the original size of the loan, which may or may not include certain other costs; as any principal is repaid, the principal will go down in size.

Interest: a financial charge for use of the lender's money.

Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan.

Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system.

[size=20pt]Reverse mortgage[/size] :

A reverse mortgage  is a loan available to seniors , and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e. into aged care).

In a typical mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term (e.g. 30 years) the mortgage is paid in full and the property is released from the lender. In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, then the debt on the property increases each month.
If a property has increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home. But in certain countries (including the United States), a reverse mortgage must be the first and only mortgage on the property.

3 Wings of 4 Bedroom Semi Detached Duplexes, Big rooms all en-suite + 2 room Boys Quaters each,+ an uncompleted structure on Large grounds @ Ajao Estate, International Airport road,
Ideal for residential, guest house, hotel
Can be sold seperately per wing.
Asking price:- N28 million per wing

Seun looks like you and love44 need to get jiggy with each other. On a serious note Mortgages in Nigeria looks likely to become easier to get. Is anyone a customer of FCMB or Union homes. Can you tell us about their products on this site or http://www.business-travel-nigeria.com/home-mortgages-in-nigeria.html
Many thanks.

Try Skye Mortage bank, call Akintunde on 017674104

@badaruak,
Can you explain some of the requirements needed to obtain mortgage loan in Sky bank?
I have some landed properties i can use as collaterals but i still need some detailed informations as to various requirements for different banks.

Is there no mortagage loan i can repay in 20 yrs,

Is there no mortagage loan i can repay in 20 years,

UBA offer a couple of mortgages that could well be the beginnings of a PROPER mortgage industry in Nigeria.

NRN (Non-resident Nigerian) mortgage, for Nigerians abroad. Interest is approximately 11%, all in, for 15 years and they'll give you up to 80% of the value of the property, right up to about N70m, or more, depending on your demonstrable ability to pay.

They also have a mortgage for home-based Nigerians. I believe the interest is 15% all in for 20 years and same LTV and upper limits as the NRN mortgage.

These are the closest to real mortgages available in Nigeria right now. However, that said, customer service at their branches is piss-poor at the moment. I'd recommend anyone looking for mortgages with UBA to go straight to their head office at Marina, or their New York and London offices.

well,i work for a real estate company,n i'd lyk to know about 1st bank and mortgage. really does mortgage work in this country? why are the rates high? how can we get a beautiful mortgage plan?or if mortgage doesnt work,is there another way out? pls any1 who has ne idea help me out. Thanks.

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I wonder how a private loan company will not have a traceable addy.
ALL pls check this out and beware: descriptive link

i am in talk with FBN mortgage, but it seem there rate is quite @ 20-22%.
the bulding is theirs,

i truly want to know how to obtain such loan from the bank

if you have a small business (or you know someone who does) and needs #50-100,000 to start or grow it. you can send me a mail at pettral@yahoo.com. we only have fifty slots this month.

this is strictly for those who are operating small business becuse the idea is not just to lend money but to develop small businesses

the issue of obtaining a mortgage loan in Nigeria, has been a matter i tried to follow up this days cos i found myself marketing for a company that has a product in alliance with this issue. this product is construction financing, in a little research i made, i got to understand that getting a home of your choice is made easy now. this issue can be addressed in two ways from my own point of view.
1. made a saving with a mortgage home, then this mortgage home can give us a bank guarantee on your behalf, with this option, you might have acquired your land, and all your document should be okay.

2. it is also possible to form a multi-purpose co-operative with the aim of acquiring a house through this medium, this cooperative organisation will negotiate for a land on behalf of the members, each member will made a deposit for his own quota, the deposit will be kept in a bank account, and this bank will raise a bank guaranttee to our own company to build for the members. with this in mind, all the co-operative members are the offtakers.
for more information on this you can call me on 08030752067 or 08123443658. or mail me on deleforu2002@yahoo.co.uk

How long does it take to get a mortgage loan approved?