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Buying A House On Mortgage In Lagos, Nigeria - Business - Nairaland

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Buying A House On Mortgage In Lagos, Nigeria by Tmoni(m): 3:27pm On Jan 26, 2007
i would like to find out if there are any houses for sale in lagos for a about N15 to 20 million where i can pay about 20 to 30% deposit and pay the rest over time(morgage).
any new offers from housing and mortgage companies would be seriously welcomed.
thanks
Re: Buying A House On Mortgage In Lagos, Nigeria by LoverBwoy(m): 3:32pm On Jan 26, 2007
http://www.amenestate.com/
http://www.bvestate.com/index1.php

i thought they say mortgage is a bad thing hmm
Re: Buying A House On Mortgage In Lagos, Nigeria by Tmoni(m): 3:48pm On Jan 26, 2007
thanks
checking it out and geting more interested
Re: Buying A House On Mortgage In Lagos, Nigeria by doubletree(f): 5:56pm On Jan 26, 2007
I know oceanic bank offers mortgage at 21%(astronomical!)
Re: Buying A House On Mortgage In Lagos, Nigeria by Tmoni(m): 6:10pm On Jan 26, 2007
thats outrageous,
Re: Buying A House On Mortgage In Lagos, Nigeria by Mamajama(m): 9:14pm On Jan 26, 2007
when you see the interest rate they offer you you will run like a slave.
Re: Buying A House On Mortgage In Lagos, Nigeria by ujcplaza(f): 9:53pm On Jan 26, 2007
hi, tmoni buying a house includes shopping around and in Nigeria it all about someone u can trust as well. well i know a company that will be able to help u in all u need and a very reputable company u can trust them to look after ur intrest. just visit this site and read all u want to know. www.globalands.com. they offer mortgages, lawyers etc.
Re: Buying A House On Mortgage In Lagos, Nigeria by afrika(m): 10:07pm On Jan 26, 2007
Hello NairaLanDers,

I would like to know if anybody knows if there is still house for sale in karu abuja, precisely FHA quarters (foreign affairs side or anywhere in abuja ,, thanks for the information as i await for the information.

CaIo!!!
Re: Buying A House On Mortgage In Lagos, Nigeria by afrika(m): 10:10pm On Jan 26, 2007
I would like to know if there are still houses for sale at abuja, karu site foreign affairs quarters or anywhere in abuja, thanks


3 to 4 room bungalow, or duplex then, you can contact me with valentineonyema@yahoo.com or 08059848454

thanks alot
Re: Buying A House On Mortgage In Lagos, Nigeria by Tmoni(m): 11:34am On Jan 27, 2007
thanks alot ujcplaza,
i got some money and i feel i should get my own pad in lagos so i am brown nosing for sth that i can afford and still live.
thanks though.
Re: Buying A House On Mortgage In Lagos, Nigeria by LondonCool(m): 3:19pm On Feb 05, 2007
I am about buying a House in the new Housing Estate in Calabar through a 25 year Mortgage provided by Intercontinental Bank.
Re: Buying A House On Mortgage In Lagos, Nigeria by doubletree(f): 9:50pm On Feb 05, 2007
londoncool,what was the interest rate from intercontinental bank?
Re: Buying A House On Mortgage In Lagos, Nigeria by Tmoni(m): 1:31pm On Feb 10, 2007
would love to hear ur reply, londoncool
Re: Buying A House On Mortgage In Lagos, Nigeria by Ndipe(m): 5:15am On Feb 20, 2007
Londoncool, details please. Where is the new housing estate in Calabar? I know one very close to Marian Road in Calabar. My cousins lived there.
Re: Buying A House On Mortgage In Lagos, Nigeria by LondonCool(m): 11:57pm On Feb 20, 2007
The location of the Housing Estate is at Ikot Offiong Ambai in Akpabuyo just after the Atimbo Bridge (a 6 minute drive from the Calabar Airport) , its surrounded by the Police College and the Nigerian Navy Secondary school. Donald Duke intends to make the area a sort of Greater Calabar extension, like Lekki

I paid 10% deposit (N260K) for a 2 bedroom semi-detached house which costs N2.6million. I am taking out a Mortgage of N2,340,000, and would be paying around N17,000 or thereabout monthly. I am yet to exchange mortgage contracts with the Bank as it involves the NHF and other stakeholders.
Re: Buying A House On Mortgage In Lagos, Nigeria by Ndipe(m): 1:37am On Feb 21, 2007
17k a month amounts to a little over 200k a year. Multiply that with 20 years and you are paying more than 4 million Naira a year. That's quite steep, but most banks are all about making money. That is why, I wont criticize those whose income in the village can only net them a mud house. A man's house is his castle.

P/S: I dont know Akpabuyo, but if your house is on Atimbo lane, I know the place, because my cousins lived there at one point. Its very close to the airport.
Re: Buying A House On Mortgage In Lagos, Nigeria by LondonCool(m): 8:17pm On Feb 21, 2007
Well,its a good deal for me. I intend to rent out the place which can fetch me around N180,000 per annum, so only N20K+ mortgage repayment will actually come from my pocket. Also, the the intrinsic and extrinsic value of the property will appreciate and the mortgage can be paid off early too. In anticipation of a boom in the area I have already acquired 3 plots of land in the same location which I intend to build my "Palace".

I dont know about Atimbo Lane, but Atimbo Bridge links Calabar and the Akpabuyo Housing Estate which is very very close to the Airport.
Re: Buying A House On Mortgage In Lagos, Nigeria by Loads: 11:32pm On Feb 22, 2007
Wow thats a good deal.
Re: Buying A House On Mortgage In Lagos, Nigeria by adubiay: 3:55pm On Mar 06, 2007
check out www.kuramo.com
Re: Buying A House On Mortgage In Lagos, Nigeria by Evept(f): 7:48pm On Mar 06, 2007
Hi, guys i am thinking of going into Real Estate business in Nigeria ,i didnt know that its possible to buy a house on Mortgage in Nigeria,please can u guys give me names of banks in lagos and port/harcourt that does that ,a good one with good deal

thanks
Re: Buying A House On Mortgage In Lagos, Nigeria by Lanreb: 11:13am On Mar 07, 2007
Please go to,http://www.megamoundinvestment.com/

I went to a couple of the Estates, and they are ok, just that the rooms are like does in the UK. They have a duplex for 9.8Million and you can get a 18% from Oceanic bank.
Re: Buying A House On Mortgage In Lagos, Nigeria by Evept(f): 12:28pm On Mar 07, 2007
thanks lanreb, i will check it out but i dont want tiny rooms like uk
Re: Buying A House On Mortgage In Lagos, Nigeria by LondonCool(m): 9:30pm On Mar 13, 2007
Ndipe:

17k a month amounts to a little over 200k a year. Multiply that with 20 years and you are paying more than 4 million Naira a year. That's quite steep, but most banks are all about making money. That is why, I wont criticize those whose income in the village can only net them a mud house. A man's house is his castle.

P/S: I don't know Akpabuyo, but if your house is on Atimbo lane, I know the place, because my cousins lived there at one point. Its very close to the airport.


200k a year multiplied by 20 years will equal around N4 million for the whole 20 years not for one year.


Here is a summary of my Mortgage Offer

Purchase price =N2,600,000
10% Contribution =N230,000
NHF Loan =N2,340,000
Total Interest payable @6% p.a =N3,510,000
Total Payable (Interest + Principal) =N5,850,000
Estimated realisable value =N5,750,000
Net Flow= (N100,000)
Net Flow Per Month =(N333,33)
Estimate value of the property =N6,469,532
Total Investment required = N380,000
Estimated net return on Investment =N6,369,532
ROI 17.69
ROI in % 1769%
Re: Buying A House On Mortgage In Lagos, Nigeria by Evept(f): 10:27am On Mar 14, 2007
londoncool,what are the requirement to apply for a mortgage loan with Intercontinental Bank and how long does it take before the loan is approved and given to you ?hope to hear from you soon
Re: Buying A House On Mortgage In Lagos, Nigeria by LondonCool(m): 9:31pm On Mar 14, 2007
Evept:

londoncool,what are the requirement to apply for a mortgage loan with Intercontinental Bank and how long does it take before the loan is approved and given to you ?hope to hear from you soon


There was an advert campaign for people to purchase property in the new Housing Estate in Calabar under Guv Donald Duke's regime. Part of the package was allowing applicants to put down a 10% deposit and obtain a mortgage for the remainder. When I applied there were project managers who processed the Mortgage side when I got an allocation for a house.

The requirements were that you needed to have banked for 6 months minimum with the bank, saved at least N15k in an A/C (either savings or current); an NHF account number. Everything was backdated for me by 6 months by the staff and an NHF number was allocated to me to enable me to qualify for the mortgage since i'm based abroad.
Re: Buying A House On Mortgage In Lagos, Nigeria by Evept(f): 5:58pm On Mar 15, 2007
londoncool,
i contacted Intercontinental Bank and the tenor is only 5 years for repayment which is a short time and i have to pay contribution of 30% of the cost of property,i dont know if any other bank can offer longer tenor and what is this  Guv Donald Duke's regime and do they offer mortgage outside calabar?if yes what's there contact address and you most have a good connection that helped in back dating everything thats good but anyway hope to hear from you soon.
Re: Buying A House On Mortgage In Lagos, Nigeria by LondonCool(m): 9:21am On Mar 16, 2007
Evept:

londoncool,
i contacted Intercontinental Bank and the tenor is only 5 years for repayment which is a short time and i have to pay contribution of 30% of the cost of property,i don't know if any other bank can offer longer tenor and what is this  Guv Donald Duke's regime and do they offer mortgage outside calabar?if yes what's there contact address and you most have a good connection that helped in back dating everything thats good but anyway hope to hear from you soon.



The whole project was contracted to Project managers based in Lagos, I did everything in Lagos and by courier from UK. The mortgage company is called Jubilee Savings & Loans, they were to be bought over by Intercontinental bank so I was given both banks forms to complete. The Mortgage is provided by the NHF, it is left for the Banks to disburse it. I will give you the name and number of my contact who did everything for me.
Re: Buying A House On Mortgage In Lagos, Nigeria by krents: 11:59am On Mar 16, 2007
Post your properties for sale on nairawork.com for faster response.
Re: Buying A House On Mortgage In Lagos, Nigeria by santaa(m): 3:30pm On Mar 29, 2007
I NEED A 3 BEDROOM APARTMENT IN LAGOS SURBURN PLEASE CAN YOU GIVE ME AN IDEAL OF WHAT IT TAKES TO RENT ONE.
Re: Buying A House On Mortgage In Lagos, Nigeria by netzymes(m): 11:43pm On Mar 31, 2007
santaa:

I NEED A 3 BEDROOM APARTMENT IN LAGOS SURBURN PLEASE CAN YOU GIVE ME AN IDEAL OF WHAT IT TAKES TO RENT ONE.


Hi Santaa,

There are several stages to doing this - research -> Search -> Find -> Rent.

In the research phase you will find out what your budget can get you in any particular area, prices in Lagos vary from N200,000 to N10m (I know there are cheaper places!). You can start the research process by using www.google.com and search for - 'flats to rent in lagos nigeria'

-> Be very careful with agents, try and get as much information about them as possible, it is probably a good idea to use agents that have some sort of online presence, but do your research on agents.

On top of the quoted rental fee which you have to pay for 2 years, you would probably need to add another 20% on top of that. 10% agency fee + 10% agreement. Demand that you get an agreement as this has now turned into a way for people to make extra cash.

Alway remember 'Caveat Emptor' - buyer beware!

Good luck!
Re: Buying A House On Mortgage In Lagos, Nigeria by Chionyins(m): 1:29pm On Apr 01, 2007
@ Ujcplaza
hi the site you gave is just one page that is globalands.com. Please verify!!!

@all : would appreciate infor on property in other cities other than lagos,abuja port harcounrt.
i have experienced exceptional capital appreciation in other places. I got a peice of alnd in outskirts of owerri town which i got just about 10 years ago but recently because of the new roads as the town as to expand and markets and with govt anouncing some developtments around the place , ji decided to know whats the worth if i was to sale now so word got out:negiotiation started at 1 mill but soemone is even begging for 1.5million .i got the piece for 50k then.
But remember it took 10 years to appreciate to that; thats why i would buy in those places now for price i can afford to put down and forget.
But with mortgage on board now its to look at investment props na the odo in the long run.
Please go appreciate infor updates
cheers
Re: Buying A House On Mortgage In Lagos, Nigeria by phizzy(m): 5:39pm On Apr 17, 2007
looking for a 3 bedroom flat or any other property for that matter,

visit http://www.geeplaces.com/

you'll find what you need and much more

if you are also interested in listing your property for sale, rent or lease you can take advantage of the current offer which enables you list your property free for at least a month!!

visit the site http://www.geeplaces.com/ or call 01-8776147 or send an email to enquiries@geesquare.com

ps: you can check out the community forum and drop a line,

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