In most cases, buying a property usually requires a large capital outlay. Real estate is not cheap in Nigeria, especially in Lagos and Abuja. These days, real estate firms give their customers the option of paying a certain percentage of the total cost of the property and spreading the balance over a short period of time by making monthly payments. This works well for people, especially salary earners because they have a consistent monthly income.

Another way of purchasing a property by paying only a percentage of the cost is through a mortgage. According to Wikipedia, a mortgage loan or, simply, mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. So, for example, if you want to purchase a property worth N25 million, the mortgage bank may ask you to pay N10 million and they will pay the rest and the property is yours. You will repay the mortgage bank the N15 million with interest over a period of time – often 10 to 20 years.

The good thing about a mortgage facility is that you will take possession of the property immediately and the repayment period is usually long.

Repaying a mortgage is better than paying for rent because if you pay rent in a property for 15 years, after the 15 years, the property still belongs to the landlord! But if you are repaying a mortgage with repayment tenure of 15 years, after the 15 years, the property is yours.

The federal government gives mortgage loans via Federal Mortgage Bank of Nigeria (FMBN) and from Lagos State government through Lagos Building Investment Company Plc (LBIC). You can also access mortgage loans from commercial and mortgage banks all over the country.


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I agree with you because it's always better to live in your own house and feel freedom than living in someone's house and can't be able to do everything you want and have to follow someone's orders. I have lived in a rent house for about 3 years and every day I wanted to by my own house, but I understood that I wouldn't be able to buy it with the salary I had at that time, but when I got a better job with a twice bigger salary, I immediately addressed to Mortgage Advisor Birmingham, I have already chosen that company before. I will recommend everyone to buy his own house or flat if they can afford it because you will never feel as free in a rent house as on your own.

I also use this company when I want to take a loan.

drewe20:
In most cases, buying a property usually requires a large capital outlay. Real estate is not cheap in Nigeria, especially in Lagos and Abuja. These days, real estate firms give their customers the option of paying a certain percentage of the total cost of the property and spreading the balance over a short period of time by making monthly payments. This works well for people, especially salary earners because they have a consistent monthly income.

Another way of purchasing a property by paying only a percentage of the cost is through a mortgage. According to Wikipedia, a mortgage loan or, simply, mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. So, for example, if you want to purchase a property worth N25 million, the mortgage bank may ask you to pay N10 million and they will pay the rest and the property is yours. You will repay the mortgage bank the N15 million with interest over a period of time – often 10 to 20 years.

The good thing about a mortgage facility is that you will take possession of the property immediately and the repayment period is usually long.

Repaying a mortgage is better than paying for rent because if you pay rent in a property for 15 years, after the 15 years, the property still belongs to the landlord! But if you are repaying a mortgage with repayment tenure of 15 years, after the 15 years, the property is yours.

The federal government gives mortgage loans via Federal Mortgage Bank of Nigeria (FMBN) and from Lagos State government through Lagos Building Investment Company Plc (LBIC). You can also access mortgage loans from commercial and mortgage banks all over the country.


www.oticsurveys.com/blog

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Twitter @oticsurveys
Instagram @oticsurveys

How long does it take to get a mortgage in Nigeria banks