If you’ve considered purchasing a home, you might have considered using a mortgage as a financing option. Due to the high cost of building, rising land prices, and high financing costs, housing in Nigeria is often capital intensive. This has prompted a few people to think about getting a mortgage. The mortgage option, on the other hand, is not particularly popular due to its high interest rate and a lack of understanding of how it works. Today, we’ve compiled a list of key facts about mortgage lending in Nigeria.

1. Mortgage Originators – These are the players in the real estate market in Nigeria. They are your typical developers, Primary Mortgage Institutions (PMI), Banks and the National Housing Fund. Considering that predominance of new housing projects in Lagos it is more likely for on to buy a house from an originator than any other way. What this therefore tells us is that, to get a House that is built with quality materials and delivered on time would mean sourcing for the right Developer. It also means, you must look out for a PMI that is ready to offer the best deal in terms of Interest rates, tenor, collateral etc.

2. Agents – Lawyer and READ MORE