Getting a mortgage in Nigeria used to be a very difficult process.
Mortgages allow you to pay for a house in instalments. This financing solution is becoming readily available in Nigeria.
There has been a push, both from private lenders and the government, for mortgage solutions as a remedy to the Nigerian housing shortage.
The National Housing Fund (NHF) is one of these governmental schemes aimed at alleviating the problem. As long as you are eligible, the NHF give good mortgage rates.
Mortgages are easily accessible in Nigeria’s bigger cities such as Lagos and Abuja.
One of the reasons for this is the formal nature of mortgages.
In order for banks to lend you money to buy a house, that house needs to be verified with proper documentation.
Verification is often an afterthought outside Lagos and Abuja.
The process of getting a mortgage loan is quite easy in theory, but practically, can be difficult.
We will shed some light on how you go about the process of buying a house with a mortgage in Nigeria.