Today, we will share with you the step-by-step guide and all the requirements that is needed to get a Mortgage loans in Nigeria. As we all know, mortgage finance is a service rendered to enable and facilitate an easy home ownership in Nigeria. It is true that one of the major requirements for anyone to live a fulfilled life is housing.

Because of the income inequalities in the economy today, individuals who desire a home who don’t have the total money required can still go ahead and get mortgage loans in all the mortgage institutions all over the country. Although all banks today now have their mortgage unit with branches spread all over the country.

Getting a home through mortgage finance is not that difficult as it used to before. This has become so simple as most of the mortgage institutions now have the minimum salary requirement for any applicant to be N300,000 per annum, which is around N28,000 monthly as a benchmark for eligibility of the facility.

For your understanding, note that mortgage financing involves the customer contributing an amount of the desired property. With this, the bank will then offsets the balance on behalf of the customer, which they will start making monthly deductions from the account of the applicant domiciled with the bank or institution.

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  • Applicants can get a facility of up to N200million
  • Their interest are not fixed, they usually ranges from 15% to 25% in Nigeria. You are advised to make enquiries from 2 or more mortgage institutions, then compare their interest rates before settling for any one. This is because different mortgage institutions in Nigeria charge different interest rates.
  • The down payment is between 10% to up to 30%.
  • The maximum loan tenor has currently reached up to 20 years in Nigerian mortgage institutions.
  • Currently, the minimum loan amount you can get is around N5million.
  • Applicants can now access equity release of up to 80% of the market value of the property in some instances.
  • Note that the portion of the income deductible monthly is fondly called the debt burden ratio (DBR), which is usually about a quarter or 25% of your monthly income. Meaning an applicant who earns N100,000 will be giving up around N25,000 monthly from his or her salary.


  • For you to be able to obtain a mortgage loan from any financial institution, you must have the following:
  • An application form
  • You must have a means of identification such as international passport, Driver’s license, National identity card etc.
  • An applicant must have a salary account with the bank/mortgage institution.
  • You must have 12 months or more statement of accounts, depending on the institutions policy.
  • You must have a letter of introduction from employer
  • Applicant must have a letter of employment and confirmation. The confirmation can be used for jobs under 2 years or up to 7 years work experience.
  • Applicant must have a utility bill
  • Applicant must have an approved building plan
  • Must provide a copy of title deed to the property
  • Provide an original pay slip or salary stubs from 6 months or more depending on the requirement as prescribed by the financier.


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