Stamp Duty
Ask your lawyer or the relevant authority for the current assessment and deadline.
Mortgage Details
NHF / FMBN: up to 6% p.a., up to ₦50 million and up to 30 years after six months of continuous NHF contributions. Eligibility is confirmed by FMBN and an accredited PMB.
NHF conditions: 0% equity up to ₦5m loan; 10% from ₦6m–₦15m. Confirm current rules.
Illustrative maximum: 30 years
Monthly Repayment
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Amortisation Summary
Nigerian Mortgage Schemes Compared
Subsidised money first. Commercial money last.
| Scheme | Rate | Max Loan | Max Term | Min Deposit | Who qualifies |
|---|---|---|---|---|---|
| NHF / FMBN | 6% fixed | ₦50 million | 30 years | 0% up to ₦5m loan; 10% from ₦6m–₦15m* | NHF contributors (6+ months); public & private sector |
| MREIF | Get a current quote | Varies | Varies | Varies | Confirm with lender |
| Family Homes Fund | Get a current quote | Varies | Varies | Varies | Confirm with scheme/lender |
| Commercial Bank | Quote required | Varies | Varies | Varies | Confirm with lender |
*FMBN conditions document these equity tiers; confirm current conditions and eligibility before applying.
Property Purchase Costs in Nigeria
The part buyers usually under-budget.
Governor's Consent
Requirements and charges depend on the title, transaction and state.
Legal Fees
Solicitor charges for conveyancing, title search and registration. Always negotiate.
Estate Agent
Agree any agent fee and who pays it in writing before committing.
Survey / Valuation
Your lender may require a valuation or survey before approval.
Total all-in
Do not rely on a generic percentage: collect written estimates before paying a deposit.
Questions people ask before they trust a mortgage quote
What is the NHF mortgage and how do I qualify?
FMBN states that NHF contributors may access up to ₦50 million through an accredited and licensed PMB at up to 6% p.a. for up to 30 years after six months of continuous contributions. Its conditions document 0% equity up to ₦5 million loan and 10% from ₦6 million to ₦15 million; confirm current rules and eligibility with FMBN/your PMB.
What is MREIF?
Mortgage products and participating lenders change. Obtain current rate, term, equity, property and borrower requirements directly from a participating lender before relying on an illustration here.
Can I afford a mortgage in Nigeria?
Start with your lowest reliable take-home income and obtain the lender's affordability assessment. Separately obtain written closing-cost estimates; they vary by state, title, lender and negotiation.
Why are commercial bank mortgage rates so high?
Commercial mortgage pricing and terms are lender-specific and can change. Compare written quotes, including the effective rate, fees, equity, insurance and prepayment terms.
Do I need Governor's Consent to buy property in Nigeria?
Title, consent and registration requirements depend on the property and state. Have a qualified property lawyer review the title and give a written cost/timeline estimate before payment.
How is monthly mortgage repayment calculated?
Standard mortgages use the amortisation formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments. Each payment covers interest first; principal reduction accelerates over time.