Financing a home in Nigeria is more achievable than many buyers assume, provided you understand the structure of a mortgage.
Equity contribution
Most lenders require a percentage of the property value as your own contribution. The exact figure depends on the lender and the property.
Affordability
Lenders assess your income and existing obligations to decide how much they can lend. Keeping your debt-to-income ratio healthy improves your chances.
Documentation
Expect to provide identification, proof of income, bank statements and details of the property you intend to buy.
Plan realistically
A mortgage is a long-term commitment. Budget for repayments, insurance and maintenance together.
