Mortgage Calculator
Estimate your monthly payments and plan your property purchase in Nigeria.
Mortgage Calculator
Estimate your monthly payments on Nigerian real estate
Note: Nigerian mortgage rates typically range from 15% to 25% per annum. Many banks require a down payment of 20–30%. This calculator is for estimation only. Contact a financial advisor or your bank for precise figures.
How Mortgages Work in Nigeria
Nigerian mortgages are offered by commercial banks, the Federal Mortgage Bank of Nigeria (FMBN), and Primary Mortgage Institutions (PMIs). The process typically takes 3-6 months from application to disbursement.
Most lenders require you to contribute 20-30% of the property value as a down payment, with the bank financing the remainder. The property itself serves as collateral for the loan.
Typical Interest Rates
NHF Loan (FMBN)~6% p.a.
Commercial Banks18-28% p.a.
PMIs15-22% p.a.
Tips for Diaspora Buyers
- Some Nigerian banks offer diaspora mortgage products with competitive rates.
- Maintain a domiciliary account in Nigeria for easier transactions.
- Engage a registered Nigerian lawyer to handle documentation remotely.
- Budget for additional costs: legal fees (5-10%), stamp duty, and registration.
- Consider exchange rate fluctuations when planning your budget.