Home mortgages in Nigeria. Where do you look?

Home Mortgages in Nigeria make up only a small fraction of financial services in Nigeria. Mortgage Providers include the State, Banks and Financial services companies.

The Federal Mortgage Bank of Nigeria or FMBN is owned by the Government. It raises money through the National Housing Trust Fund or NHTF. FMBN home loans are made available to the public through accredited Primary Mortgage Institutions across the country, which also include banks.

The NHTF is essentially a social housing fund. Mortgages are also available to Nigerians living abroad. You will need a National Housing Trust number. Ask your bank in Nigeria about obtaining one. The FMBN also loans to Private Estate Developers.

The cost of borrowing can be pretty high in Nigeria. Interest rates can be as high as 17%. However, as the banking industry continues to strengthen, the number and quality of terms for home mortgages is getting better.

FCMB MyHome, Union Bank's Union Homes and Zenith's Zenith Mortgage Loans in partnership with USAid are examples of mortgage products in the Nigerian Market today.

If you've managed to secure a mortgage with one of the banks or PMIs and felt it couldn't have gotten any better, then do tell us about it. Who was the provider? How much deposit did you have to pay and what made it special?

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