Housing Loan

Housing loan (or mortgage) is a contract between a borrower and a lender that allows someone to borrow money to buy a house, apartment, condo, or other livable property. A home loan is typically paid back over a term of 10, 15 or 30 years.

For most people, purchasing a home is the biggest financial decision they will ever make.  And with homes often costing hundreds of thousands — and in some cases millions — of naira, most people can’t afford to pay cash for the entire property up front.  As a result, they need to take out a housing loan (i.e. borrow) from financial institutions.

There are several types of housing loans available on the market, but each loan is typically defined by four main factors:

  1. The Principal, or the amount of money you’re borrowing. This amount is typically the purchase price minus your down payment, minus closing costs and other related fees.
  2. The Term, or how long you have to repay the entire loan. The term of a home loan can range between five to 30 years.
  3. The Interest Rate, or the annual amount you need to pay the lender to borrow the money, shown as a percentage of the current principal balance.
  4. The Repayment Frequency, or how often you make payments. Borrowers usually pay back their mortgages on a monthly or bi-weekly basis.

If want to buy a new home or re-finance your current home, we offer outright purchase and home-owner loans also known as equity release home loans.


Housing Loan (For Business owner and Salary Earners)

300,000 – 2,000,000

5.5% Flat

Disbursement Fee

3.5% of Disbursed amount (One-off Charge)