Best Mortgage Rates & Housing Financing In Nigeria

February 15, 2017

Are you looking for the best mortgage rates in Nigeria with affordable home equity contribution for middle and low-income earners in Lagos Nigeria? Here are loan rates you can compare.

Note: This article is for those who already own land at a prime location and those looking to buy their dream home.


We all want to get the cheapest financing package for our dream home at better rates because a lower repayment fee makes it flexible for one to pay back which could even lead to a higher loan request from a commercial bank in Nigeria.

In this review of the best property financing article, I will be comparing three mortgage institutions in Nigeria and their home equity contribution so that you can decide which is better for your need.

Generally, commercial banks in Lagos Nigeria charge a double-digit interest rate on home loan advances to real estate or property investors. There rate range from 20%-27% per annum as at the time this post was published.

best mortgage rates in Nigeria

Best Mortgage Rates In Nigeria – Housing Loan & Financing From Banks

Let’s start with Standard Chartered Bank Nigeria Home Loan.

  • The home equity loan rate is 17.9% per annum
  • The minimum equity contribution is 20% of the property value for a maximum of 20 years.
  • The applicant shall not be less than 23 years or more than 60 years.
  • The property must be within Lagos or Abuja.

Another place you can check is Federal Mortage Bank of Nigeria via National Housing Fund

  • The loan is subject to a maximum finance rate of 6% per annum
  • The equity contribution is based on the loan portion of the mortgage finance.
    • N15,000,000.00  –  30%
    • N10,000,000.00  –  20%
    •   N5,000,000.00  –  10%
  • The property should have sufficient fair value to recover the loan and be within an existing law with an approved building plan.
  • The applicant is expected to have contributed towards a National Housing Fund for a period not less than 6 months.
  • The applicant should have a satisfactory and guaranteed flow of income regularly.
  • The maximum repayment period of the loan is 30 years.
  • Read full NHF housing and home loan guideline.

The third is First Bank Personal Home Loan

  • The loan is available to employees of First Bank list of approved employers.
  • The loan is repayable within 20 years as long as the applicant is not more than 60 years.
  • Minimum equity contribution is between 20-30% depending on where the property is.
  • Only residential properties are financed, not for commercial use.
  • Minimum and maximum loan amount are N1 million and N50 million.
  • Find more information on FBN home financing.

While these are the best mortgage rates in Nigeria, you can also talk to your mortgage banker for more tips and advice.