How to Buy a House in Lagos And Pay Installmentally

February 25, 2022
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How to Buy a House in Lagos And Pay Installmentally – This Guide Shows You 2 & 3 Bedroom Properties For Sale With Monthly Payment Plan in Nigeria

Lagos is known to be the most populous city in Nigeria and also the second-largest in Africa. Known for its commercial activities and lifestyle, is made up of two regions; mainland and island. The mainland is said to be an area with a majority of middle- and low-class individuals while the island is known to comprise the most influential people and wealthy individuals, as a result of this, the cost of living on the island is far more expensive compared to that of the mainland and this, in turn, affect the cost of properties in this area.

Also, with the recent economic depreciation, buying a house has become more difficult. But buying a house in Lagos has always been a huge step and undoubtedly the dream of most Nigerians. Unfortunately, most Nigerians cannot afford to purchase a house in Lagos, so what if I tell you that there is a way of buying a house in Lagos that is much easier and more flexible? I will walk you through it, stay with me.

In other to stay in business and to meet the need of the people and probably provide a roof over the head of most Nigerians seeking to purchase a house, possibly their first house, most companies now operate with instalment payment (payment in batches, some with monthly plans ) after an initial deposit, although this is usually done when they are just starting off the construction of a new building, usually referred to as OFF-PLAN and the sale is called OFF-PLAN SALE, however, there is usually some interest added to it. This means that you can make your payment while the construction of the house is still ongoing, usually, you are allowed to make your payment for as long as 24months or even more in some cases like accessing a MORTGAGE, you can choose to pay within 4months or longer. In some rare cases, you can get to pay for a fully completed house on instalments as well but it is usually 2-3months maximum. There are benefits of these off-plan sales

However, there are things to look out for while considering this option.

When considering a payment plan option, there are things to keep in mind; firstly, who is the developer? Are there other projects done by this developer? Where is the location of this house? How many months do you think you can afford to pay off? Can you afford to pay monthly without skipping? Are you comfortable with the structure of the building presented in 3D? from the previous projects of the developer, are comfortable with the quality of their work? Are you okay with the design project for the house? (This might not be much an issue as you have the power to twist it, check the benefits of off-plan property…). Secondly, what document comes with the house. When considering an instalment payment, request for the document to ensure the property has a good document and don’t forget to conduct your due diligence on the document to ensure ownership of that property before subscribing to it and also, request for a brochure that contains the 3D of the proposed project, which will give you an idea of the room sizes and shape of the structure.

buy a house in Lagos and pay installmentally

There are a lot of properties you can subscribe to with an initial deposit and spread over a period of time both on the mainland and on the island. Here are some of the available houses one can pay for with a payment plan.

Buy a House in Lagos and Pay Installmentally – 2/3 Bedroom Property Listings for You

There are some of the best homes schemes you can pay an initial deposit with a monthly payment plan in Lagos Nigeria.

THE VAULT MAISONETTE

Location: Eleko-Ibeju

Price: N30million outright payment (2bedroom maisonette)

Payment plan: up to 5 months, N6million initial deposit

Title: Governor’s consent

 

OAKSVILLE BUNGALOW

Location: Eleko-Ibeju

Price: N25million outright payment

Payment plan: up to 5 months, N6million initial deposit

Title: Governor’s consent

 

THE AMBIANCE HEIGHT

Location: Ikate-Lekki

Price: N75million outright payment (2bedroom maisonette +BQ) and N85million (3bedroom maisonette + BQ)

Payment plan: up to 18 months with interest with N10million initial deposit

Title: Governor’s consent

 

CAMBERWALL ADVENTAGE 3

Location: Ikate-Lekki

Price: N65million outright payment (3bedroom maisonette)

Payment plan:  up to 12months with interest. 10million initial deposit

Title: Governor’s consent

 

CAMBERWALL ADVANTAGE 4

Location: off freedom way, Lekki

Price: N60million outright payment (2bedroom apartment)

Payment plan: up to 12months with interest.

Title: Governor’s consent

 

PARAGON SMART HOME

Location: Okun-Aja.

Price: N46.5million (2bedroom terrace + BQ)

Payment plan: up to 12months with interest

Title: C of O

 

THE ALVERTON

Location: Sangotedo

Price: N41million outright payment (2bedroom terrace duplex)

Payment plan: up to 12months

Title: Governor’s consent

 

RUBY APARTMENTS

Location: Ologolo, Lekki

Price: N35million outright payment (2bedroom apartment)

Payment plan:up to 12 months with interest, N10million initial deposit

Title: Governor’s consent

 

MUFASA APARTMENTS

Location: Ikate-Lekki

Price: N58million outright payment (2bedroom apartment)

Payment plan: up to 24months with interest, N10million initial deposit

Title: Governor’s consent

 

LEKKI PRIDE 2

Location: Ogombo road, Abraham Adesanya, Aja.

Price: N35million outright payment (2beroom apartment)

Payment plan: up to 12months with interest.

Title: Governor’s consent

 

WASKY EDGE APARTMENT

Location: Chevron alternative, Lekki conservation

Price: N46million outright payment (2bedroom apartment)

Payment plan: up to 12months with interest.

Title: Governor’s consent

And for mainland houses we have :

 

BLUSTONE TREASURE ESTATE

Location: Mowe town

Price: 3bedroom classic N20million

Payment plan: N2.5million (initial deposit) and spread over 4 months

Title: C of O

 

TREASURE HOMES

Location: Ilasamaja

Price: N30million (3bedroom apartment)

Payment plan:

Title: C of O

 

QUEEN’S HOME

Location: Mowe- Ofada

Price: N9million (1bedroom apartment), N12.5million (2bedroom apartment), N16million (3bedroom bungalow)

Payment plan: up to 24months (with interest added) and N1million initial deposit

Title: C of O

 

AVOCADO TERRACE

Location: Isheri n\North GRA

Price: N44million outright payment (3bedroom terrace duplex + B. Q.)

Payment plan: up to 24 months with interest, N5million initial deposit.

Title: governor’s consent

If you need more information on how to buy a house in Lagos and pay installmentally, see our property listing here.