Real Estate

Requirements to Obtain a Mortgage Loan in Nigeria

Mortgage loan requirements are often confusing for consumers in Nigeria; this is usually due to the technical nature of the real estate market. This article breaks down the requirements, documentation, and everything else a customer may need to obtain a mortgage loan in Nigeria. You will find:The mortgage loan eligibility requirementsDocuments needed to get a mortgage loanOther important information for qualifying for a mortgage loanWhat is a mortgage loan?A mortgage loan is a type of long-term loan used to purchase or improve real estate. This comprises a home, land, estate, office buildings, shopping malls, and hotels, among other things.Mortgage loans are often secured by the property of the financed real estate. This means that if a borrower fails to repay the loan, the lender will confiscate the property that is being financed.Eligibility criteria for a mortgage loan in NigeriaAs a result of the variety of things that can be financed in real estate varies greatly, different lenders in Nigeria may have varied qualifying conditions for mortgage loans in Nigeria for different types of borrowers. For example, the eligibility standards for a single-family house mortgage loan differ from those for a large retail centre mortgage loan.Housing programmes such as the National Housing Fund (NHF) and… Continue Reading