3CEES

LOW-INTEREST MORTGAGE RATES IN NIGERIA ??

The “ Best Kept Secret “………..

The “Rat Race “for a young upwardly mobile professional in Lagos can be such a depressing annual vicious cycle………

  • Get Paid….
  • Pay Bills…….
  • Pay Children’s School Fees.
  • Pay Million Naira Rent…
  • Go Broke
  • Repeat…

The statistics are shocking!! 85% of professionals in Lagos still live in rented apartments after 10 years of working. Sadly, rent charges keep climbing, making the possibility of ever owning your own home even more & more remote. It’s a “Catch 22 Situation “……

 Mortgage loans in Nigeria can be cut-throat and “Beyond the Reach “of the average professional. Yet, the chances of getting “Bulk Money “to build without a cut-throat loan is almost zero!

But all hope is not lost……

Do you know that the National Housing Fund (NHF) can give you access to loans for building your own home at only 6% per annum??      

KNOWLEDGE IS POWER …. HELP is now “Within Your Reach “

Eligibility For (NHF)

  • Be above the age of 18 years
  • The applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment
  • Contribute 2.5% of their monthly salary for a minimum of 6 months to Federal Mortgage Bank of Nigeria, managers of the fund.

How to Apply For National Housing Fund (NHF)

Except for institutional borrowers who can apply for the loan directly from Federal Mortgage Bank of Nigeria (FMBN), individuals can only apply through a duly licensed and accredited Primary Mortgage Bank (PMB) of their choice and not directly to the FMBN. Loan applications are also to be obtained from the same PMB.                              

What are the documents required when applying for the loan?
Documents required to process the loan include:
a) Completed application form
b) Photocopy of title documents
c) Current valuation report on the proposed house to buy or bill of quantities for the house to build.                                                          
d) 3 years tax clearance certificate
e) Evidence of NHF participation
f) Copy of pay slips for previous 3 months
g) 10% personal stake (contribution of 10% cost of the house)

So what is the Maximum loan amount?
The maximum is 15 million Naira only. Also your calculated monthly loan deductibles must not exceed 33% of monthly gross income.

For example, a 35 years old applicant on a monthly salary of N60, 00.00 interested in building a house estimated to cost N7 Million. He has 25 years to go before clocking 60 years, the loan amount is calculated as follows:

Loan ceiling = (N60,000/3) x 12months x 25years
                      = N20, 000 x 12 x 25
                      = N6, 000,000.00 (Less annuity interest factor of 6%)

NOW THAT’S DOABLE, RIGHT??

At 3CEES Projects, we believe “Affordable Housing “on the Island must not necessarily be “ Beyond Your Reach “

Book an appointment with us TODAY for a FREE CONSULTATION

Tell: +234 (0)708 137 9023, +234 (0)807 588 2750 Email: info@3ceesprojectslimited.com