Mortgages in Nigeria

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Mortgages in Nigeria

by Nikki
(London, UK)

Your advice on home mortgages is based on the people that live in Nigeria. What about citizens that live and work abroad and would like to own their own home in Nigeria but want a mortgage?

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Mortgages in Nigeria

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Sep 28, 2007
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Mortgage For Nigerians Overseas
by: Samson Itoje

The reason for this is obvious.

Banks are not inclined to give mortgage to someone whose income is not resident in Nigeria.

Understand the way banks work.

Banks give you a mortgage facility when they know the capital is secure. That is, there is assurance you are able to repay the mortgage loan.

That assurance is based on the fact that - 1. your monthly income is paid to the bank and you have a stable job or - 2. The revenue for your business endeavors comes to the bank.

Either way, your account resides with the bank and there is sufficient evidence to indicate that you can repay both the mortgage and the interest.

When you live overseas, your income does not come to the bank monthly. Hence, they do not have the confidence they need to grant you a mortgage.

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