Buying a House in Nigeria: Proven steps to finance your house with ease

Whichever one you decide, you will be paying money monthly, annually or however else it is agreed for a house.

If your desire is to buy a house which I strongly suggest, you will be investing towards your own house.

If you rather prefer to be a tenant you will be paying your landlord and making him richer.

If your interest is in buying a house in Nigeria then take time to digest this article because it contains proven information on how you can finance your house with ease.

Despite that buying a house may be very capital intensive, the following information will give you clue to get started:

Register for the National Housing Fund: One of the opportunities available to buying a house is to join the National Housing Fund Scheme and you can do that whether you are based in Nigeria or in diaspora.

What’s the National Housing Fund about?

It’s set up by the Federal Government of Nigeria to provide long term housing loans to workers in both the public and private sectors of the economy.

Employees or self employed. Once you are an adult with regular proven source of income.

With the single digit debit interest loan, you can buy, construct or improve your existing house.

NHF Subscribers are expected to contribute two and half percent of their Basic pay to a pool of fund from which loans could be granted to contributors on affordable terms of repayment at 6% interest for a tenor depending on how far away they are from 60years of age.

The Federal Mortgage Bank of Nigeria (FMBN) is assigned the responsibility to collect, disburse and administer the fund using the Primary Mortgage Institutions (PMIs).

Loan amount can be N5million, N10million or N15million depending on what you qualify according to your current earnings and age.

For you to have access to the loan, you are required to make a contribution of 10%, 20% or 30% respectively of the amount required and produce evidence of 6 months contributions towards the National Housing Fund.

Apart from the fact that the awareness of this housing loan avenue is very low, subscriber’s experiences have not been particularly good due to three major reasons:

1) Scheme Knowledge-Application gap within the mortgage industry
2) Dearth of suitable housing projects
3) Very low patronage amongst contributing subscribers leading to shortage of funds for mortgage creation.
On the whole however, NHF housing loan remains what any Nigerian above 21years of age should strive to enjoy before retirement.

Join a Housing Co-Operative Society: There are several case studies to show that buying a house with housing Co-operative societies is attainable.

There are co-operative societies who help members to build houses and buy lands with spread payment and low interest rates.

It’s a proven way out of housing problems for Nigerians. The co-operative members pull resources together to actualize their dreams of buying a house or building it.

For instance, an effectively managed Co-operative society such as Prime Assets Housing Co-operative Multi-purpose Society Limited can help deliver housing on a very big scale.

Find Real Estate Business That Allows You To Pay for between 12 – 24 months: There are credible real estate companies that will allow you to spread the payment for a land between 12 – 24 months and even more especially for housing units.

This form of payment has helped many Nigerians interested in buying a house or land to achieve it by leveraging on the installment payment option.

In conclusion, what I have done with this article is to expose you to proven strategies that people of middle and low class income can apply to become landlord.

You can go further by researching more into the sub headings raised here or contact us for practical steps or guidance on how to go about any of this.

If you are interested in more information or clarification on strategies to buy a house, you can put a call/text to me through 08059899701 or send me a mail by clicking here

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