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Sahara Weekly Reports That Mortgages play a pivotal role in the real estate sector, allowing individuals and families to own homes without the need for substantial upfront payments. In Nigeria, as in many countries, mortgages are a common means of financing homeownership. This article aims to provide a comprehensive overview of how mortgages work in Nigeria, covering the key aspects, processes, and considerations.










































1. Types of Mortgages in Nigeria

In Nigeria, there are various types of mortgages available to suit different needs and financial situations. The most common types include:

a. Home Purchase Mortgage: This is the traditional form of mortgage used for buying a new home or property.

b. Home Equity Release Mortgage: This allows homeowners to access the equity in their property to meet other financial needs.

c. Construction Mortgage: Designed for those building their homes, this type of mortgage provides funds in stages during construction.

d. Refinancing Mortgage: Allows homeowners to replace an existing mortgage with a new one, often with better terms.










































2. Mortgage Providers

Mortgages in Nigeria are typically provided by banks, mortgage banks, and other financial institutions. Some of the well-known mortgage banks in Nigeria include the Federal Mortgage Bank of Nigeria (FMBN), which focuses on affordable housing, and commercial banks like Zenith Bank, First Bank, and GTBank.










































3. Eligibility Criteria

To qualify for a mortgage in Nigeria, individuals must meet certain eligibility criteria, which may include:

– Proof of regular income

– Good credit history

– Down payment capability

– Legal age (usually 18 years or older)

– Nigerian citizenship or legal residency










































4. The Mortgage Application Process

The mortgage application process in Nigeria involves several steps:

a. Prequalification: Potential borrowers assess their financial status, calculate affordability, and choose a suitable mortgage type.

b. Documentation: Applicants provide necessary documents such as proof of income, identification, and property details.

c. Property Valuation: The lender evaluates the property’s value to determine the loan amount.

d. Credit Assessment: Lenders assess the borrower’s creditworthiness by reviewing credit reports and history.

e. Approval and Disbursement: Upon approval, the mortgage is disbursed, and the borrower takes ownership of the property.










































5. Mortgage Terms and Conditions

Mortgages in Nigeria typically have terms ranging from 10 to 25 years. Interest rates can be fixed or variable, and the repayment structure can be monthly, quarterly, or annually.










































6. Mortgage Insurance

Mortgage insurance is often required, especially for mortgages with smaller down payments. This insurance protects the lender in case the borrower defaults on the loan.










































7. Repayment and Default

Borrowers must make regular payments to avoid default. Defaulting on a mortgage can result in the lender repossessing the property, so it’s essential to honor the repayment schedule.










































8. Government Initiatives

The Nigerian government has introduced several initiatives to promote affordable housing and increase access to mortgages. The FMBN, for instance, offers the National Housing Fund (NHF) scheme, which provides affordable mortgage loans to contributors.










































9. Tax Implications

It’s important for prospective homeowners in Nigeria to be aware of the tax implications associated with mortgages. Mortgage interest paid on a primary residence is often eligible for tax deductions, which can help reduce the overall cost of homeownership. Tax laws and regulations may vary, so consulting with a tax professional is advisable.










































10. Benefits of Mortgages in Nigeria

Owning a home through a mortgage in Nigeria offers several advantages:

a. Asset Appreciation: Real estate in Nigeria generally appreciates over time, potentially increasing the value of your investment.

b. Forced Savings: Paying a mortgage every month encourages disciplined saving, as a portion of each payment goes toward building home equity.

c. Housing Security: Homeownership provides stability and security for you and your family.

d. Investment Opportunity: Owning property can open doors to real estate investment and rental income.

e. Access to Government Schemes: Many government initiatives and incentives are designed to make homeownership more accessible, particularly for low and middle-income earners.










































11. Challenges and Risks

While mortgages offer numerous benefits, they also come with potential challenges and risks:

a. Interest Rate Fluctuations: Variable interest rates can lead to fluctuations in monthly payments, impacting borrowers’ budgets.

b. Economic Factors: Economic downturns can affect borrowers’ ability to make mortgage payments, leading to defaults.

c. Property Market Volatility: Real estate markets can be unpredictable, potentially affecting property values.

d. Legal and Documentation Complexities: Navigating the legal and documentation requirements of mortgages can be complex and time-consuming.

e. Default Consequences: Defaulting on a mortgage can result in foreclosure and the loss of the property.










































12. Expert Advice

Before embarking on the mortgage application process in Nigeria, it’s advisable to seek expert advice. Consult with financial advisors, real estate professionals, and legal experts to ensure you make informed decisions that align with your financial goals and circumstances.











































Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041







PBAT is Working, No growth without Pain ! By Sen. Rilwan Adesoji Akanbi



PBAT is Working, No growth without Pain ! By Sen. Rilwan Adesoji Akanbi


















Sahara Weekly Reports That It must be emphasized that the PBAT met a cancerous like Treasury and multidimensional problems. A courageous, dedicated and purposely determined administration of PBAT tackles all the problems gradually and head-on









PBAT is Working, No growth without Pain ! By Sen. Rilwan Adesoji Akanbi










The part payment of our foreign loans which shall raise our financial rating in the international capital market.





















The much advertised release of food grains from the strategic national silo into our food chain shows that PBAT cares and is showing much concern.


















The Policy formulation of PBAT is working indeed considering the above-mentioned parameters. Although it may not be possible for a quick approach and turnaround,there will surely be light at the end of the dark tunnel.





















Carrying the State Governors in a synergy improves and capable of reducing the widespread impoverishment. Some Governors must be mentioned for the good work : Kwara State Governor who doubles as Chairman Governors forum , Governor Babajide Sanwo-Olu of Lagos State, Governor Seyi Makinde of Oyo State, Prof Zulum of Borno, Kano State Governor and few others are doing their best although more need to be done to put smile on the faces of the citizens and some other Governors need to step up their actions.Our Governors should role out more palliatives programs to cushion effect on the present hardship.






















The ongoing regulation of our financial institutions shows the ability of our current leadership.
























It is worthy to mention the head-on tackle by the present administration on the insurgency and kidnapping that is becoming rampant.























At this juncture, we citizens must remember the fight back of political and economic saboteurs who wants instability and old order of feeding fat. We must not play into their hands, we must control our anger although, a hungry man is an angry man. We have no other country, we must watch our utterances and be guided. Support and Prayers for the administration success must be our priority. May the Lord Almighty continue to strengthen PBAT for the task ahead.

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Hunger Is Making You Go Blind’’ – Analyst Blasts APGA’s Chinedu Obigwe For Tackling Primate Ayodele



Hunger Is Making You Go Blind’’ – Analyst Blasts APGA’s Chinedu Obigwe For Tackling Primate Ayodele

‘’Hunger Is Making You Go Blind’’ – Analyst Blasts APGA’s Chinedu Obigwe For Tackling Primate Ayodele



A political analyst, John Obuchi has blasted the National Coordinator, All Progressives Grand Alliance Media Warriors Forum, Mr Chinedu Obigwe for his recent media attacks against popular Nigerian prophet, Primate Elijah Ayodele over his prophecies regarding Anambra 2025 governorship election.



Hunger Is Making You Go Blind’’ – Analyst Blasts APGA’s Chinedu Obigwe For Tackling Primate Ayodele

Primate Ayodele had revealed that a chieftain of the All Progressive Congress, Senator Ifeanyi Ubah can unseat Governor Charles Soludo and prevent him from getting a second term in office if care isn’t taken. The prophet warned Soludo to be wary of mistakes that can make his government become unpopular.

In two different publications, Chinedu Obigwe in his reaction to Primate Ayodele’s prophecies rubbished the prophet and described him as a ‘Cash and Carry’ man of God. He went as far as mentioning that Primate Ayodele is acting as Ubah’s campaign manager because of his prophecies about the senator’s governorship ambition.

In a reaction, John Obuchi has described Obigwe as a hungry man who has become blind because of his current predicament of hardship. Obuchi described him as a political dog who is selling himself cheaply because of peanuts and irrelevant political appointments.

‘’It is not always difficult to identify a political dog when you see one but it is very unfortunate when you see intelligent persons sell themselves out unnecessarily because of peanuts or at most, docile political appointments.’’

‘’Chinedu Obigwe, one who claims to be a national coordinator but isn’t known beyond Anambra, has shown with his recent attacks against Primate Ayodele that the current economic hardship has eaten deep into his cognitive reasoning and the fight for his daily bread has affected his sight; he doesn’t see beyond stomach infrastructure. He has proven to be a perfect definition of what we call ‘ebe ọ bụla belle ihu’.’’

Obuchi recalled how Andy Uba’s media team tackled Primate Ayodele for saying their principal will not become governor of Anambra state four years ago, explaining that Soludo’s team is also following the same route that led to the failure of Andy Uba.

‘’I know for sure that his attacks are not alien to Primate Ayodele’s ministry; the man of God received more than these during the last Anambra governorship election from Andy Uba’s media team. They insulted Primate Ayodele for saying their principal’s ambition will be a waste instead of listening to instructions and at the end of the day, Primate Ayodele laughed last because they failed woefully.’’

‘’Just like Andy Uba’s media team, Chinedu Obigwe is setting Charles Soludo up for failure at the 2025 governorship election. Primate Ayodele has only shared a prophetic warning that still has remedy, 2025 is still almost one year from now and the needful can still be done but sponsoring materials in the media against Primate Ayodele is just adding more petrol to the fire, Obigwe ought to know that ‘A na-agwa ntị ma ntị anụghị, e gburu isi ntị esoro ya’; When Charles Soludo loses, he will automatically become jobless.’’

He warned Charles Soludo to do the needful just as Primate Ayodele has warned in order to avoid failure while asking the governor to be careful of Obigwe’s antics to lead him to failure.

‘’Imagine saying Primate Ayodele is a cash and carry prophet, it’s very funny because if only Obigwe knows the capacity this prophet has, he would resign his current position and beg to become Primate Ayodele’s cleaner so he can feed well. People just make some unfounded claims in order to please their paymasters and it is so unfortunate coming from someone who claims to be a media person.’’

‘’I don’t want to say much other than to advise Charles Soludo to do the needful if he still wants to retain his position, Primate Ayodele doesn’t talk if he hasn’t seen anything and going by the records, every of his prophecies come to pass. Obigwe will lead Soludo to the pit if care isn’t taken. There is still time to retrace your steps, I rest my case.’’

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Oniba Salutes Sanwo-olu, Assures of peace at Lagos parks



Oniba Salutes Sanwo-olu, Assures of peace at Lagos parks

Oniba Salutes Sanwo-olu, Assures of peace at Lagos parks


The interim Chairman of Road Transport Employers’ Association (RTEAN), Oba(Dr) Sulaimon Raji Ashade has lauded the executive governor of Lagos State, Babajide Sanwoolu, describing him as a “unifier” for seeing to the smooth transition of the Lagos park management.




Oniba Salutes Sanwo-olu, Assures of peace at Lagos parks

Raji-Ashade, who was the Chairman, caretaker committee of the now defunct Lagos State Parks and Garages Administrators (LASPAGA) said the governor’s timely responses and commitment were instrumental throughout his over one year overseeing the affairs of LASPAGA.

In a statement to the media on Friday signed by Owoseni Olalere (SAMGRIN), the Director of Media & and Strategy to the interim Chairman,  he reassured the governor and all other stakeholders in the Lagos State transportation sector that the promotion of peace and tranquillity, which the parks had witnessed over the past 15 months shall continue.

Additionally, the Lagos monarch thanks Sanwoolu for his efforts towards making life easier for Lagosians, especially with the 25 per cent reduction in transport and feeding about 1,500 people daily.

“We hope to also consolidate the governor’s efforts from our own end too,” Oniba said.

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