What are the available means of financing house purchase in Nigeria ? I have my eye on a house but don't have enough saved up for it.

there is some funny version of mortgage in nigeria, if you are lucky to get the banks to listen to you, the lack of understanding of mortgage by nigerian banks or their lack of willingness to understand it will continue to be a barrier for people like me and you, I hear GTB HOMES is financing house purchase actively but you have to give them another house as collateral, can you beat that?

@Poster,

You are not alone. Many people at home and abroad are puzzled at the type of mortgage arrangements available in Nigerian banks.

Considering what many people know about mortgages in the UK and USA, there is no such easy provision in Nigeria.

Unfortunately, the Federal Mortgage Bank in Nigeria is not really meeting the needs of the intended Nigerian mortgage market.

The lack of real mortgage caused the Nigerian property market to be stagnant. More than 90% are choosing to build their own house gradually because that is the most economically viable option at this time.

i thought i was d only one facing thid kind of stress somebody needs 2 com in n find solution to this problem

Raw cash all the way, every other option is a big risk not worth taking.

the fact that there are so many bottlenecks thrown along the way does not help matters, the rubbish land use decree that has vested so much powers in the governors virtually made sure that state govt will milk you dry in trying to perfect your titles. so people leave titles unperfected, therefore you cant remotgage to free cash for other pursuits.

There cant be no mortgage until the government becomes serious about addressing the problems, how can you have a viable mortgage institution when it can take up to 2 years to get C of O for land, you can not have a mortgage system if u dont have a deep capital market, thats y naija mortgage is not usually more than 5-7 yrs at about 30% per annum, don't go there,,,,na die !!!