Nigerian Mortgage Calculator

Compare NHF, MREIF, Family Homes Fund and commercial bank rates. Know your monthly repayment before you commit.

Mortgage Details

NHF mortgage via FMBN: fixed 6% p.a., up to ₦50M, 30-year max, 10% deposit. Requires 6 months of NHF contributions.

Minimum 10% for NHF
Maximum 30 years for NHF

Monthly Repayment

₦0
principal + interest
Property Value₦0
Down Payment₦0
Loan Amount₦0
Interest Rate0%
Loan Term0 years
Monthly Payment₦0
Total Repaid₦0
Total Interest₦0

Amortisation Summary

Principal Interest

Nigerian Mortgage Schemes Compared

Scheme Rate Max Loan Max Term Min Deposit Who qualifies
NHF / FMBN 6% fixed ₦50 million 30 years 10% NHF contributors (6+ months); public & private sector
MREIF 9.75% fixed No stated cap 20 years 10% Salary earners, business owners, diaspora; completed property only
Family Homes Fund 8–10% ₦40 million 20 years 10% Low- and middle-income earners via participating PMIs
Commercial Bank 15–28% Varies 15–20 years 20–30% Anyone with provable income; rate varies with CBN MPR

CBN MPR as at May 2026: 26.50%. Commercial rates track MPR and may change.

Property Purchase Costs in Nigeria

Stamp Duty
0.5–1.5%
0.75–1% for residential; 1.5% for commercial. Must be stamped within 30 days of execution.
Governor's Consent
1.5–3%
Required for title transfer. Lagos: ~1.5% + registration + CGT ≈ 3% total government fees.
Legal Fees
5–10%
Solicitor charges for conveyancing, title search and registration. Always negotiate.
Estate Agent
5–10%
Typically 5–10% of purchase price. Sometimes split between buyer and seller.
Survey / Valuation
0.5–1%
Required by most lenders before approving a mortgage.
Total All-In
8–15%
Budget 10–15% of purchase price for all closing costs on top of your deposit.

Frequently Asked Questions

What is the NHF mortgage and how do I qualify?

The National Housing Fund (NHF) mortgage is administered by the Federal Mortgage Bank of Nigeria (FMBN) at a fixed 6% p.a. You must have contributed 2.5% of your basic salary to the NHF for at least 6 consecutive months. You can borrow up to ₦50 million for up to 30 years with a 10% deposit.

What is MREIF?

₦1 trillion government-backed fund offering mortgages at 9.75% p.a. for up to 20 years. Available to salary earners, business owners and diaspora Nigerians via 15+ banks (Access, FCMB, Stanbic IBTC). Property must be completed and residential.

Can I afford a mortgage in Nigeria?

Monthly repayments should not exceed 30–35% of take-home pay. Use your lowest typical income if irregular. Budget closing costs (8–15% of property value) on top of your deposit.

Why are commercial bank mortgage rates so high?

Rates track CBN MPR (26.50% as of May 2026) plus a bank spread, giving 15–28% p.a. Exhaust government-subsidised options (NHF, MREIF, Family Homes Fund) before going commercial.

Do I need Governor's Consent to buy property in Nigeria?

Yes. Under the Land Use Act (1978), title transfer requires the governor's consent or the transaction is not legally complete. Fees vary by state — Lagos is ~3% of assessed value in total government fees.

How is monthly mortgage repayment calculated?

Standard mortgages use the amortisation formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments. Each payment covers interest first; principal reduction accelerates over time.