In Nigeria, owning a home may seem out of reach for many, but the reality is changing. With a salary of N600,000 per month, you could secure a mortgage for a house worth up to N30 million. That’s right! The key lies in understanding the mortgage landscape and making informed decisions.
According to Ayo Olowookere, a mortgage expert and managing director at Imperial Homes, featured on The Coffee Table show, young Nigerians can now access affordable mortgages with as little as a 5% equity contribution. This makes homeownership more achievable for first-time buyers, especially those in suburban areas around Lagos, where property prices are more accessible compared to prime locations like Lekki or Victoria Island.
However, while opportunities exist, the process still remains challenging due to high-interest rates and lengthy approval timelines. The mortgage sector is growing, but reforms are needed to streamline the system and make it even more accessible.
Want to learn more about how you can benefit from these mortgage opportunities? Watch the full interview on The Coffee Table on Nairametrics TV on YouTube!
It’s quite interesting, I would like to participate. I’m a teacher in Delta State currently in level 10. Can I apply for a house loan?