Mortgages In Nigeria: Does It Work?

Does Mortgages in Nigeria really work and how easily it is to access a housing mortgage in Lagos or Nigeria generally?.
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In this episode, I start with the definition of Mortgage loans. Furthermore, I explained the 2 different types of mortgage loans in Nigeria and how you can access a mortgage financing.
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Despite the low awareness of mortgage schemes in Nigeria, a lot of Nigerians still buy houses through mortgages, but what is the secret?.
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Usually, the interest rate of mortgages in Nigeria is a big concern, however, there are some workaround to these interest rates.

[@tundesquared6184]

Awesome information as always.. Unfortunately, Nigeria is where truthfulness and credibility don't work!! Everything in the system is intentionally built on lies....docs, collateral, paperwork, forms/applications, surveying, etc etc. Hardworking individuals can not make a headway. The system frustrates people. I have experienced it.

[@meetthepropertyguy3156]

It is well, we will make it

[@YemisiA]

The fast forward button is here for a reason to be used by whoever feels the video is too long. Many of us enjoyed and understood the long video, with no repetition detected.
Kudos to you Mr. Mustapha for sharing this information with your audience.

[@meetthepropertyguy3156]

Thanks ma

[@alexconfidence2354]

Nice topic. Nigeria govt. system is dysfunctional and it's affecting everything. The mortgage abroad is for everybody especially civil servants, but mortgage in Nigeria is for billionaires, looting politicians and bank owners those are the people that get mortgage in Nigeria, a civil servant has not even gotten his or her rightful pension talk more of mortgage. We only hope that one day Nigeria will join the league of other functional countries and we must vote the right people for it to work.

[@meetthepropertyguy3156]

Thanks for your comment

[@DaboEtela]

Mhen! this is the kind of content I'm looking for, Thanks! great channel.

[@meetthepropertyguy3156]

I am glad you found us, Gracias

[@AbassAdebayo]

Thank you!
This is informative!

[@meetthepropertyguy3156]

You're welcome

[@hussaini24]

My brother, Ur information is a light in darkness for me. Tnks 4 d info's. Looking forward 4 more contents from u.

[@meetthepropertyguy3156]

You're welcome

[@nelsonpeter7076]

You just gained a subscriber. I’ll love more videos on this topic

[@meetthepropertyguy3156]

I just did another last week

[@adewumit.k3406]

Mortgage services is not encouraging so far in Nigeria due to the bureaucratic system (collateral etc) and high rate of interest. Even when you get the loan/mortgage you must have drop heavy brown envelope. Boss the topic Is a good topic but a silent one in the real sector.

[@meetthepropertyguy3156]

As you rightly said, mortgage no be for low or middle class for Naija, although most won't agree, but to access mortgage here, you have to be a high earner

[@adewumit.k3406]

@@meetthepropertyguy3156 exactly 💯 sir. High earners. I hope to meet with you in person some day soonest

[@meetthepropertyguy3156]

No worries big bros

[@victoredwards3959]

A quick question, let’s assumed one wants a property for 70 million , if one has deposit 35 million , get a 35 million mortgage for 10 years , and short let the property, making 8 million a year. Do you think this is good idea . And will the property pays for itself. Over the 10 years period?

[@meetthepropertyguy3156]

Thanks for your comment.
If you make 8m on shortlet per year, your running expenses should be around 3m to 3.5m roughly, so actual profits should be around 4m to 4.5m, investors tend to look at what you can make, ignoring you will equally spend.
A 35m mortgage over 10yrs is not bad at all, considering the Interest accrued will still be low, in the first 4yrs, if you can clear our like 20m, it will ease the repayment for the next 6yrs

[@rafade8530]

Highly educative.Excellent and Fantastic presentations always.

[@meetthepropertyguy3156]

Thank you sir, I appreciate

[@thespeakingpen]

Thanks for sharing. Amazing video!!!

[@meetthepropertyguy3156]

Thanks Mr Segun

[@ojofinance8889]

WOW😅 the interest rates are high, even the government loan compared to the mortgage I got in Tokyo.

[@meetthepropertyguy3156]

You are right

[@oyinboohiorenuandirisu8258]

Nice topic sir, but let me ask, with the 17 to 22 percent commercial bank charge as interest, does the appreciation on the property edge against the interest?

[@meetthepropertyguy3156]

To analyse the appreciation vs the interest rate, on a short term the interest will definitely beat the appreciation, but over a 20 to 25yrs period, it will be almost equal, but that will require some serious mathematical permutation

[@fairusecafe]

Thank you

[@meetthepropertyguy3156]

You're welcome

[@Utibe-Abasi]

I’m here because this is a bulky topic in land law 🤧

[@meetthepropertyguy3156]

Oh

[@brightgodwin6068]

How many years mortgage are there giving in nigeria please

[@meetthepropertyguy3156]

NHF and commercial mortgage can give up to 15yrs

[@purelove1825]

You are doing a good work but your videos are unnecessarily too long because of unnecessary repetition. If you cut your videos short, then you are doing bam. Good work.

[@meetthepropertyguy3156]

Alright

[@successola1140]

Madam Caroline : Some of us need this long video, to understand more better, thank you.😊😊

[@meetthepropertyguy3156]

We will balance if for everyone