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Home purchase mortgage
Buy the home, then pay for it the way you pay rent, except it ends.
For finished homes and approved off-plan units across Lagos, Ogun, Oyo, Abuja and Rivers. Put down 20% and spread the rest over up to 20 years at an example rate of 18.5%, fixed for the first three years.
Who it suits
Salaried workers and business owners ready to stop renting.
You have a steady income you can show on bank statements, a deposit saved, and you have found a home or you are close. You want a fixed monthly figure you can plan around.
- Monthly repayment fixed for the first three years
- Joint applications with a spouse or family member
- Overpay up to 10% a year without a fee
- Approved developer list for off-plan buyers
How it works
Step by step, with typical times.
- 110 minutes
Pre-qualify
Get an indicative amount online so you house-hunt with a real budget.
- 2Your timing
Agree a price
Negotiate with the seller. Ask for copies of the title documents early.
- 33 to 5 days
Full application
Send your documents. We confirm affordability and run a credit check.
- 47 to 10 days
Valuation and title
Our valuer and legal team check the home and the title chain.
- 510 to 14 days
Offer and completion
Sign your offer, complete the deeds and we pay the seller directly.
Worked example
What it looks like in naira.
An illustration using example figures. Your own rate and repayment are confirmed in your offer letter.
- Price of the home
- ₦45,000,000
- Your deposit
- ₦9,000,000
- Loan
- ₦36,000,000
- Example rate
- 18.5% a year
- Term
- 20 years
- Monthly repayment
- ₦569,483
What the repayment covers
Each month part of your payment clears interest and part reduces the loan. In the early years more goes to interest; by the last third of the term most of each payment cuts the balance.
The figure includes building insurance and life cover on the balance. It does not include service charges for an estate or your own contents insurance.
Example details for this demo.
What you will need
Documents, gathered once.
Photo ID and address
Passport, driving licence or national ID card, plus a utility bill from the last three months.
Proof of earnings
Six months of bank statements, three payslips or two years of business accounts.
Title and sale papers
Copy of the title, the seller's offer letter and the approved building plan.
In pictures
Homes our customers have bought recently (example photos).
Questions
Asked often about this mortgage.
Can I use the mortgage for a home in an estate?
Yes, if the estate developer can show a registered title for the plot and the estate is on our approved list or passes our inspection.
Is the rate fixed?
The example rate is fixed for the first three years, then moves with our published base rate. We write to you 60 days before any change.
Can my spouse and I apply together?
Yes. We add both incomes, and both names go on the title and the mortgage.
What if I lose my job?
Call us early. We can offer a payment holiday of up to three months or extend the term, depending on your situation.
How soon can I move in?
About six weeks from a full application is typical, longer if the title needs work.
Related
You might also look at.
Construction finance
Build on land you own, with money released in stages as your builder reaches each level.
Refinance and equity release
Move an expensive loan to us, or raise funds against a home you already own outright.
Want a second opinion on a home you have found?
Bring the title documents to Yaba and an adviser will tell you honestly whether it is mortgageable.