Let's Make It Happen
Your journey to homeownership starts today.
Contact us now and take the first step!
What is Mortgage?
How does Mortgage work in Pennek?
- Select Your Dream Home: Visit any of our estates to explore available units.
- Secure Financing: We partner with reputable mortgage banks to offer up to 70% financing.
- Make a Down Payment: Provide at least 30% equity of the property’s value.
- Enjoy Flexible Repayment: Pay off your mortgage over 10-12 years with reducing balance interest.
What does Reducing Balance Mean?
Reducing balance simply means your interest is recalculated after every payment that is made on the principal. In a reducing balance method, interest is calculated on a reduced principal at varying intervals. The most common periods in this method are either annual or monthly intervals.
For example, if your principal is N15,000,000 at 20% per annum and you pay N500,000 on month 1 after the interest is deducted, and the remaining amount is reduced from the principal, the loan amount remaining will be 14,750,500 and that’s what your next interest will be calculated on. 20% of N15,000,000 = N250,000 Remaining amount will be N15,000,000 – N250,000 = 14,750,000
“Buying a home is a big step up into another echelon of society, of respect, and of, well, responsibility…that is 100 percent worth it.”
What do I need to start?
It’s simple if you’ve inspected the house you want at any of our Estates all you need is;
- A secured source of income.
- Minimum of 30% down payment.
- A good credit score.
AVAILABLE UNITS
