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Royal Office Building, 2nd Floor KM 20 Lekki-Epe Expressway, Ajiwe-Ajah, Opp Fidelity Bank. Lekki, Lagos, Nigeria.
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22 Durban Street, Wuse 2, Abuja
MORTGAGE IN NIGERIA: OWNING YOUR HOME JUST GOT EVEN EASIER WITH OUR MORTGAGE PACKAGE
IN SIMPLE TERMS
WHAT IS MORTGAGE?
The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan. A borrower must apply for a mortgage through their preferred lender and ensure they meet several requirements, including minimum credit scores and down payments.
How does Mortgage work in Pennek?
Individuals can use mortgages to buy real estate without paying the entire purchase price upfront. The borrower repays the loan plus interest over a specified number of years (In this case 10-12years) until they own the property free and clear. The mortgage bank we are in partnership with gets to finance your home purchase with up to 70% of the property value while you provide at least 30% equity of the property value.
AVAILABLE UNITS
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2 Bedroom Terrace
N50,000,000
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3 Bedroom Terrace
N55,000,000
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4 Bedroom Terrace
N61,000,000
IN SIMPLE TERMS
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
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 means of income.
- Minimum of 30% down payment.
- A good credit score.
BECOME A HOME OWNER
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