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.

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“To buy a nice home is to buy a better way of life. To choose a better way of life is to work toward well-being, and isn’t well-being what’s paramount?”

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“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.”

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

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“To buy a nice home is to buy a better way of life. To choose a better way of life is to work toward well-being, and isn’t well-being what’s paramount?”

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;

BECOME A HOME OWNER

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Head Office

Royal Office Building, 2nd Floor KM 20 Lekki-Epe Expressway, Ajiwe-Ajah, Opp Fidelity Bank. Lekki, Lagos, Nigeria.

Abuja Office

22 Durban Street, Wuse 2, Abuja

Lagos: 0700 1000 000
Abuja: 0700 2030 2030