One of the pertinent challenges of low to middle-income Nigerians is that of homeownership. Some unconfirmed reports put the current housing deficit at over 17 million. There are several people who are gainfully employed but do not have their own homes. Rather, they are living in rented apartments.

We have realized that some individuals want to access a mortgage loan but do not know how to go about it. Today, we will guide you with simple 10 basic steps to take in order to get a mortgage loan in Nigeria, irrespective of your state of residence.

1. Have a verifiable means of income

The first thing to do if you want to apply for a mortgage loan in Nigeria is to be sure that you have a verifiable means of income. One of the basic pre-requisites that the mortgage Bank would check is to be sure you have a source of income that will guarantee repayment over the loan period without defaults. They would request account statements covering 6-12 months. It is mandatory that a mortgage loan applicant has a verifiable means of income, as mortgage loans are long-term in nature and the Bank would not want to process or approve a loan for an individual who does not have a means of repaying.

2. Possess a good credit report

One thing you need to work on if you want to apply for a mortgage loan is having a good credit rating. No financial institution will give out a loan to an individual with a bad credit rating, if the applicant has taken a loan in lending institutions in the past and defaulted, this will affect the applicant’s credit score.

3. Search for a Property within your Affordability Range

Once you can boast of a verifiable means of income and have a good credit score, the next thing is a search for a property that is within your affordability range. One of the key things you should have in mind when searching for a property is to be sure that the property has a valid title on which a legal mortgage can be created, such as a Certificate of Occupancy, registered Deed of Assignment, etc. The title is a very pertinent one, as a defective title cannot be used to access a facility from a mortgage Bank. It is advisable to seek the advice of your mortgage bank when buying a property.

4. Review the Interest Rate

In Infinity Trust Mortgage Bank Plc, our interest rates are very competitive and we give long tenures which make repayment easy. We can avail of any amount required to buy your desired property as long as your income can accommodate the repayment. Our equity contribution can be as low as 20% and can be paid overtime. Apart from the attractive rate, the customer experience is also remarkable.

Most standard Primary Mortgage Banks in Nigeria have a functional loan calculator on their websites. You may use the loan calculators for an idea of your monthly amortization. It is important to state that the calculator will give you an estimated value, not the exact amount.

5. Save up your Equity

Equity contribution is the amount of money that you can immediately contribute towards the purchase of a property.

Part of the requirements when applying for a mortgage loan in Nigeria is the provision of equity. Mortgage Banks do request for equity contribution between 20-50% of the property’s value depending on the creditworthiness of the applicants or the risk assessment of the candidate’s profile.

So, if you are planning to take a loan to acquire a property, you have to be sure you have some equity contribution. Some of the Primary Mortgage Banks have specialized products to cater to this. Infinity Trust Mortgage Bank, for instance, has a product, Infinity Save and Own a Home that will enable those who do not have the equity contribution readily to save it over a period. This is done in a way that the savings will be structured in line with your earnings to be convenient enough for you.

6. Consider All Other Charges

Before going all out to apply for a mortgage loan to purchase a home, you must also calculate your average monthly spending. The maximum amount that is acceptable for repayment should not exceed 1/3 of your net income. You must consider every other expense as it pertains to getting a mortgage loan like the administrative charges, cost of perfection of legal mortgage, etc. These are some of the other charges that you will be required to pay while applying for a mortgage loan. It will be wise to ask your account or loan officer what charges you will be required to pay. It will not be nice if you get mid-way in the application process before knowing that you will be required to pay some other mandatory fees.

7. Start Collating all the Required Documents

The moment you have decided on applying for a mortgage loan, then you can start with the collation of the required documents that will be requested from you. Some documents that will be requested from you are; a 6-12months’income account statement, an offer letter from a seller or developer i.e the developer in charge of the property you intend to purchase, a copy of the birth certificate or sworn affidavit, a copy of employment letter, copy of work ID, a copy of the title document of the property you intend to purchase, letter of introduction from your employer, etc. These are some documents that they will request you to provide during the application. It will be best if you work on getting these documents ready as soon as you approach the Mortgage Bank for a loan. When these documents are readily available, it makes the application process to be fast.

8. Approach A Primary Mortgage Bank to Apply for the Mortgage Loan

The next thing to do when you have followed all the listed steps above is to approach a Primary Mortgage Bank of your choice based on the research you have conducted. You will be required to open an account and the requirements for opening an account include the provision of 2 passport photographs, a valid means of identity(Driver’s license, National ID card, International passport, or Voter’s card), and a utility bill such as electricity bill, water bill, etc. Upon successful account opening, you are good to begin the mortgage application. Once you strictly follow the steps and requirements listed above, your loan will be processed and in no time, you will become a homeowner.

9. Tighten up your belts

Transitioning from receiving a full monthly salary monthly to the repayment of loans requires a high level of financial discipline. Repayment can take up to 5-10 years or more, depending on your financial capacity. This means that you have to be mentally prepared and make some adjustments in your spending. Taking up this responsibility is going to take a lot of dedication and hard work. But the rewards are tenfold, seeing your family living comfortably and having the fruits of your labor make a dream come true.

10. Being free from debt

Once you have completed paying your mortgage loan, you’ll be able to relax a little more and actually enjoy life. You can think about traveling and doing things you would enjoy. You can take family trips where you could have bonding time together. But of course, to be free from debt, pay your mortgage religiously


Now that you know the basic steps needed to apply for a mortgage loan, you can choose our Bank for your mortgage loan application. I am sure you want to ask why you should choose Infinity Trust Mortgage Bank Plc among other Primary Mortgage Banks in Nigeria.

The exciting news is that if your partner with Infinity Trust Mortgage Bank Plc, you will get a trusted Mortgage Bank to guide you every step of the way.

We will:

  • Partner with you and provide support throughout your journey to homeownership.
  • Guide you on properties that align with your income
  • Negotiable and flexible rates and payment structure to suit your specific circumstances.
  • Transparent and professional guide.
  • Ensure that the property has a registered title document that will relieve you of future stress.
  • Guarantee you the exceptional and personalized service you deserve.