Owning a home in Nigeria has long been considered a significant milestone, yet the dream of homeownership remains elusive for many due to the country’s substantial housing deficit and high upfront costs.
With an estimated housing gap of 28 million units requiring approximately ₦21 trillion to address, mortgage banks have emerged as crucial players in making homeownership accessible to low and middle-income earners across the nation.
Nigeria’s mortgage landscape has evolved significantly, with approximately 32 primary mortgage banks operating nationwide, offering various financing options to prospective homeowners.
Whether you’re a first-time buyer, looking to refinance, or planning to build your dream home, understanding the best mortgage lenders in Nigeria can help you make informed decisions about your home financing journey.
Understanding Mortgage Banking in Nigeria
Before diving into the top lenders, it’s essential to understand how mortgage banking works in Nigeria.
Mortgage banks provide loans specifically for purchasing, building, or renovating properties.
These institutions bridge the financial gap for individuals who cannot afford to buy or build homes outright, offering structured repayment plans that typically span 10 to 30 years.
The mortgage sector operates under two main categories: government-backed schemes offering rates as low as 6-9.75%, and commercial mortgage banks with rates ranging from 15% to 28%, depending on market conditions and the Central Bank of Nigeria’s monetary policy rate.
The 10 Best Mortgage Lenders in Nigeria
1. Federal Mortgage Bank of Nigeria (FMBN)
Overview: Established in 1977 as Nigeria’s apex mortgage institution, FMBN stands as the country’s foremost government-backed mortgage lender. Originally known as the Nigerian Building Society since 1956, FMBN has been instrumental in shaping Nigeria’s mortgage landscape for nearly seven decades.
Key Features:
- Administers the National Housing Fund (NHF) scheme
- Offers single-digit interest rates (6-7%) through NHF
- Provides repayment periods up to 30 years
- Equity contribution as low as 0-10% for qualified applicants
- Launched Diaspora Mortgage program for Nigerians overseas
- Disbursed over ₦73 billion in housing finance supporting 30,000+ beneficiaries
Why Choose FMBN: The Federal Mortgage Bank offers the most affordable mortgage rates in Nigeria through its government-subsidized programs. With recent innovations including a Core Banking Application system and ₦100 billion Bankable Off-taker Guarantee, FMBN continues to lead in making homeownership accessible. The bank’s NHF scheme is particularly attractive for public and private sector employees contributing to the fund.
2. Abbey Mortgage Bank Plc
Overview: Established about three decades ago and formerly known as Abbey Building Society, Abbey Mortgage Bank has earned its reputation as the premier, largest, and most profitable non-aligned Primary Mortgage Bank in Nigeria.
Key Features:
- One of seven national PMBs licensed by CBN and FMBN
- Listed on the Nigerian Stock Exchange
- Authorized for NHF on-lending facilities
- Equity shareholder in Nigeria Mortgage Refinance Company (NMRC)
- Serves individuals and cooperative societies
- Strong focus on blue-chip companies and their employees
Why Choose Abbey Mortgage Bank: Abbey’s three decades of experience, combined with its status as a publicly quoted company, provides transparency and reliability. The bank’s extensive network and relationships with corporate organizations make it an excellent choice for salary earners in established companies.
3. Infinity Trust Mortgage Bank Plc
Overview: Incorporated in 2002 and commencing operations in Abuja in 2003, Infinity Trust Mortgage Bank has grown to become one of Nigeria’s most capitalized Primary Mortgage Banks.
Key Features:
- Listed on the Nigerian Stock Exchange since 2013
- Designated as a National Mortgage Bank in 2014
- Shareholders’ funds exceeding ₦6 billion
- 8 out of 10 customers receive suitable mortgage products
- Financed over 20 modern estates across Nigeria
- Equity shareholder in NMRC
Why Choose Infinity Trust: With nearly two decades of commitment to homeownership, Infinity Trust has a proven track record of matching customers with appropriate mortgage products. The bank’s impressive growth from negative equity in 2004 to over ₦6 billion demonstrates strong financial management and stability.
4. FirstTrust Mortgage Bank Plc
Overview: Formed through the merger of First Mortgages Limited and TrustBond Mortgage Bank in September 2019, FirstTrust has quickly established itself as a powerhouse in Nigeria’s mortgage industry.
Key Features:
- Capital base and assets exceeding ₦36 billion
- Equity contribution: 20% for salary earners, 30% for self-employed
- Repayment period up to 15 years
- Leverages disruptive technology for service delivery
- Focus on mortgage and real estate financial services
Why Choose FirstTrust: FirstTrust’s substantial capital base positions it as one of the strongest mortgage lenders in Nigeria. The bank’s commitment to technology-driven solutions ensures efficient processing and customer service. Its competitive equity requirements make it accessible for both salaried and self-employed individuals.
Contact:
- Available for Nigerian residents
- Visit their website for detailed product information
5. Platinum Mortgage Bank Limited
Overview: Incorporated in 1992 as Platinum Home Investment and Mortgage Limited, this Lagos-headquartered institution has been providing mortgage solutions for over three decades.
Key Features:
- Licensed by CBN and FMBN since the early 1990s
- Equity contribution: 20-30% for properties in liaison with the bank, 40-50% for properties not in liaison
- Repayment period up to 25 years (depending on product)
- Multiple product suites for different customer needs
- Focus on both open market and bank-marketed properties
Why Choose Platinum Mortgage Bank: Platinum’s longevity in the market demonstrates resilience and expertise. The bank offers flexible products catering to different customer segments, whether buying from the open market or from bank-affiliated developers. The extended repayment period of up to 25 years provides more manageable monthly payments.
6. Imperial Homes Mortgage Bank Limited
Overview: Originally incorporated in 1992 as Citizens Savings and Loans Limited, Imperial Homes was acquired by Guaranty Trust Bank in 2007 before becoming independent in 2012. It now operates as one of Nigeria’s 10 national mortgage banks.
Key Features:
- Licensed as a National Mortgage Bank by CBN
- Offers residential purchase, refinancing, renovation, and construction loans
- Mobile banking app (Imperial Plus) for convenient account management
- Internet banking services available
- Structured mortgage application process
Why Choose Imperial Homes: Imperial Homes’ GTBank heritage brings strong institutional knowledge and banking expertise. The bank’s comprehensive digital banking platform makes account management convenient, while its diverse product range addresses various property financing needs from purchase to renovation.
7. Haggai Mortgage Bank Limited
Overview: Commencing operations in 1994 as Haggai Investment and Trust Company Limited, the bank has evolved into a National Primary Mortgage Bank with shareholders’ funds exceeding ₦6 billion.
Key Features:
- Licensed by Central Bank of Nigeria
- All deposits fully insured by NDIC
- Serves individuals and churches
- Mobile banking app with target savings features
- Quick disbursement and flexible repayment plans
- Balance sheet grew from ₦3.5 billion (2009) to over ₦10.2 billion
Why Choose Haggai Mortgage Bank: Haggai’s unique positioning serving both individuals and churches makes it distinctive in the market. The bank’s impressive growth trajectory and recently implemented Finedge core banking system ensure modern, efficient service delivery. The mobile app’s target savings feature helps customers prepare for homeownership.
Contact:
- Head Office: 119 Bode Thomas Street, Surulere, Lagos
- Phone: 07054593560, 08144772676
- Email: info@haggaibank.com
- Website: www.haggaibank.com
8. Gateway Mortgage Bank Limited
Overview: Established in 2005 and fully owned by Ogun State Government, Gateway Mortgage Bank commenced mortgage business in February 2006, focusing primarily on Ogun State residents and civil servants.
Key Features:
- State government-backed institution
- Accredited by FMBN for NHF loan access
- USSD banking (82225#) for non-smartphone users
- Mobile banking app available
- Four branches across Ogun State
- Personal, SME, Corporate, and NHF services
Why Choose Gateway Mortgage Bank: As a state government-backed institution, Gateway offers stability and reliability. The bank’s focus on Ogun State means localized expertise and understanding of the regional property market. Multiple banking channels, including USSD for feature phones, ensure accessibility for all customer segments.
9. LivingTrust Mortgage Bank Plc
Overview: LivingTrust Mortgage Bank has positioned itself as a reliable partner for real estate developers and individual homeowners, recently receiving ₦1.6 billion from Development Bank of Nigeria for MSME lending.
Key Features:
- Strong partnerships with real estate developers
- Mortgage financing for property development projects
- Personal and corporate banking services
- Client mortgage account management
- Quick loan processing with hassle-free procedures
Why Choose LivingTrust: LivingTrust’s strong relationships with property developers mean access to pre-approved estates and streamlined mortgage processes. The bank’s recent DBN funding demonstrates confidence from larger financial institutions and ensures liquidity for customer mortgages.
10. Nigeria Mortgage Refinance Company (NMRC)
Overview: While not a traditional lender, NMRC plays a crucial role in Nigeria’s mortgage ecosystem as a private sector-driven mortgage liquidity facility that works with primary mortgage banks and commercial banks.
Key Features:
- Provides long-term funding to mortgage originators
- Partners with PMBs and commercial banks
- Backed by Federal Ministry of Finance and Nigeria Sovereign Investment Authority
- Focuses on mortgage refinancing and secondary mortgage market development
- Helps increase mortgage accessibility and affordability
Why Consider NMRC: NMRC doesn’t lend directly to individuals but refinances mortgages created by PMBs, which allows these banks to free up capital and offer more competitive rates. Understanding NMRC’s role helps you identify PMBs with access to refinancing, potentially leading to better mortgage terms.
Understanding Mortgage Rates and Requirements in Nigeria
Current Interest Rate Environment
As of January 2026, Nigeria’s mortgage market operates in a challenging interest rate environment:
- Government-backed programs (NHF, MREIF): 6-9.75% fixed rates
- Primary Mortgage Banks: 15-25% per annum
- Commercial banks: 18-28% per annum
The Central Bank of Nigeria’s monetary policy rate significantly influences these rates. Government programs offer the most affordable financing, while commercial rates reflect the high-interest environment necessary to combat inflation.
Typical Down Payment Requirements
- Government programs: 0-10% equity contribution
- Primary Mortgage Banks (salary earners): 20-30%
- Primary Mortgage Banks (self-employed): 30-40%
- Commercial banks: 30%+
- Foreign nationals: 40-60%
Loan Tenure Options
- Government schemes (NHF): Up to 30 years
- Primary Mortgage Banks: 10-25 years depending on product
- Commercial banks: 6-10 years
Additional Costs to Consider
Mortgage-related fees typically add 3-7% to total loan amounts:
- Processing fees
- Valuation fees
- Legal fees
- Insurance premiums
- Stamp duties
How to Choose the Right Mortgage Lender
1. Assess Your Eligibility
Start by determining whether you qualify for government-backed programs like NHF. If you’re a contributing member, this provides the most affordable path to homeownership.
2. Compare Interest Rates
Don’t focus solely on advertised rates. Request the Annual Percentage Rate (APR) which includes all fees, providing a true cost comparison.
3. Evaluate Customer Service
Research customer reviews, processing times, and the lender’s reputation for responsiveness. A smooth application process can save considerable stress.
4. Consider Digital Capabilities
Modern banking platforms make mortgage management more convenient. Evaluate mobile apps, online portals, and USSD options.
5. Understand Repayment Flexibility
Ask about prepayment penalties, refinancing options, and what happens if you encounter financial difficulties.
6. Check Developer Relationships
Some banks have partnerships with specific developers, potentially offering better terms on particular properties.
Steps to Apply for a Mortgage in Nigeria
- Pre-assessment: Use online calculators or bank pre-qualification tools to understand your borrowing capacity
- Document preparation: Gather required documents (ID, proof of income, bank statements, property documents)
- Application submission: Complete application forms with your chosen lender
- Credit assessment: The bank evaluates your creditworthiness and ability to repay
- Property valuation: The lender assesses the property value
- Approval and offer: If approved, you receive a mortgage offer letter
- Documentation and closing: Legal documents are prepared and signed
- Disbursement: Funds are released for property purchase
Tips for Successful Mortgage Application
- Maintain good credit history: Ensure existing loans are current
- Save for a larger down payment: Reduces loan amount and may improve terms
- Choose properties wisely: Select appreciating locations and verified properties
- Be honest in applications: Misrepresentation can lead to rejection
- Understand all terms: Read all documents thoroughly before signing
- Consider future income: Ensure repayments remain affordable if circumstances change
The Future of Mortgage Banking in Nigeria
Nigeria’s mortgage sector is experiencing transformation through several initiatives:
Technology Integration
Banks are implementing core banking systems, mobile apps, and digital platforms to streamline processes and improve customer experience.
Government Intervention
Recent programs like the MREIF (Mortgage Refinancing and Enhancement Investment Fund) launched in 2025 demonstrate continued government commitment to affordable housing finance.
Regulatory Improvements
The Central Bank of Nigeria continues refining regulations to strengthen the mortgage market and protect consumers.
Secondary Mortgage Market Development
Institutions like NMRC are working to create a robust secondary mortgage market, improving liquidity and potentially lowering costs.
Conclusion
Choosing the right mortgage lender in Nigeria requires careful consideration of your financial situation, long-term goals, and the specific offerings of each institution.
While government-backed programs through FMBN offer the most affordable rates, primary mortgage banks like Abbey, Infinity Trust, FirstTrust, and others provide valuable alternatives with diverse product offerings and competitive terms.
The key to successful homeownership lies in thorough research, honest self-assessment of your financial capacity, and selecting a lender whose products align with your needs.
Whether you’re a first-time buyer or looking to upgrade, Nigeria’s evolving mortgage landscape offers multiple pathways to achieving your homeownership dreams.
Remember that while interest rates and fees are important, factors like customer service, processing efficiency, and the lender’s stability should also influence your decision. Take time to consult with multiple lenders, compare offers, and choose the institution that best supports your journey to homeownership.
Frequently Asked Questions
Q: Can foreigners get mortgages in Nigeria? A: Yes, but they typically require higher down payments (40-60%) and may face additional documentation requirements.
Q: How long does mortgage approval take? A: Processing times vary by lender but typically range from 2-8 weeks for complete applications with all required documentation.
Q: Can I refinance my mortgage? A: Yes, several banks offer refinancing options, allowing you to switch from higher commercial rates to more favorable terms.
Q: What happens if I lose my job during mortgage repayment? A: Contact your lender immediately. Some offer grace periods or restructuring options, though terms vary by institution.
Q: Is mortgage insurance required? A: Yes, most lenders require property insurance and sometimes life insurance to protect the loan investment.
This article provides general information about mortgage lenders in Nigeria as of January 2026. Interest rates, terms, and conditions are subject to change. Always verify current information directly with lenders and consult with financial advisors before making mortgage decisions.
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