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Your journey to Home ownership starts today.
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.
- 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 80% financing.
- Make a Down Payment: Provide at least 20% equity of the property’s value.
- Enjoy Flexible Repayment: Pay off your mortgage over 20 years with reducing balance interest.
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?
Once you’ve inspected your desired home at our Estate, the next steps are simple:
- A secured source of income.
- Minimum of 20% down payment.
- A good credit score.
