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Available Mortgage Products

REBCo works closely with mortgage lenders in the Nigerian mortgage industry. Different mortgage lenders have different mortgage products that they choose to promote.

REBCo seeks to appreciate its client’s needs and then match these needs to the most appropriate product from the most appropriate lender in the market for that particular prospective borrower or mortgage seeker.

Below are some of the most common mortgage products offered by Nigerian mortgage lenders:


Outright Purchase of Completed Property

  • Primary residence
  • Buy to lease (investment property)

Outright purchase of a completed property is a popular product offered by most Nigerian banks who are actively participating in mortgage lending. Here, the applicant has identified a completed property that is habitable in its present state and is ready to be moved into. The applicant is required to make a contribution also known as equity contribution or down payment, which is a percentage of the total purchase price. The equity contribution required varies from lender to lender.

There are typically 2 variations of this product. The applicant could be seeking to purchase the property either as a primary residence or as an investment property purchased to be rented out to tenants and could be resold at a profit in future.


Purchase of Uncompleted Property (Typically developer scheme)

In some cases, the property the individual is looking to buy is not yet been completed, It may still be under construction by the owner or developer. Some mortgage lenders are willing to lend to this end under certain terms and conditions which vary from lender to lender.


Equity Release (Unlocking cash from the property)

Equity release is a type of facility available to individuals who outrightly own the property, and hold an unencumbered title over the property. Some lenders offer this product to prospective borrowers who want to unlock cash from their property in order to meet some other desired objectives such as injecting cash into their business, embarking on or finishing another housing project or simply to meet other personal needs. Terms and conditions vary from lender to lender.


Completion Loan

Some Nigerian banks also offer construction completion mortgage loans. These are loans to individuals who are seeking to complete a housing construction project. These are typically mortgage loans for completing one or at most a few units on a plot or 2 of land. They are also typically shorter tenor in nature as the expectation is that after construction one or two units are sold to repay the bank. Terms and conditions vary from bank to bank.


Refinance Loan

Refinance loans are mortgage loans offered to an individual who already has an existing loan running, typically with another financial institution. The new loan is usually sought to enable the customer move from the more stringent features of the existing loan to the more beneficial features of the new loan. These features could be longer tenor, lower interest rates, lower fees etc. Most lenders do thorough due diligence on the applicant to ensure that the existing loan being considered for a takeover is actually a performing loan.