07 May How to Buy Land, Houses And Pay Installmentally in LAGOS, ABUJA
In case you’ve been searching for ways or schemes for you to buy land, houses and pay installmentally in Lagos, Abuja and some other parts of Nigeria, you’re at the right place.
Just imagine you found this land or house in Lagos, location is perfect, neighbourhood is very nice, but you got stuck at the price. Although, you could afford to buy the property, but the fund you have right now is not enough.
However, you don’t have to keep missing out on land and houses which you would love to buy, we will share some guides on how you can pay installmentally for land and houses in Lagos, Abuja which you really like.
3 Bedroom Duplex in Lekki Scheme II – 24 Months Installments
Ajah Duplex, Lekki Serviced Apartmentview
1) Buying on Offplan
For example, If you show interest in buying a house in Lekki, Lagos or Wuse, Abuja, because of the location, you might be forced to pay at once on outright.
Nevertheless, you can still pay installmentally for houses in Lekki, Victoria Island, Ikate, Ogudu etc, but you will have to buy likely when the house is still under development.
When you buy on offplan, you can negotiate to spread payment based on the pace of development of the project, allowing you to spread payment for 6 to 18 months or more.
Moreso, offplan developments are in Abuja too, e.g. Katampe, Lifecamp, Lokogoma, Lugbe etc, so you pay installmentally for houses in Abuja too.
3 Bedroom Duplex in Lekki Scheme II – 24 Months Installments
Ajah Duplex, Lekki Serviced Apartment
2 Bedroom Bungalow At N7.5m, 24 Months Installment, No Interest
Lagos Mainland, Ogun
2) Buying in an estate
Most estate companies in Lagos and Abuja selling land would at least allow a monthly payment plan, the duration might varies between 6 to 12 months, some 18 months.
Land in Epe and Ibeju-Lekki can require you to pay N200k to N450k monthly, depending if you’re buying full or half plot. While Kuje, Idu in Abuja, you can get similar monthly installment payment too.
Moreover, if you don’t want to stretch yourself, you can find land and houses at Mowe, Mowe-Ofada and Ibadan with 24 months installment.
Pay a down payment of N1m to N2m and spread the balance in installment.
3) Using A Contract of Sale
In case it’s a ready built house you are interested in, and you don’t want to miss out on the property, you can get a Lawyer prepare a contract of sale and negotiate with the owner.
Basically, the contract of sale would serve as the sales agreement between you and the property owner, allowing you to buy the property and pay installmentally. However, depending on the location, you might have to make a hefty down payment to convince the property owner to accept your offer.
4) Mortgage Financing
A lot of Nigerians abroad are already familiar with mortgage loans, a convenient way of buying a house with monthly payment for up to 25years, usually with an interest charge.
Although mortgages also exists in Nigeria via different schemes like National Housing Fund (NHF), Family Housing Funds (FHF), National Mortgage Refinancing (NMRC) and commercial bank mortgages.
Nevertheless, accessing mortgage to buy a house in Lagos or Abuja still remains very difficult, and a lot of these mortgages have stricter requirements for Nigerians working abroad.
No Comments