Buying a House With N80,000/Month Salary?

Owning a home is always a very good investment and a goal which everyone strives to achieve but this might seem like a tall order especially when you don’t earn much. However, there are ways that you can own a home with an income as low as N80,000/month without having to break the bank.

With the assistance of Primary Mortgage Institutions (PMI’s), you can obtain mortgage loans that can enable buy a 3 bedroom bungalow.

How It Works
You can obtain low interest loans from the National Housing Fund (NHF) Scheme operated by the Federal Mortgage Bank Of Nigeria (FMBN) through accredited PMI’s. The NHF scheme is designed for all Nigerians particularly those within the low and medium income levels who cannot afford commercial housing loans.

If you want to be a beneficiary of this scheme, you must be gainfully employed (Public, Private or Self-employed), a registered contributor to this scheme and up to date with your contributions.

Under this scheme, you are entitled to a maximum of N15 million mortgage loan which is repayable over a long period of time (depending on your age). The maximum repayment period is 60 years minus your age at the time the loan is approved.

Eligibility
To be eligible for this scheme, you have to be a contributor (at least 2.5% of your monthly basic income) to this scheme for at least 6 months prior to the date of your application. You also have to pay an equity of between 10-30% of the approved loan amount.

If you earn an N80,000/month salary, you can be eligible to obtain a N7 million (or more) loan upon payment of 20% equity of the loan amount. The maximum loan amount you can obtain depends on the amount you can repay as FMBN can only deduct a maximum of 33.33% of your salary.

However, if your salary cannot repay the sought loan, you can still obtain the loan provided you show at least 6 months evidence of income flow from a secondary source of income. The beautiful thing about this loan is that you pay a low 6% interest rate which is spread out over the entire repayment period.

You can visit any Primary Mortgage Institution close to you for more information on this scheme and how to get started