We all seek the best home equity loan rates available in Nigeria. And the reason is obvious, the lower the interest rate you have to pay to secure home mortgage, the less the amount you will need to pay to your bank. In fact, the higher the amount of money you can collect from your bank.
Since we all seek the best mortgage rates possible, it makes perfect sense to explore your options as a prospective home owner to find a deal that works best for you. Now the big question is where can you get the best home equity loan rates?
No doubt you are familiar with the home loan interest rates in Nigeria.
Commercial banks typically charge two digit interest rates for home mortgage when Nigerian real estate investors who are customers to these banks secure home loan from them.
Mortgaging a property is a huge commitment and extensive research and questioning needs to occur before a decision is made:
Do I need a mortgage and where do I get one?
What is competitive?
What are the current mortgage rates offered by commercial banks in Nigeria?
What are the best mortgage rates customers can expect from commercial banks?
What is the average loan tenure?
What collateral do I have to provide?
In an ideal mortgage arrangement, the homeowner is expected to pay a percentage of the market value of that property to the seller and make arrangements to pay the equity loan at a percentage set by the banks. The rates vary from bank to bank so finding one that works for you is imperative, you don’t necessarily have to go with the first bank you visit or patronize the bank which holds your existing savings or current account as there might be more flexible less demanding offers if you do your homework well. Some financial institutions may or may not require a form of collateral for the mortgage.
Take extra care in selecting the best arrangement for you and you would have gotten one step closer to your dream home. Again, a RE/MAX agent will help you through this life defining process, using our expertise to figure out what is best for you and seeing it through