The short answer is yes, you can. But the longer answer requires understanding exactly what the Nigerian mortgage market looks like in reality, because it is quite different from what most people assume.

Two Paths Exist

1. Government-backed mortgages through the Federal Mortgage Bank of Nigeria (FMBN): This is your best option if you qualify. The National Housing Fund (NHF) scheme offers loans at 6% interest per annum, on-lent through accredited Primary Mortgage Banks, with a repayment tenor of up to 30 years. The FMBN has also increased its maximum loan amount from ₦15 million to ₦50 million per applicant, which significantly widens access for middle and higher income earners. To qualify, you must be a registered NHF contributor for at least six months and make an equity contribution of between 10% and 30% depending on the loan amount.

2. Commercial bank and Primary Mortgage Bank loans: These are available without NHF registration but come at a steep cost. Commercial mortgage rates currently range between 15% and 28% per annum, tied largely to the Central Bank of Nigeria’s monetary policy rate. At these rates, monthly repayments on most Nigerian salaries become extremely difficult to sustain.

The Real Barriers

1. Irregular or unverifiable income disqualifies many self-employed Nigerians from both routes
2. The property being purchased must have a valid title document, typically a Certificate of Occupancy, which many properties lack
3. Over 60% of Nigerians do not fully understand how mortgage financing works, meaning many miss out simply due to lack of awareness

The Bottom Line

If you are a salary earner contributing to the NHF, a government-backed mortgage is genuinely worth exploring. If you are self-employed or relying on commercial rates, run the numbers carefully before committing. A mortgage that consumes more than a third of your monthly income will strain your finances in ways that compound over time.