By Rachel Jolaiya
Understanding mortgage and how to go about it makes owning a home a reality, and which is why it is a big dream for many Nigerians. Owning a home therefore symbolises stability and security because buying a house outright or building with your savings can be a bit tough. That is where mortgage comes in as they help make homeownership possible.
In Nigeria, two popular mortgage options are the National Housing Fund (NHF) and Mixta Flex, the product of Mixta Africa, which has done very well in helping people secure mortgages.
There is the National Housing Fund (NHF), which is a government-backed scheme designed to help Nigerians access affordable housing finance. It operates under the Federal Mortgage Bank of Nigeria (FMBN).
To qualify for the NHF, you must be a Nigerian worker contributing to the NHF scheme. Also, your employer should deduct a percentage of your monthly income (usually 2.5 per cent) and remit it to the FMBN.
The benefits for enrolling in this option are many. The NHF offers relatively low interest rates compared to commercial mortgage rates, making it more affordable for homeowners. Also, the repayment terms are structured to suit the borrower’s income level, reducing the financial burden. Lastly, NHF mortgages typically have longer repayment periods, giving borrowers more time to pay off their loans.
To access NHF, interested individuals can register with the Fund through their employer. Two, they should ensure regular contributions to the NHF scheme. Finally, they should apply for the NHF loan through a registered mortgage lender.
The second popular mortgage option, Mixta Flex, is a mortgage product offered by Mixta Africa, a leading real estate developer in Nigeria.
It’s tailored to suit the needs of different income levels, providing flexibility and convenience. Mixta Flex is open to individuals and families looking to own a home. Also, income level and creditworthiness are key factors in determining eligibility.
Mixta Flex offers various financing options tailored to individual needs, including flexible repayment plans and down payment options. They provide high-quality, affordable housing options across Nigeria, ensuring value for money. The firm offers expert guidance throughout the home-buying process, making it easier for first-time buyers.
To Access Mixta Flex, applicants should contact Mixta Africa for a consultation to assess their housing needs and financial capabilities. They can choose from Mixta Africa’s range of residential property that suit their preferences and budget. Interested persons can also apply for Mixta Flex financing through Mixta Africa, by providing the necessary documentation and meeting eligibility criteria.
For the applicants to manage their mortgage wisely, they should pay on time and in full each month to build a good credit history. They should also consider additional payments to reduce the loan balance and save on interest.
Applicants can equally shop around for the best rates and get pre-approved before home shopping. But they should regularly review their mortgage and explore refinancing opportunities.
In conclusion, knowing how mortgages work and how to calculate them is essential when buying a home. Whether you are buying your first home or thinking about refinancing, this will help you make smart decisions, and ensure that you manage your money well and secure your future as a homeowner.
.Jolaiya is operations analysts at Mixta Africa
