"My own Home" scheme is a
public-private partnership that seeks to increase access to housing
finance in Nigeria through mortgages, mortgage guarantee/insurance and
The "My own Home" scheme has come to institute a sustainable framework
for ensuring improved access to housing finance for increased home
ownership. The scheme will also provide awareness, education and
practical tips to assist prospective homebuyers in their quest for
It varies depending on the Loan Amount desired by a Borrower from one
mortgage operating bank to the other. Underwriting standard
requirements vary from 20% to 50%.
How much do I need to contribute
to get the "My own Home" Mortgage Guarantee?
The "My own
Home" Mortgage Guarantee is available to eligible applicants with
insufficient or no equity contribution. Discuss with your mortgage
banker to see the option that best suits you. foreclosure. (See
Accessing Housing Finance in Nigeria - A Guide to Responsible Lending)
between 15 and 25 years depending on the age of the borrower, their
income and desired tenor.
What is the difference between
this scheme and other housing schemes in Nigeria?
own Home" scheme has set up a framework that will revamp the housing
finance sector and also make access to housing finance a lot easier
through the following components:
- Nigeria Mortgage Refinance Company (NMRC): Providing
long-term refinancing of mortgages and standardizing mortgage
- Mortgage Guarantee Scheme: Through this scheme, borrowers
with insufficient or no equity contribution (initial down payment) can
access mortgage for home ownership.
- Housing Microfinance Scheme: Would stimulate increased
lending to low-income earners in the formal and informal sectors in
Nigeria through Microfinance Banks for incremental housing construction
or housing improvement.
information, kindly contact any of the following numbers or send a mail