Mortgage loans in Nigeria are one of the most prevalent topics with people who are considering owning a home. If you are thinking about a mortgage loan, then chances are you are already aware of some of the effect it will have on your finances while making payments over the course of months or years. If you are thinking of financing a home buying with mortgage, especially a unit or more of luxury 3 bedroom apartment at THE GRANARY APARTMENTS, located in the heart of  Ikoyi, Lagos State then this article will give you insight into 5 Key Considerations Before Taking a Mortgage Loan and so you can make the decision that is best for you.

In its simple term, a mortgage is a loan that is used to purchase a property. The property is used as collateral for the loan. This means that if you default on the loan, the lender can take ownership of the property. Mortgages are typically repaid over a period of 10, 15 to 30 years depending on the financier.

There are a few things to consider before taking out a mortgage. First, you need to make sure that you can afford the monthly payments. You should also consider the interest rate and the overall cost of the loan. It’s also important to make sure that you understand all of the terms and conditions of the loan agreement.

Taking out a mortgage is a crucial decision. Make sure that you do your research and talk to your financial advisor before making any decisions.

Mortgage Loan for the Granary Apartments, Ikoyi

Taking out a mortgage is a crucial decision. Make sure that you do your research and talk to your financial advisor before making any decisions.

THE GRANARY APARTMENTS, an all ensuit 27 unit of 3-bedroom apartments located at Adeyemi Lawson Street, Off Bourdillon Road, Ikoyi which is the most affluential neighbourhood in Lagos with most opulent residential facilities and extreme upper-class residents


There are numbers of terms associated with mortgage loan and it is important that you have a good understanding of them. These terms are what defines the agreement under which you repay the loan to the lender. This section will only explain some of the important ones.

PRINCIPAL: This is the amount of money you are borrowing from the lender, say N240,000,000

INTEREST: Mortgage terms also include the interest rate you pay for the loan. This is the fee the lender charges you for borrowing the money. The interest rate will determine how much you will pay in interest over the life of the loan. For example, you borrow N240,000,000 to buy a property and you opt-in for say 25years. You make down payment of N24,000,000 naira and based on your credit score and other financial details your mortgage lender offers you a 5.42% interest rate per annum. The interest rate can vary depending on the financier. It is ideal that you seek advice from your financial advisor.

Please call: 08028913436 (Olumide) or 08173773769 (Lanre) to learn more about The Granary Apartments.

LOAN TERM: This is the length of time you have to repay the loan. The most common loan terms are 15 years and 30 years

INSURANCE: Mortgage insurance is intended to protect the financier in the event that you default on the loan. Whether you will pay this or not depends on the type of loan and the size of your down payment.

TAXES: Lenders frequently roll your home tax payments and homeowners’ insurance into your mortgage payment. Part of your monthly payment is redirected to an escrow account to pay these expenses


There are a few things to consider before taking out a mortgage. First, you will need to determine how much you can afford to borrow. You can do this by using a mortgage calculator.

Mortgage calculators can be found online or through your local bank or credit union. They will take into account your income, debts, and other financial factors to determine how much you can afford to borrow.

Once you have an idea of how much you can afford to borrow, you will need to compare your options for the best mortgage rates. Mortgage rates can vary greatly, so it is important to compare rates before settling for a loan.


There are a few things to keep in mind when it comes to the timeline of events for taking out a mortgage. First, you’ll need to find a lender and get pre-approved for a loan. This process can take anywhere from a few days to a few weeks. Once you’ve been pre-approved, you’ll need to find a home that you’re interested in purchasing. You’ll then need to go through the process of making an offer on the home and negotiating with the seller If everything goes well, you should be able to close on the home within 30-60 days,

So, when you’re considering taking out a mortgage, it’s important to keep the timeline of events in mind. You’ll need to allow for time to find a lender, get pre-approved, find a home, and negotiate the purchase price then close the deal.

Make 50% down payment and spread the balance up to 12 months. Mortgage is available for up to 10 years.


There are many prominent mortgage lenders in Nigeria. Some of the most popular include FBN Mortgages, Platinum Mortgage Bank Ltd, Abbey Mortgage Bank Plc, Trustbond Mortgage Bank, Federal Mortgage Bank of Nigeria etc

Disclaimer: White Gate Homes and Facility Management Limited is a real estate company and not a financial advisor neither does she has an affiliation with the above-mentioned mortgage lenders. If you have any enquiry about The Granary Apartments or the Mortgage plan available please call: 08028913436 (Olumide), 08173773769 (Lanre)

When you are considering taking out a mortgage, it is important to make research and compare different lenders. Each lender will have different mortgage rates and terms. It is important to find a lender that offers a rate and term that you are comfortable with.

It is also important to consider the fees associated with taking out a mortgage. Some lenders charge high fees for things like application processing and late repayment penalties. Be sure to ask about all fees before signing up for a mortgage with any lender.


Before taking out a mortgage, it’s important to consider how much you can afford when it comes to property financing. This includes looking at your income, debts, and current financial situation.

It’s important to be realistic when considering how much house you can afford. If you’re not sure how much you can afford, there are online calculators that can help you figure it out. It’s also a good idea to talk to a financial advisor before making any major decisions.


After spending weeks scouring the internet, you’ve finally found your dream home. The perfect location, the right number of bedrooms and bathrooms, and a backyard. The only thing standing in your way is finding the right mortgage lender.

You’ve done your research and you think you’ve found a great deal with a good-year fixed mortgage from a reputable bank. But before you sign on the dotted line, there are a few things you should consider.

First, take a close look at the interest rate. It may seem like a good deal now, but if interest rates rise in the future, you could end up paying more than you originally planned.

Second, consider the length of the loan. A 10-year mortgage will have lower monthly payments than a 5-year mortgage, but you’ll ultimately pay more in interest over the life of the loan.

Finally, make sure you understand all of the fees associated with the loan. There may be origination fees, closing costs, and other charges that add up. Be sure to ask about all of these before you agree to anything.

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