The Nigerian mortgage industry is changing every year. In response to the country’s growing housing demand, some banks have slightly changed their mortgage requirements. However, while this signals progress, traditional banking still poses significant hurdles for many Nigerians.
If you’ve ever considered buying a home through a Nigerian bank, chances are you’ve encountered high interest rates, strict deposit requirements, and a stressful application process.
The Current Mortgage Landscape in Nigeria
For decades, homeownership in Nigeria has remained out of reach for the average citizen. In several cases, mortgage providers in Nigeria have helped solve this problem. However, many people are still having difficulty accessing mortgages in Nigeria.
If, for example, you want to secure a mortgage from a Nigerian bank, you will have to deal with the following:
- Interest rates between 18% and 25% per annum
- Minimum deposits of 20%–30% of the property value
- Extensive documentation and slow approval processes
- Hidden fees and unpredictable repayment structures
Understanding the mortgage loan process in Nigeria step by step reveals just how challenging it can be to secure financing through conventional banks. Even with recent changes, many are still wondering how to qualify for a mortgage in Nigeria in 2025, especially as economic conditions shift.
While banks like Access Bank and GTBank are introducing tweaks like salary-deducted payments and longer repayment terms, these changes have only scratched the surface. The cost and complexity are still very much present.
Related: Types of Mortgage in Nigeria: Everything You Need to Know Before Buying a Home
Nigerian Banks: What has Changed?
Let’s look at what’s new with the banks—and why it may not be enough.
- Minimal Changes to Deposit Requirements
Despite growing demand, most banks still require a minimum equity contribution of 20%. This makes it difficult for many aspiring homeowners to qualify, especially without financial assistance. New mortgage eligibility criteria in Nigeria still exclude a large portion of the population.
2. Extended Tenures, But Not Easier Access
Some banks now offer repayment periods of up to 20 years. While this helps reduce monthly payments, approval remains tied to rigid salary thresholds and credit evaluations, leaving many potential borrowers behind.
3. Interest Rates Remain High
Interest rates have slightly stabilized, but they still range between 18%–25%, making monthly repayments unaffordable for most.
And even though Nigerian banks are updating home loan rules, the changes have not translated into real affordability for the average Nigerian.
Introducing Green Mortgage
Green Mortgage is Nigeria’s first fully digital mortgage provider. This platform was created with one goal in mind: to make homeownership truly accessible for everyday Nigerians. Here’s how we beat traditional banks:
- Competitive Interest Rates
Our mortgage offerings come with significantly lower interest rates, helping you save millions of naira throughout your loan.
- Smaller Deposit Requirements
Depending on the property and your income profile, you can get started with as little as a 10% deposit.
- 100% Digital Process
From the approval application, everything happens online. No queues, no paperwork, no back-and-forth.
- Fast Approvals
We know your time is valuable. That’s why we offer faster application processing, with decisions made in days, not months.
- Transparent Terms
No hidden charges. No confusing terms. Just clear, easy-to-understand mortgage options designed around you.
Explore Our Unique Mortgage Offerings
Looking to take advantage of better mortgage opportunities?
At Green Mortgage, we’re redefining home financing in Nigeria. With low interest rates, flexible repayment plans, and reduced deposit requirements, owning your home is now simpler and more achievable than ever.
Visit: https://www.greenmortgage.thinkmint.ng/
Or speak to a mortgage advisor today and take the first step toward buying your dream home without the stress of traditional banks.
Frequently Asked Questions (FAQs)
- What are the current mortgage interest rates in Nigeria?
As of 2025, mortgage interest rates from traditional Nigerian banks typically range between 18% and 25% per annum.
However, some alternative platforms like Green Mortgage offer significantly lower rates, making home financing more accessible.
- How do I qualify for a mortgage in Nigeria in 2025?
To qualify for a mortgage in Nigeria, you generally need a stable source of income, a good credit profile, and the ability to provide a down payment, usually 20%–30% of the property value. Newer platforms like Green Mortgage offer more flexible qualification criteria with deposits starting from 10%.
- What is the mortgage loan process in Nigeria, step by step?
The traditional mortgage process in Nigeria includes:
- Property selection
- Mortgage application
- Credit evaluation
- Submission of documentation
- Offer letter from the bank
- Legal and property valuation
- Disbursement of funds
- With digital mortgage platforms like Green Mortgage, much of this process is now automated and significantly faster.
- Are Nigerian banks reducing their mortgage deposit requirements?
While some banks have reviewed policies slightly, most still require a 20%–30% deposit. Only a few institutions and digital lenders have started to offer mortgages with lower initial equity contributions.
5. Can I apply for a Nigerian mortgage online?
Yes, you can. For example, Green Mortgage allows you to complete your entire application online from submission to approval, eliminating queues, paperwork, and long processing times.
Conclusion
While Nigerian banks are beginning to change their mortgage policies, the pace is slow, and the improvements are still out of reach for many Nigerians. If you’re navigating the latest mortgage requirements from Nigerian banks, you’ll notice most options remain expensive and complex.
Green Mortgage offers a smarter alternative: one that is affordable, fast, and tailored for today’s homebuyers.