How Nigerians Earning ₦500,000 Monthly Can Now Own Homes Through Mortgage Schemes
Owning a home in Nigeria has long been a dream that feels out of reach for many. Traditionally, people had to pay huge sums up front, sometimes as high as ₦100 million in cash, before they could buy a house. But developers and mortgage institutions say things are changing.
According to Terra Developers Ltd, individuals who earn between ₦500,000 and ₦600,000 monthly can now qualify for mortgage schemes that make homeownership possible.
Why Mortgages Are Becoming Affordable
Emmanuel Ekwe, General Manager, Sales and Marketing at Terra Developers, explained that the Federal Government, through the Ministry of Housing, has been improving Nigeria’s mortgage system. With mortgage programmes like the National Housing Fund (NHF), Federal Housing Fund (FHF), and the Mortgage Refinance and Intervention Fund (MRIF), Nigerians now have more structured payment options.
Instead of paying the entire cost upfront, buyers can contribute a small equity deposit and spread the balance over as much as 20 years. With interest rates ranging between 6.5% and 10%, owning a home has become more realistic for middle-income earners.
“Today, if you earn between ₦500,000 and ₦600,000 monthly, you should be able to obtain a mortgage and own a home. Previously, people had to pay cash up front, but now you can pay a small equity contribution and spread the balance over 20 years.” — Emmanuel Ekwe, Terra Developers
How Nigerians Can Benefit
Check Your Eligibility – If your monthly salary falls around ₦500,000 or higher, you may qualify for mortgage support through NHF or partner banks.
Start Small with Equity – Instead of saving millions, you can make a smaller deposit and secure your home early.
Long-Term Planning – Mortgages not only give you a place to live but also help you hedge against inflation, as property values increase over time.
Explore Affordable Projects – New projects like Olivia Gardens in Ogudu GRA, Lagos, are introducing homes priced below ₦100 million, compared to the ₦400m–₦500m range common in the area. This gives middle-income families an entry point into prime locations.
Housing Projects Offering Relief
The Managing Director of Terra Developers, Kola Ashiru-Balogun, highlighted that infrastructure in Lagos is expanding, which will eventually reduce pressure on housing costs. Projects such as Olivia Gardens are making it possible for young families to buy two-bedroom maisonettes, duplexes with BQs, and three-bedroom units at more affordable rates.
Homeownership is no longer reserved for only the wealthy in Nigeria. With government-backed mortgage schemes, structured payment plans, and affordable housing projects, middle-income earners now have a chance to secure their future. The key is to take advantage of these opportunities early before prices rise further.
