Find out how long it will take to save your deposit and upfront fees for buying a home in Nigeria.
Deposit = ₦5,000,000 + ₦2,400,000 fees
How much you can save each month
Savings Timeline
Time to goal
5 years 9 months
Savings Progress
💡 Upfront fees (~12%) include: stamp duty 1.5%, consent fees 2-3%, legal fees 1.5%, agent commission 5%, registration 0.5%.
Most Nigerian mortgage lenders require a minimum down payment of 20-30% of the property value. For example, on a ₦20 million property, you would typically need ₦4-6 million as a deposit. Add an extra 10-15% on top for fees (stamp duty, consent fees, legal, agent).
Consider high-yield savings accounts, fixed deposits (often paying 10-15% p.a.), treasury bills, or money market funds. Contributing to the National Housing Fund (NHF) through FMBN can also help you access a subsidised mortgage at a lower rate when the time comes.
Yes. If you are an NHF contributor, your accumulated contributions can be used as part of your equity for an FMBN mortgage. The NHF mortgage requires a minimum of 6 months of contributions and offers rates as low as 6-9% p.a.
It varies significantly. On an average Lagos salary of ₦300,000-₦500,000 per month, saving for a 25% deposit on a ₦20M property (₦5M) could take 3-8 years depending on lifestyle costs. Higher-income earners and those with additional savings vehicles can reach the target faster.
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