Property Deposit Savings Calculator
Find out how long it will take to save your deposit and upfront fees for buying a home in Nigeria.
Your Goal
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
I'll have what I need for a ₦20,000,000 home in 69 months
💡 Upfront fees (~12%) include: stamp duty 1.5%, consent fees 2-3%, legal fees 1.5%, agent commission 5%, registration 0.5%.
Deposit Savings FAQs
How much deposit do I need to buy a house in Nigeria?
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).
What is the best way to save for a property deposit in Nigeria?
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.
Can I use my NHF contributions towards my deposit?
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.
How long does it typically take to save for a house deposit in Nigeria?
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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