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Nigerians Earning ₦500,000 Monthly Can Now Own Homes Through New Mortgage Schemes

Individuals earning around ₦500,000 per month can now become homeowners through structured mortgage programmes designed to improve housing affordability in Nigeria, according to real estate developers.

The General Manager, Sales and Marketing at Terra Developers Ltd, Mr. Emmanuel Ekwe, revealed that government-backed mortgage systems and flexible financing options are transforming the Nigerian housing market. He made this known during the unveiling of Olivia Gardens, a new residential project located in Ogudu GRA, Lagos State.

Mortgage Opportunities for Middle-Income Earners

Ekwe explained that the biggest challenge in Nigeria’s housing sector has always been affordability, but new mortgage schemes are changing that narrative.

“If you earn between ₦500,000 and ₦600,000 monthly, you can now qualify for a mortgage and own a home. In the past, buyers had to make full cash payments upfront. Now, you only need to pay a small equity contribution and spread the balance over 20 years,” he stated.
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He also noted that while inflation and foreign exchange fluctuations have affected building costs, market stability is gradually returning.

Inflation and Market Recovery
At the start of the Olivia Gardens project, Ekwe said the high inflation rate and naira depreciation—rising from about ₦750 to over ₦1,500 per dollar—created major challenges. However, the real estate sector is beginning to show signs of recovery as economic conditions stabilize.
Similarly, Mr. Kola Ashiru-Balogun, Managing Director and CEO of Terra Developers Ltd, emphasized that affordability remains the central issue in home ownership.

“We went through tough times, but the market is stabilising. Mortgages have made home ownership possible for more Nigerians. Gone are the days when you needed ₦100 million in cash to buy a property,” Ashiru-Balogun said.
Available Mortgage Options
Ashiru-Balogun highlighted the positive role of existing government programmes such as the Mortgage Refinancing Intervention Fund (MRIF), Family Homes Fund (FHF), and National Housing Fund (NHF).

These initiatives offer competitive interest rates — with NHF loans starting from 6.5%, FHF around 10%, and MRIF within the same range — making it easier for Nigerians to purchase homes.
“This is actually a great time to buy a house in Nigeria. Government mortgage support and real estate development incentives are expanding the housing market,” he added.
He further noted that while not everyone can own a home immediately, the government also plays a role in ensuring affordable rentals and stable housing markets.

Lagos Housing Development and Infrastructure Growth
Speaking on Lagos’ infrastructure growth, Ashiru-Balogun said the state is expanding rapidly, although more work is needed to meet the rising housing demand.
“The more housing units we develop, the less pressure there will be on property prices. As infrastructure catches up, more affordable housing options will open up,” he said.
Why Mortgages Are a Smart Financial Move
The Chief Executive Officer of Imperial Homes Mortgage Bank, Mr. Ayodele Olowookere, added that mortgages not only make home ownership easier but also serve as a hedge against inflation and a pathway to long-term wealth creation.
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“Owning a home through a mortgage builds equity and protects your money from losing value to inflation,” he explained.
Inside the Olivia Gardens Project
According to Ashiru-Balogun, Olivia Gardens was launched to make quality housing in Ogudu GRA accessible to middle-income families.
“Ogudu GRA is known for its solid infrastructure and top-level security. For the first time, we are introducing affordable homes in this area. We’re offering two-bedroom maisonettes and duplexes with boys’ quarters for young families, and three-bedroom units for larger households,” he said.
While most homes in Ogudu GRA sell for between ₦400 million and ₦500 million, Olivia Gardens units are priced below ₦100 million, giving more Nigerians the opportunity to invest in Lagos real estate.

He added that while property prices may rise due to inflation, buyers who invest early stand to gain substantial capital appreciation.

The combination of low-interest mortgage loans, affordable payment structures, and government housing support is reshaping the real estate landscape in Nigeria.
Experts believe that with consistent policy support and increased awareness, middle-income earners — including civil servants, business professionals, and private sector employees — can now achieve their dream of owning homes without financial strain.

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