Greetings family.

I am new on a fairly good job that allows me comfortably save 40,000naira monthly after removing all expenses. The last thing i want to do is stashing the money in the bank, considering the marked increasing rate of inflation, incessant bank charges and impulsive spending

So i am seeking to get a land for which i could be paying the 40,000naira for a period of months and have full access/right to the land enough to start a building project.

If you know of any such offers in Lagos THAT IS GENUINE, kindly let me know.

Thank you

odimbannamdi:
Greetings family.

I am new on a fairly good job that allows me comfortably save 40,000naira monthly after removing all expenses. The last thing i want to do is stashing the money in the bank, considering the marked increasing rate of inflation, incessant bank charges and impulsive spending

So i am seeking to g[b]et a land for which i could be paying the 40,000naira for a period of months[/b] and have full access/right to the land enough to start a building project.

If you know of any such offers in Lagos THAT IS GENUINE, kindly let me know.

Thank you

This is generally a bad idea based on statistics on here.

I would put the money in a bank and purchase outright and with all documents once you are ready.

odimbannamdi:
Greetings family.

I am new on a fairly good job that allows me comfortably save 40,000naira monthly after removing all expenses. The last thing i want to do is stashing the money in the bank, considering the marked increasing rate of inflation, incessant bank charges and impulsive spending

So i am seeking to get a land for which i could be paying the 40,000naira for a period of months and have full access/right to the land enough to start a building project.

If you know of any such offers in Lagos THAT IS GENUINE, kindly let me know.

Thank you

The land idea is pretty good. Land appreciates over months to years but money can sit in your account without any reasonable increase, even when its a fixed deposit. Plus who says you can't touch money in your savings when things become a little tight?

If you can make your monthly payments up to 50,000 then you can reach me on WhatsApp let's discuss. 08173536073

I salute your decision. However, it is not likely you would get any land for such payment plan in developed areas of Lagos.

I have two options for you:

A. There are over 100 real estate companies selling Land with Schemes of payment. There is Adron Homes, with its office at Omole, Lagos. There is Cornerstone etc. We even have Nairalanders who have lands with such Schemes of payment. The Adron guy and I have a mutual friend.
Anyways, all these companies mentioned above have lands in developing areas as well as non-developing areas. Areas such as Ibeju Lekki, Free Trade Zone, Ikorodu, Agbara- Ogun State, Simawa- Ogun State, Atan- Ogun State etc. All of them can allow you to pay N40,000 per month. The challenge however, is that some of those areas are not habitable- You could take a gamble on the ones on Ibeju Lekki Axis because that place is developing at a missile speed.

B option is NHF Loan.
The advantage with NHF loans is that in the next three to four years you may get the loan and also get a building for that budget unlike those ones option A.

All you need to do is pay that N40,000 for 4 years into a contribution account with any financial institution that is registered as an agent of FMBN.
After that period, the agent would apply for you and you can buy a property worth N15m. The loan would be repaid in 30 years and it is the only loan with 6% interest in Nigeria today.

Resort Savings on Olowu, Ikeja is an Agent
Aso Savings on Oba Akran, Ikeja is also an Agent.

Please see more explanation below.




NHF Loans
TERMS AND CONDITIONS FOR OBTAINING NATIONAL HOUSING FUND LOANS (NHF)
WHO CAN APPLY

Any Nigerian above the age of 18
Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

PURPOSE

The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation
No loan shall be for refinancing

HOW TO APPLY

Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
Application forms for NHF loans are obtainable from the MLO

SECURITY FOR THE LOAN

The property for which the loan is sought shall serve as security for the loan.
The property shall conform with the existing planning laws and regulations (approved building plan).
The property shall possess sufficient value to recover the loan.
A mortgage property shall be insured against hazards
The loan shall be secured by first legal mortgage of the property between the applicant and the mortgage loan originator and assigned to FMBN.

HOW MUCH TO APPLY FOR

A borrower is entitled to a maximum loan of fifteen million naira (N15, 000,000.00) or as determined by the Bank.
No individual should be given a loan in excess of 90% of the cost or value of the property to be mortgaged.
Equity contribution based on the new loan amounts is as follows:
N15,000,000.00 - 30%
N10,000,000.00 - 20%
N5,000,000.00 - 10%

INTEREST RATE

Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% p.a.

SECURITY FOR THE LOAN

The maximum repayment period shall be 30 years.
Individual borrower shall make repayment through the mortgage loan originator through which they obtained the loan.

EgunMogaji:


This is generally a bad idea based on statistics on here.

I would put the money in a bank and purchase outright and with all documents once you are ready.

I don't agree to your opinion bro.

With the growimg rate of inflation now, before you would save enough money to buy a choice land, prices would skyrocket more. The whole idea of this installment payment of lands is to book the land down, pay gradually until the land appreciates or you are ready to build.

Most lands available for this scheme are lands that would be fully developed in 5-7years time. With proper planning, at my own pace and God's grace, i should be able to have done something tangible by then

Juxtified:

The land idea is pretty good. Land appreciates over months to years but money can sit in your account without any reasonable increase, even when its a fixed deposit. Plus who says you can't touch money in your savings when things become a little tight?

If you can make your monthly payments up to 50,000 then you can reach me on WhatsApp let's discuss. 08173536073

I just messaged u sir

omogidi234:
I salute your decision. However, it is not likely you would get any land for such payment plan in developed areas of Lagos.

I have two options for you:

A. There are over 100 real estate companies selling Land with Schemes of payment. There is Adron Homes, with its office at Omole, Lagos. There is Cornerstone etc. We even have Nairalanders who have lands with such Schemes of payment. The Adron guy and I have a mutual friend.
Anyways, all these companies mentioned above have lands in developing areas as well as non-developing areas. Areas such as Ibeju Lekki, Free Trade Zone, Ikorodu, Agbara- Ogun State, Simawa- Ogun State, Atan- Ogun State etc. All of them can allow you to pay N40,000 per month. The challenge however, is that some of those areas are not habitable- You could take a gamble on the ones on Ibeju Lekki Axis because that place is developing at a missile speed.

B option is NHF Loan.
The advantage with NHF loans is that in the next three to four years you may get the loan and also get a building for that budget unlike those ones option A.

All you need to do is pay that N40,000 for 4 years into a contribution account with any financial institution that is registered as an agent of FMBN.
After that period, the agent would apply for you and you can buy a property worth N15m. The loan would be repaid in 30 years and it is the only loan with 6% interest in Nigeria today.

Resort Savings on Olowu, Ikeja is an Agent
Aso Savings on Oba Akran, Ikeja is also an Agent.

Please see more explanation below.




NHF Loans
TERMS AND CONDITIONS FOR OBTAINING NATIONAL HOUSING FUND LOANS (NHF)
WHO CAN APPLY

Any Nigerian above the age of 18
Applicant must be a contributor to the National Housing Fund for a minimum period of six months.
Applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment.

PURPOSE

The loan shall be for the purpose of building, purchasing, or renovating a residential accommodation
No loan shall be for refinancing

HOW TO APPLY

Applicant is to apply through a duly licensed and accredited mortgage loan originator (MLO) of his/her choice and not directly to Federal Mortgage Bank of Nigeria (FMBN).
The MLO of the applicant’s choice must be accredited by FMBN to access the NHF facility.
Application forms for NHF loans are obtainable from the MLO

SECURITY FOR THE LOAN

The property for which the loan is sought shall serve as security for the loan.
The property shall conform with the existing planning laws and regulations (approved building plan).
The property shall possess sufficient value to recover the loan.
A mortgage property shall be insured against hazards
The loan shall be secured by first legal mortgage of the property between the applicant and the mortgage loan originator and assigned to FMBN.

HOW MUCH TO APPLY FOR

A borrower is entitled to a maximum loan of fifteen million naira (N15, 000,000.00) or as determined by the Bank.
No individual should be given a loan in excess of 90% of the cost or value of the property to be mortgaged.
Equity contribution based on the new loan amounts is as follows:
N15,000,000.00 - 30%
N10,000,000.00 - 20%
N5,000,000.00 - 10%

INTEREST RATE

Interest rate shall be as prescribed by the National Housing Fund Act which is not more than 6% p.a.

SECURITY FOR THE LOAN

The maximum repayment period shall be 30 years.
Individual borrower shall make repayment through the mortgage loan originator through which they obtained the loan.

I really appreciate your information sir. So much to take in. I will contact you

odimbannamdi:


I don't agree to your opinion bro.

With the growimg rate of inflation now, before you would save enough money to buy a choice land, prices would skyrocket more. The whole idea of this installment payment of lands is to book the land down, pay gradually until the land appreciates or you are ready to build.

Most lands available for this scheme are lands that would be fully developed in 5-7years time. With proper planning, at my own pace and God's grace, i should be able to have done something tangible by then

Okay then, good luck.

I'll leave you with this owe yoruba, "Ayi todo we, lonje komode sope, konkon diju, alakan diju......."

nnice one1