Best Mortgage Banks in Nigeria: Top Lenders for Affordable Home Loans

Buying a home in Nigeria can feel overwhelming — from rising property costs to strict lending requirements. That’s why choosing the right mortgage bank matters.

Mortgage banks make home ownership easier by providing long-term loans tailored for building, buying, or renovating homes. However, not all mortgage banks offer the same interest rates, repayment terms, or customer service.

In this guide, we’ll compare the best mortgage banks in Nigeria — covering their interest rates, loan terms, requirements, and application options. Whether you’re a first-time buyer or planning to refinance, this list will help you find a trusted lender that fits your financial goals.

Quick insight: All mortgage banks listed here are licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC) — ensuring safety and regulatory compliance.

What Is a Mortgage Bank in Nigeria?

A mortgage bank is a specialized financial institution that provides loans for purchasing, building, or renovating homes and properties. Unlike commercial banks that offer multiple services (like savings, current accounts, and business loans), mortgage banks focus primarily on real estate financing.

In Nigeria, mortgage banks are licensed and regulated by the Central Bank of Nigeria (CBN) under the Mortgage Institutions Act of 1989. They also operate in partnership with the Federal Mortgage Bank of Nigeria (FMBN), which manages the National Housing Fund (NHF) — a scheme designed to make home ownership affordable for low and middle-income earners.

How Mortgage Banks Work

When you take a mortgage loan, the bank provides funds for you to buy or build a house, and you repay it over several years (typically 10–30 years) with interest. The property itself serves as collateral for the loan.

Key features include:

• Long-term repayment: 10 to 30 years, depending on the lender.

• Lower interest rates: Usually between 6% – 18%, depending on loan type and bank.

• Flexible plans: For salary earners, self-employed individuals, or real estate investors.

• NHF support: Some banks help customers access subsidized NHF loans from FMBN.

💡 If you’re new to mortgages, check our detailed guide on How Mortgage Loans Work in Nigeria to understand the basics before you apply.

Difference Between Mortgage Banks and Commercial Banks

In short: Mortgage banks exist to help Nigerians become homeowners — safely and affordably.

🔗 Related: NHF Loan vs Bank Mortgage Loan — compare both to decide which is best for your home financing needs.

Top 10 Best Mortgage Banks in Nigeria

Choosing the right mortgage bank can make a big difference in how much you pay over time. Below is a comparison of Nigeria’s leading mortgage institutions — all regulated by the Central Bank of Nigeria (CBN) and insured by NDIC.

Comparison Table: Best Mortgage Banks in Nigeria

Bank-by-Bank Summary

1. Federal Mortgage Bank of Nigeria (FMBN)

The FMBN is the primary government-owned mortgage institution in Nigeria. It manages the National Housing Fund (NHF) — a program allowing Nigerians to access low-interest loans (as low as 6%), repayable over 30 years.
Ideal for: Low- and middle-income earners, civil servants, and first-time homeowners.
👉 Apply via: fmbn.gov.ng

2. Abbey Mortgage Bank Plc

Founded in 1992, Abbey is one of Nigeria’s oldest and most trusted mortgage banks. It offers housing loans, savings plans, and investment options for individuals and developers. Its digital mortgage calculator and responsive online process make it a top choice for professionals.
Ideal for: Salaried workers and investors seeking quick approval.

3. Infinity Trust Mortgage Bank Plc

Infinity Trust is known for its tech-driven loan process and flexible repayment terms. It provides both personal and cooperative mortgage products and partners with developers on affordable housing projects.
Ideal for: Private sector workers and those who want digital convenience.

4. Platinum Mortgage Bank Ltd

This bank focuses on affordable housing development and offers loan options under both NHF and non-NHF categories. It has a strong presence in Abuja and the South East.
Ideal for: Home builders and cooperative societies.

5. Trustbond Mortgage Bank Plc

Trustbond offers both fixed and variable mortgage rates, helping customers balance between long-term stability and flexibility. It also provides refinance options for existing homeowners.
Ideal for: Mid-income earners and property investors.

6. Mayfresh Mortgage Bank Ltd

Mayfresh provides tailor-made home financing products for salary earners, SMEs, and real estate developers. Their repayment plans are flexible and transparent.
Ideal for: Salaried employees and small business owners.

7. FirstTrust Mortgage Bank

FirstTrust stands out for its refinancing options, allowing homeowners to restructure existing mortgage loans. They also collaborate with housing developers to provide direct project financing.
Ideal for: Homeowners seeking refinancing or new buyers.

8. Brent Mortgage Bank Ltd

Brent Mortgage Bank combines mortgage financing with real estate partnerships, offering customers a more integrated home-buying experience.
Ideal for: Buyers seeking developer-linked properties.

9. Refuge Mortgage Bank

This bank provides hybrid loans — allowing you to fund both construction and property purchase under one plan. It’s a good option for Nigerians building on personal land.
Ideal for: Builders and self-developers.

10. LivingTrust Mortgage Bank Plc

A fast-growing mortgage bank listed on the Nigerian Exchange, LivingTrust, offers quick approvals and digital account access. Its focus on technology and nationwide reach makes it attractive for modern buyers.
Ideal for: Young professionals and digital-first customers.

Tip: Always verify the CBN license and NDIC insurance status of any mortgage bank before applying. This ensures your funds and property are legally protected.

Mortgage Loan Requirements in Nigeria (What You Need to Apply)

Before you can access a home loan from any mortgage bank in Nigeria, you must meet specific eligibility criteria and prepare key documents.
These requirements vary slightly between banks, but most follow the CBN and FMBN guidelines.

1. Basic Eligibility Criteria

To qualify for a mortgage loan, you must typically:

• Be a Nigerian citizen aged 21 to 60 years.

• Have a steady source of income (salaried, self-employed, or business owner).

• Maintain a verifiable credit and employment history.

• Provide proof of property ownership (for self-construction) or a valid offer letter (for purchase).

• Have a reasonable debt-to-income ratio (typically not exceeding 40%).

2. Required Documents

Below are the most common documents you’ll need when applying for a mortgage in Nigeria:

3. Collateral & Repayment Terms

• The property being financed usually serves as the collateral.

• Repayment periods can range from 5 to 30 years, depending on the bank and your income level.

• Most banks require a minimum down payment of 10% to 30% of the property’s value.

4. How to Apply for a Mortgage Loan

Here’s a quick overview of the typical mortgage application process in Nigeria:

1. Research and choose a mortgage bank (use the list above).

2. Submit application with required documents and preferred loan type.

3. Credit assessment — the bank reviews your income, employment, and credit score.

4. Property valuation — the bank inspects the property to determine its worth.

5. Loan offer & acceptance — you receive and sign the loan offer letter.

6. Disbursement — funds are released, often directly to the seller or developer.

Example: Applying Through FMBN (NHF Scheme)

If you’re a contributor to the National Housing Fund, you can apply through any FMBN-accredited mortgage bank and access:

• Up to ₦15 million at 6% interest per annum

• Repayment up to 30 years

• Accessible to both public and private sector workers

Tip: Visit the official FMBN portal or contact accredited banks like Abbey, Platinum, or Infinity Trust to apply through the NHF program.

Ready to own your home?
Compare rates and requirements from the mortgage banks listed above, then visit your preferred lender’s official mortgage page to start your application.

Pro Tip: Have your documents ready and check your NHF contribution status — it speeds up approval time significantly.

See also: How to Apply for a Mortgage Loan in Nigeria for a full document submission checklist.

Mortgage Interest Rates & Loan Comparison in Nigeria

Mortgage rates in Nigeria vary depending on the bank, loan type, and applicant’s profile (income level, credit history, NHF status, etc.).
As of this year, most banks offer interest rates between 6% and 18%, with repayment periods stretching from 5 to 30 years.

Mortgage Interest Rate Comparison

Note: Rates are approximate and may change based on economic conditions, property value, and the borrower’s credit profile.

Best Mortgage Banks by Category

How Mortgage Rates Are Calculated

Mortgage interest rates depend on several key factors:

• Loan amount and tenure – longer loans usually have slightly higher rates.

• NHF participation – members enjoy subsidized 6% rates.

• Income and credit profile – higher creditworthiness = lower rates.

• Property location and type – urban properties may attract better rates.

• Central Bank policies – rates often reflect Nigeria’s broader monetary environment.

Example:
If you borrow ₦10 million at 10% interest for 20 years, your monthly repayment will be roughly ₦96,000 – depending on your lender’s amortization structure.

Expert Tip: How to Secure the Lowest Mortgage Rate

1. Contribute to the National Housing Fund (NHF) if eligible — it opens the door to 6% interest loans.

2. Compare multiple lenders — small percentage differences save millions over 20 years.

3. Improve your credit score — pay off short-term debts before applying.

4. Negotiate tenure — shorter loans can attract slightly lower rates.

Next Step

After reviewing interest rates, the next step is to choose the bank that matches your income and property goals.
Most mortgage banks let you apply online or prequalify through their website, especially Abbey, Infinity Trust, and LivingTrust.

👉 Pro tip: Always request a loan offer letter with a full repayment schedule before signing any mortgage contract.

How to Choose the Best Mortgage Bank for You in Nigeria

Not all mortgage banks offer the same rates, terms, or service quality.
Choosing the right one depends on your income level, loan goal, and financial stability.
Below is a checklist and expert guide to help you make a smart decision before signing any mortgage contract.

1. Compare Interest Rates and Loan Tenure

Interest rates determine how much you’ll pay over time.
Even a 1–2% difference can save you millions of naira in repayment.

Tips:

• Always request a loan offer letter before agreeing to any terms.

• Check both NHF (6%) and commercial mortgage rates (9–18%).

• Consider your repayment ability — a shorter tenure means higher monthly payments but less total interest.

2. Evaluate Repayment Flexibility

The best mortgage banks allow early repayment or loan restructuring without penalties.
Look for lenders offering:

• Grace periods (1–3 months before first repayment)

• Adjustable payment plans for salary earners

• Options to refinance when rates drop

Example: Infinity Trust and Abbey Mortgage Bank both offer flexible repayment and early payoff support.

3. Check the Bank’s Credibility and License

Before applying, confirm the mortgage bank is:

• Licensed by the Central Bank of Nigeria (CBN)

• Insured by the Nigeria Deposit Insurance Corporation (NDIC)

• A member of the Mortgage Banking Association of Nigeria (MBAN)

Why it matters: These checks ensure your funds are safe and the bank operates under legal regulation.

4. Assess Loan Requirements and Processing Time

Some banks approve loans within 2–4 weeks, while others can take several months — especially under the NHF program.
Ask questions such as:

• “What documents do you require for approval?”

• “How long does the loan processing take?”

• “Is there an application or processing fee?”

Abbey Mortgage Bank and LivingTrust Mortgage Bank are known for faster digital processing times.

5. Consider Your Homeownership Goal

Your best mortgage bank depends on what you want to achieve:

6. Analyze Hidden Costs

Beyond the interest rate, watch out for:

• Processing fees (₦50,000 – ₦200,000 depending on lender)

• Insurance premiums (for life or property cover)

• Legal and valuation fees (mandatory for property verification)

Always request a Total Cost of Credit (TCC) breakdown before signing.

7. Read Customer Reviews and Testimonials

Before committing, check online reviews, Google Business ratings, or testimonials from past borrowers.
Banks with responsive customer service and transparent policies are easier to deal with over 10–30 years of repayment.

Hint: Look for banks with active digital support — they process requests faster and provide clearer communication.

8. Seek Professional Guidance

Mortgage terms can be complex.
If in doubt, consult a certified financial advisor or real estate lawyer to interpret contract clauses before signing.

Final Decision Checklist

Pro Tip: Don’t rush your mortgage choice — compare at least three offers before applying.

Frequently Asked Questions (FAQs) on Mortgage Banks in Nigeria

Which bank is best for a mortgage loan in Nigeria?

The Federal Mortgage Bank of Nigeria (FMBN) is the best for low-interest home loans through the National Housing Fund (NHF) at just 6% per annum.
If you want faster digital approval and flexible repayment, Abbey Mortgage Bank, Infinity Trust, and LivingTrust Mortgage Bank are excellent alternatives.

What is the current mortgage rate in Nigeria?

Mortgage rates in Nigeria range between 6% and 18%, depending on the lender, your income level, and loan type.

• Government-backed (NHF loans): 6% – 9%

• Private mortgage banks: 9% – 18%

How do I qualify for a mortgage loan in Nigeria?

To qualify, you must:

• Be a Nigerian citizen aged 21–60 years

• Have a verifiable source of income

• Provide bank statements, pay slips, and a valid ID

• Submit property documents (like C of O or purchase agreement)

• Maintain a reasonable debt-to-income ratio (below 40%)

Some banks may require you to be a National Housing Fund (NHF) contributor for subsidized loans.

Can I get a mortgage loan without an NHF contribution?

Yes.
While NHF offers subsidized rates, private mortgage banks such as Abbey Mortgage Bank, Infinity Trust, and Trustbond provide non-NHF mortgages with flexible terms, though at slightly higher interest rates (around 10–16%).

How long does it take to get a mortgage loan approved in Nigeria?

Approval time depends on the lender and the completeness of your documents:

• Private mortgage banks: typically 2–4 weeks

• FMBN/NHF loans: may take 1–3 months due to verification and approval steps

To speed things up, ensure all property documents and your NHF details are valid before applying.

Which mortgage bank has the fastest loan approval process?

Abbey Mortgage Bank and LivingTrust Mortgage Bank are known for their quick digital processing and online loan calculators, allowing faster approvals compared to traditional lenders.

How much can I borrow from a mortgage bank in Nigeria?

Most mortgage banks lend between ₦5 million and ₦50 million, depending on your income and property value.
Under the NHF scheme, contributors can borrow up to ₦15 million at 6% interest.

Can self-employed or business owners apply for a mortgage loan?

Yes, but you’ll need to show proof of consistent income, such as audited financial statements, tax records, or business account statements for the past 6–12 months.

What happens if I default on a mortgage repayment?

If you default, the bank may:

• Charge penalty interest on overdue payments

• Repossess the property (as it serves as collateral)

• Report defaults to credit bureaus, affecting your credit rating

Always contact your lender early if you face repayment challenges — most offer restructuring or temporary relief options.

Is it safe to get a mortgage loan in Nigeria?

Yes — as long as you use a CBN-licensed and NDIC-insured mortgage bank.
Avoid unregistered lenders or brokers who offer unusually low interest rates. Always verify the bank’s license via the Central Bank of Nigeria’s website.

Quick Recap:

• FMBN → Best for low interest (6%)

• Abbey / Infinity Trust → Best for fast approval

• Trustbond / LivingTrust → Best for flexibility and digital experience

🏡 Next Read:

• Mortgage Loan in Nigeria 2026

• Mortgage Loans for Low-Income Earners

• Mortgage Loan Without Collateral in Nigeria