What is the NHF (National Housing Fund) in Nigeria?
NHF is a government scheme requiring 2.5% of salary contribution. After 6 months, you qualify for loans up to ₦50M at a subsidised 6% rate — much lower than commercial bank rates of 18–26%.
How much deposit do I need for a mortgage in Africa?
Deposit requirements vary: Nigeria requires 10–30%, Kenya 10–20%, South Africa as low as 0% for qualifying buyers (FLISP), Ghana 20–30%. Higher deposits mean lower rates.
Why are mortgage rates so high in Ghana?
Ghana's mortgage rates (25–32%) reflect the central bank's policy rate (29%) and high inflation. They're tied to T-bill rates. The Ghana Home Loans (GHL) scheme offers some relief for formal sector workers.
What is the maximum mortgage term in Africa?
Nigeria: up to 30 years (NHF), 15–20 years (commercial). Kenya: up to 25 years. South Africa: up to 30 years. Ghana: up to 20 years. Most banks require full repayment before retirement age.
Should I use a fixed or variable rate mortgage?
Most African mortgages are variable rate, tied to the central bank rate. Fixed rates offer predictability. In high-inflation environments like Nigeria, variable rates carry more risk — budget for rate increases.
What other costs should I budget for beyond the mortgage?
Budget for: Stamp Duty (1.5–8% in most countries), legal fees (1–2%), valuation fees, estate agent commission (3–5%), and home insurance. Use the Stamp Duty Calculator for your country's exact costs.