Mortgage in Nigeria
Owning your home is easier with our mortgage package.
Let’s make it happen. Your journey to homeownership starts today — contact us now and take the first step.
Get startedThe basics
What is a mortgage?
The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan. A borrower must apply for a mortgage through their preferred lender and ensure they meet several requirements, including minimum credit scores and down payments.
How it works
How does mortgage work at Pennek?
01
Select your dream home
Visit any of our estates to explore available units.
02
Secure financing
We partner with reputable mortgage banks to offer up to 70% financing.
03
Make a down payment
Provide at least 30% equity of the property’s value.
04
Enjoy flexible repayment
Pay off your mortgage over 10–12 years with reducing balance interest.
Reducing balance
What does reducing balance mean?
Reducing balance simply means your interest is recalculated after every payment made on the principal. Interest is calculated on a reduced principal at varying intervals — most commonly annual or monthly.
Principal
₦15,000,000
Interest at 20% p.a.
₦250,000
Next balance
₦14,750,000
Example from Pennek: with a ₦15,000,000 principal at 20% per annum, after the first month’s payment the remaining ₦14,750,000 is what your next interest is calculated on.
“Buying a home is a big step up into another echelon of society, of respect, and of, well, responsibility… that is 100 percent worth it.”
What do I need to start?
It’s simple — once you’ve inspected the house you want at any of our estates, all you need is:
- A secured source of income.
- Minimum of 30% down payment.
- A good credit score.
Mortgage calculator
Could you own this property?
Pick a home and adjust the terms — your estimated repayment updates as you go.
Property price
₦450,000,000
Initial contribution
30% · ₦135M
Interest rate18% p.a.
5%30%
Estimated monthly payment
₦5,072,826
15 yrs · 18% p.a.
Financed
₦315M
Total interest
₦598M
Loan-to-value
70%
Total repayment ₦913M over 15 years
Reducing balance
First month: ₦4,725,000 interest + ₦347,826 principal of ₦5,072,826
Illustrative estimate only. Actual mortgage terms, rates, eligibility and repayment amounts are determined by the financing institution.
Available units
Homes you can finance.
Furnished apartmentGet started
1 Bedroom Apartment
at Pennek Heights Lekki
Starting from
₦200M
30% initial deposit
Furnished apartmentGet started
2 Bedroom Apartment
at Pennek Heights Lekki
Starting from
₦250M
30% initial deposit
Let’s make it happen
Speak with an executive.
Your journey to homeownership starts today. Leave your details and our team will reach out about mortgage options.