How to buy a property in installment payment in Lagos, Nigeria.
One of the aims of any hardworking individual is to have an asset to secure his future or retirement plan, but in a situation where you can’t afford to pay the price of the property you want to invest in or your dream house at once.
What is the next step to take?
Do you know if you want to buy a property either a land or house you can buy in installment if you can’t afford to pay at once?
Installment payment is always known as Flexible Payment Plan. It is practice by most real estate companies in Lagos.
Since buying of property has to do with a lot of money, Flexible payment is introduced to make acquiring of property quite affordable and easier.
There is this common say which says that “You don’t wait to buy land, you buy land and wait”. You don’t wait to buy because the price can increase anytime.
So to avoid paying higher price or eventually not buying due to increase in price. You should take advantage of installment payment plan.
Then, how do you buy a property and pay in installment?
All Lagos real estate companies accept installment payment but the installment payment terms vary based on the type of property, its location and the developer.
How to buy a property in installment payment in Lagos real estate
The common payment structures include down payments ranging from 10% to 30% of the property value. For instance Urban Prestige is 3.6M all inclusive with initial deposit is 500k.
The remaining balance will be spread over a specific period of time you agreed upon which could be 4, 6 or 12months with interest.
How installment payment plan is carried out.
1. Outright payment
An outright payment is between 0 to 3months without interest. It is more terms as if you pay once with the grace of spreading your payment for 3months without any interest.
2. 0 to 6 months Payment Plan
This is when you buy a property and you make initial deposit and spread the balance between the period of 0 to 6months with little interest. like Bulverton Estate has the installment plan of 6months.
3. 0 to 12 months Payment Plan
This is when you buy a property and you make initial deposit and spread the balance between the period of 0 to 12months with interest. Most properties land and houses in Lagos are up to 12months payment plan.
4. 0 to 18 or 24 months Payment Plan
This is common for purchase of a house, you make down payment and spread balance for 18 or 24 months with interest. Though not all estate developers allow 18 or 24 months but some do.
So for all the installment payment plan I listed above, the duration of payment terms of each real estate company different from one another. So carefully read the payment terms and conditions any real estate company you are buying from before subscribing to the property.
More so, you may click on the whatsapp button on the screen for free consultation session on how you can go about getting a property in Lagos on installment.