How much are closing costs on a ₦500M home with an MREIF Mortgage?

Closing Costs on a ₦500M Home with an MREIF Mortgage

Closing costs on a ₦500M home with an MREIF Mortgage are the fees you pay on top of the price and deposit. You pay them to the seller, the bank, the lawyers and the state. Costs are higher from a developer than from an individual seller. The tables below show each fee.

At a glance

Developer Transaction
₦82,010,000 - ₦83,750,000
16.4% - 16.8% of the house price · 8 fees
Individual Seller Transaction
₦82,010,000 - ₦83,750,000
16.4% - 16.8% of the house price · 8 fees

These are estimates from general transactions handled on Giddaa, not a quote

Unless a fee says otherwise, percentage fees are applied to the ₦500,000,000 house price. The banks, lawyers and the sellers (developer or individual) confirm the exact figures at offer-letter stage, and some costs can be negotiated. However, you should prepare with this in mind as they are more accurate than not.

Bank fees are quoted from Giddaa Bank, Metro Bank and Peter Bank Limited.

Buying from a developer

Closing costs of ₦82,010,000 - ₦83,750,000 on a ₦500 million house bought with an MREIF Mortgage.

Account Maintenance
Required
Account Maintenance of the account
₦50,000
Fixed
Advisory Fee
Required
Advisory Fee for which loan to take
₦500,000 - ₦1,000,000
0.5% - 1% of loan amount
Processing Fee
Required
Processing Fee for processing the house
₦20,000,000
4% of house price
Legal Search
Required
Legal Search
₦60,000 - ₦1,000,000
Varies
Credit Search
Required
Credit Search
₦400,000 - ₦700,000
0.4% - 0.7% of loan amount
Management Fee
Required
Management Fee
₦1,000,000
1% of loan amount
Land Registry Assessment and Registration
Required
Land Registry Assessment And Registration
₦40,000,000
8% of house price

Subtotal — BankSubtotal, paid to bank₦62,010,000 - ₦63,750,000

Giddaa Professional Fee
Required
Giddaa Professional Fee
₦20,000,000
4% of house price

Subtotal — BrokerageSubtotal, paid to brokerage₦20,000,000

Estimated Total Closing Costs · developer

₦82,010,000 - ₦83,750,000

Seller, bank and brokerage fees for an MREIF Mortgage bought from a developer.

16.4% - 16.8% of the house price

Buying from an individual seller

Closing costs of ₦82,010,000 - ₦83,750,000 on a ₦500 million house bought with an MREIF Mortgage.

Account Maintenance
Required
Account Maintenance of the account
₦50,000
Fixed
Advisory Fee
Required
Advisory Fee for which loan to take
₦500,000 - ₦1,000,000
0.5% - 1% of loan amount
Processing Fee
Required
Processing Fee for processing the house
₦20,000,000
4% of house price
Legal Search
Required
Legal Search
₦60,000 - ₦1,000,000
Varies
Credit Search
Required
Credit Search
₦400,000 - ₦700,000
0.4% - 0.7% of loan amount
Management Fee
Required
Management Fee
₦1,000,000
1% of loan amount
Land Registry Assessment and Registration
Required
Land Registry Assessment And Registration
₦40,000,000
8% of house price

Subtotal — BankSubtotal, paid to bank₦62,010,000 - ₦63,750,000

Giddaa Professional Fee
Required
Giddaa Professional Fee
₦20,000,000
4% of house price

Subtotal — BrokerageSubtotal, paid to brokerage₦20,000,000

Estimated Total Closing Costs · individual seller

₦82,010,000 - ₦83,750,000

Seller, bank and brokerage fees for an MREIF Mortgage bought from an individual seller.

16.4% - 16.8% of the house price

Homes with closing costs like this

Listings on Giddaa priced at up to ₦500,000,000 that support an MREIF Mortgage.

Compare 3 options to buy this house

Ohaukwu, Ebonyi

3 Beds • 5 Baths • Apartment

Move In Ready

Message Us View Listing

3 Bedroom at Abraham Adensanya Ajah photo 1

3 Bedroom at Abraham Adensanya Ajah photo 2

3 Bedroom at Abraham Adensanya Ajah photo 3

Compare 3 options to buy this house

Apapa, Lagos

3 Beds • 3 Baths • Semi Detached Bungalow

Move In Ready

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Compare 2 options to buy this house

Gwarinpa, Abuja

2 Beds • 2 Baths • Flat

Under Construction

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View All 13 Homes

Other price points on an MREIF Mortgage

Closing costs from ₦50M to ₦500M.

₦50M Home
₦8,870,000 - ₦9,530,000
17.7% - 19.1% of the house price · developer
₦75M Home
₦13,250,000 - ₦14,270,000
17.7% - 19.0% of the house price · developer
₦100M Home
₦17,630,000 - ₦19,010,000
17.6% - 19.0% of the house price · developer
₦150M Home
₦26,010,000 - ₦27,750,000
17.3% - 18.5% of the house price · developer
₦200M Home
₦34,010,000 - ₦35,750,000
17.0% - 17.9% of the house price · developer
₦300M Home
₦50,010,000 - ₦51,750,000
16.7% - 17.3% of the house price · developer
₦400M Home
₦66,010,000 - ₦67,750,000
16.5% - 16.9% of the house price · developer
₦500M Home
₦82,010,000 - ₦83,750,000
16.4% - 16.8% of the house price · developer

A ₦500M Home on other purchase options

The same house price under every way to buy on Giddaa. Lowest and highest closing costs are tagged.

Outright Purchase
₦50,100,000 - ₦120,150,000
10.0% - 24.0% of the house price · developer
Payment Plan
₦50,100,000 - ₦120,150,000
10.0% - 24.0% of the house price · developer
MREIF Mortgage
You are here
₦82,010,000 - ₦83,750,000
16.4% - 16.8% of the house price · developer
NHF Mortgage
₦41,750,000 - ₦42,150,000
8.4% of the house price · developer
Rent To Own
Lowest
₦20,450,000 - ₦20,850,000
4.1% - 4.2% of the house price · developer

Frequently Asked Questions

Common questions about closing costs for this kind of transaction.

Buying a ₦500,000,000 home from a developer with an MREIF Mortgage, the estimated closing costs are ₦82,010,000 - ₦83,750,000 (16.4% - 16.8% of the house price). From an individual seller the closing costs are ₦82,010,000 - ₦83,750,000 (16.4% - 16.8%).

Run this transaction in the estimator

Change the seller type, tweak the house price, or compare all six purchase options side by side.

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Closing Costs on a ₦500M Home with an MREIF Mortgage

At a glance

Developer Transaction
₦82,010,000 - ₦83,750,000
16.4% - 16.8% of the house price · 8 fees
Individual Seller Transaction
₦82,010,000 - ₦83,750,000
16.4% - 16.8% of the house price · 8 fees

These are estimates from general transactions handled on Giddaa, not a quote

Bank fees are quoted from Giddaa Bank, Metro Bank and Peter Bank Limited.

Buying from a developer

Closing costs of ₦82,010,000 - ₦83,750,000 on a ₦500 million house bought with an MREIF Mortgage.

Account Maintenance
Required
Account Maintenance of the account
₦50,000
Fixed
Advisory Fee
Required
Advisory Fee for which loan to take
₦500,000 - ₦1,000,000
0.5% - 1% of loan amount
Processing Fee
Required
Processing Fee for processing the house
₦20,000,000
4% of house price
Legal Search
Required
Legal Search
₦60,000 - ₦1,000,000
Varies
Credit Search
Required
Credit Search
₦400,000 - ₦700,000
0.4% - 0.7% of loan amount
Management Fee
Required
Management Fee
₦1,000,000
1% of loan amount
Land Registry Assessment and Registration
Required
Land Registry Assessment And Registration
₦40,000,000
8% of house price

Subtotal — BankSubtotal, paid to bank₦62,010,000 - ₦63,750,000

Giddaa Professional Fee
Required
Giddaa Professional Fee
₦20,000,000
4% of house price

Subtotal — BrokerageSubtotal, paid to brokerage₦20,000,000

Estimated Total Closing Costs · developer

₦82,010,000 - ₦83,750,000

Seller, bank and brokerage fees for an MREIF Mortgage bought from a developer.

16.4% - 16.8% of the house price

Buying from an individual seller

Closing costs of ₦82,010,000 - ₦83,750,000 on a ₦500 million house bought with an MREIF Mortgage.

Account Maintenance
Required
Account Maintenance of the account
₦50,000
Fixed
Advisory Fee
Required
Advisory Fee for which loan to take
₦500,000 - ₦1,000,000
0.5% - 1% of loan amount
Processing Fee
Required
Processing Fee for processing the house
₦20,000,000
4% of house price
Legal Search
Required
Legal Search
₦60,000 - ₦1,000,000
Varies
Credit Search
Required
Credit Search
₦400,000 - ₦700,000
0.4% - 0.7% of loan amount
Management Fee
Required
Management Fee
₦1,000,000
1% of loan amount
Land Registry Assessment and Registration
Required
Land Registry Assessment And Registration
₦40,000,000
8% of house price

Subtotal — BankSubtotal, paid to bank₦62,010,000 - ₦63,750,000

Giddaa Professional Fee
Required
Giddaa Professional Fee
₦20,000,000
4% of house price

Subtotal — BrokerageSubtotal, paid to brokerage₦20,000,000

Estimated Total Closing Costs · individual seller

₦82,010,000 - ₦83,750,000

Seller, bank and brokerage fees for an MREIF Mortgage bought from an individual seller.

16.4% - 16.8% of the house price