Can you get loans for mobile homes in Nigeria?
That is a common question asked by potential mobile home and manufactured home buyers in Nigeria. And that is a good question.
In reply we will ask you, "can you get a car loan in Nigeria?"
If it's true that commercial banks can issue you a car loan when you qualify, you can be sure that you will also get loans for mobile home right here in Nigeria when you qualify.
You see, people's worry over whether banks in Nigeria will grant manufactured home loans to customers who qualify may actually stem from the fact that mobile homes and manufactured homes are not commonplace in Nigeria yet.
Yes, your bank may hesitate because they're conversant with issuing mortgage loans for stationary houses . . . houses in specific known locations they can easily take over in the event of loan repayment default by the customer.
So people wonder, "why would Nigeria banks be willing to issue manufactured home mortgage loan when the customer can easily relocate the house beyond the reach of the bank in the event of (or prior to a planned) loan repayment default?"
The reason is simple . . . Nigerian banks do not issue mortgage loans to just anybody.
In fact, many Nigerian residents can testify that getting a mortgage loan in Nigeria is not an easy task. Often, your chances of securing a home loan from a Nigerian commercial bank is highly dependent on whether you work for a respectable national or multinational company.
If you're a business person, you must show evidence of solid profitable business performance before you can secure a bank loan. And that is when you're securing a mortgage loan for regular block-built house.
You can be sure the same will apply when you apply for loans for mobile homes from a commercial bank in Nigeria or a mortgage bank.
Nigerian banks issue mortgage loans (and manufactured home loans) to people of good financial standing . . . people who have solid reputation in the national, multinational and private business world.
Consequently, the chances that this group of customers cannot be found or located if they default on their loan repayment is slim.
Nigerian banks do their homework well. And you can be sure you will get a manufactured home mortgage loan if you apply and qualify.
Manufactured home loans make it easier for potential customers to buy their preferred manufactured home, mobile home, or prefab home sooner.
This means that you can buy your dream prefab house RIGHT NOW instead of waiting to buy it in another five years when you have saved enough.
The sad part is this . . . thousands of Nigerians qualify to secure home loans from commercial and mortgage banks.
Unfortunately, they decline to take advantage of these opportunities for loans for mobile homes and manufactured homes because of obsession with home loan risks
or misconceptions about home loans.
Here's the truth.
Home loans . . . conventional home loans and manufactured home loans . . . will help you achieve you dream of owning a house (or several houses) faster.
So, don't chicken out!
Take the bull by the horn and approach your bank. And be sure to follow-up to the highest level possible to ensure you get the home loan you deserve.
Already secured a home loan?
Or have cash to buy your dream prefab house or mobile home?
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