FAQ

Where is Urban Grove Estate located?

‎Urban Grove Estate is located in Arepo, just 10 minutes from Magodo Phase 1, and easily accessible via the Lagos–Ibadan expressway. It’s a fast-growing, secure, family-friendly environment surrounded by premium residential estates.

What type of home is available?

A luxury 4-bedroom detached duplex with:

‎Two living rooms
‎Master bedroom En-suite
‎3 Other rooms all en-Suite
‎Modern fully fitted kitchen
Parking for 3 cars
Premium finishing
Gated, serviced estate with 24/7 security

What is the total price of the home?

The full selling price is ₦79M

How does the equity & mortgage plan work?

‎You secure your home with:
‎✅ ₦8M deposit
‎✅ ₦2M × 8 months = ₦16M
‎This completes your ₦24M equity requirement.
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‎The remaining ₦55M is financed by the partner bank through a 1-20-year mortgage at 9.75%.

What happens after I pay the ₦24m?

Once your equity is complete:
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‎1. Mortgage processing begins
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‎2. The bank disburses the balance
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‎3. Construction is completed
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‎4. You take possession and move in
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‎5. You start paying your monthly mortgage to the bank

How much is my monthly mortgage repayment?

‎It actually depends on how long you want to pay back. For a ₦55M mortgage at 9.75% interest spread over 20 years, your monthly repayment is approximately:
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‎👉 ₦475,000 – ₦515,000 per month
‎(depending on final bank computation)
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‎This is similar to what many Lagos residents already pay for rent.

Can I pay off the mortgage early?

‎Yes. You can fully or partially repay the mortgage early without penalty.

Can I start living in the house before finishing the mortgage?

‎Yes! You move in once the house is delivered.
‎The bank pays the developer, and you pay the bank monthly.

What if I miss a payment?

‎The bank provides a grace structure. Repeated delays attract small penalties, but no one takes your house without long notice and restructuring options.

What if I don’t have a salary?

You may still qualify if you:

‎Own a business
Have stable income inflow
Can provide 6–12 months bank statements
Have a guarantor (if required)
The bank evaluates your ability to pay, not just your job type.

Can joint applications apply? (Husband & Wife)

Yes. Joint applications often increase mortgage approval chances and reduce risk.

Can diaspora Nigerians access the mortgage?

‎Yes!
‎If you earn abroad, you stand an even higher chance of approval and can complete all processes remotely.

Is the estate safe?

Yes. Urban Grove Estate has:
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24/7 security
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Controlled gate access
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‎CCTV
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‎Estate patrol
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Strict visitor entry protocols

What is the construction timeline?

‎Once equity is completed and mortgage approved, construction takes 6–9 months.

What documents will I receive?

‎You receive:
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Offer letter
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‎Deed of assignment
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‎Survey plan
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Contract of sale
‎Receipt of payments
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‎Building plan
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Is this a government-backed mortgage?

‎Yes. The mortgage is provided by Government through The Ministry Of Finance Real Estate Investment Funds managed by ARM Investment with disbursement made through a regulated and partner PMI or Nigerian commercial bank with CBN-compliant underwriting.

Can I rent out the house?

‎Absolutely yes. You fully own it, even while paying your mortgage. Rental income can also help you cover your monthly repayment.
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‎The duplex was actually designed in a way that allows you convert to a 3 bedroom flat upstairs independent of another 2 bedroom flat down stairs. Without any structural alterations to the building. You rent out the ground floor at today’s rental value in the area for N2.5m to reduce your mortgage repayment burden. While you live in the 3 bedroom flat upstairs.

What happens if construction delays occur? ‎