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Mortgage in Nigeria seems impossible but while I’m still struggling with dealing with my nosy neighbors, ‘Baba Landlord’s’ constant morning drama, Alfa and Hajia’s unending petty fights and the height of it, the stench from the septic tank, my friend Tunde is living comfortably in his own home and can’t relate with the struggles of being a tenant anymore. For the umpteenth time this year, I’m saying out loud again “I need to own my own home!”.

Tunde and I work in the same organization, we got the job at the same time and we both earn the same salary. How is it possible he already owns a home and I don’t? We both heard about the possibilities of getting a mortgage in Nigeria with Cooperative Mortgage Bank, but like most people, I believe mortgage is hell in Nigeria or it simply does not work at all. I guess Tunde was smart to have decided to give it a shot and he is now a constant reminder that I need to get a mortgage too because guess what? It actually works!.

      The universe of mortgage lending has gotten to  a point where there is a place in it for everybody – Joe Mays.

You think your struggles as a tenant are not valid as you have a roof over your head?. Well, you may be right but I think you would be interested in knowing Nigeria still has housing deficit of about 17 million units according to World Bank estimates. This simply suggests that the earlier you start preparing to own your home and making moves, the better.

There is something permanent and extremely profound in owning a home -Kenny Guinn.

Mortgage in Nigeria; What you need to know

Mortgage in Nigeria is not as impossible as you think, it is not difficult at all and yes it works!. It is very important for you do your research; read about mortgage online, talk to professionals in the mortgage industry and find out everything you need to know.

7 Important Things to Know about Mortgage in Nigeria

1. Mortage Loan: A mortgage loan or simply mortgage is a loan used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.

2. Mortgage originators: These are the key players of mortgage in Nigeria. Primary mortgage institutions (PMI) like Cooperative mortgage bank, banks and The National Housing Fund are mortgage originators in Nigeria.

3. Agents: Lawyers and Real Estate Agents also play an important role in mortgage, They can provide the best advice on the right choice to make to avoid diving into risks.

4. Interest Rates: Mortgage rates in Nigeria range from 15% to 25% per annum excluding fees and other charges. Cooperative Mortgage Bank offers better interest rates such as attractive single digit rate.

5. Equity: This is the amount you are expected to contribute from your savings in addition to the mortgage when you plan to buy a house.

6. Tenor: The time period giving to repay a loan( that is if you are on a mortgage loan).

7. Requirements: There are certain requirements which make you eligible to get a mortgage;

• Your monthly income
• Your monthly expenditure
• Your existing debt profile
• The value of the property you want financed
• Ensure you are financially capable for the mortgage.

Read more on important things to know about mortgage in Nigeria.

 The more you know about mortgage, the easier it is to get. Mortgage plans are tailored to suit the diverse needs and interests of different people in the society. It is important to choose a mortgage plan that is suitable for you . Are you looking to get started on your own mortgage plan? Cooperative Mortgage Bank has the right mortgage plans just for you. Click here to get started.

Owning a home is a keystone of wealth…both financial affluence and emotional security -Suze Orman. 

Mental health refers to cognitive, behavioral, and emotional well-being. It is all about how people think, feel, and behave. According to the World Health Organization (WHO), mental health includes “subjective well-being, perceived self-efficacy, autonomy, competence, inter-generational dependence, and self-actualization of one’s intellectual and emotional potential, among others”.

Dede used to be so full of life, you could call him the life of the party and clown of the clique. A hardworking young man that took his “9-5” job, seriously and made sure to “ball” after work, every day. Weekends were super fun for Dede, oh the weekends, how Dede loved the weekends.

Weekends in Nigeria are usually full of activities but Dede’s was extra. From The Lagos turn up on Friday nights to Saturday Owambe gang and down to Sunday “eat all you want” frenzy. Dede was the type to gather everyone together on the weekends, he made sure everyone had the “weekend of their lives” irrespective of how their week had been. Then Covid-19 hit Nigeria and social distancing began. He started working from home, he could no longer do the things he used to do on weekends, and he could no longer chill with his friends at will.

At first, it was just a phase he thought would pass but days became weeks and weeks became months then reality dawned that the pandemic was a serious issue affecting Nigeria and the whole world at large and no one knew when things would get better and if there’s a cure in sight.

Behind all of Dede’s happiness, he had deep internal struggles and conflict, he wore a mask to hide his deepest struggles and kept himself distracted with work and fun activities. His inability to continue with his normal life because of the pandemic became a serious problem for him, depression crept in and he became suicidal. His mental health was at stake. But for the swift intervention of friends and family, Dede’s case would also have been another case of suicide.

Ways to indicate poor mental health habits during Covid-19

Factors in people’s lives, interpersonal connections, and physical factors can all contribute to mental health disruptions. Below are ways to indicate poor mental health habits during Covid-19;

• Regular mood swing.
• Unwillingness to participate or concentrate in activities.
• Feeling sad or down more often.
• Withdrawal from friends.
• Reckless spending
• Working tirelessly without taking a break
• Use of drugs and alcohol
• Excessive fears or worries.
• Significant tiredness, low energy, sleeplessness or insomnia.

Stress, anxiety and pressure also trigger depression and mental illness. This is a period where normalcy is lost, no gatherings or outings, or spending time with family and loved ones. A lot of people are like Dede, They were able to keep their mental health in check before the Covid-19 pandemic by adopting a coping mechanism; hiding behind series of activities to keep them going, and now that they can’t have that anymore, their mental health is deteriorating.

For some other people, the uncertainty of the situation is creating an anxiety party in their minds and heads. The pressure and stress from trying to get things done in an environment that isn’t suitable for those activities is also a deal-breaker for some people.Thus, everyone needs to adapt to the Covid-19 situation and balance their mental health.

How to have a good mental health habits during Covid-19

There are lots of things that we can do to have excellent mental health habits during Covid-19. It is important to imbibe these habits to improve our state of mind, general outlook and performance. Below are tips that can help;

• Talk about your feelings and ask for help.
• Pick up a new skill or hobby
• Exercise regularly
• Take a break
• Keep being active.
• Manage your savings to avoid going broke
• Eat well and drink responsibly
• Keep in touch with families and friends by maintaining social connection.
• Read books or online blogs
• Focus more on positive news.
• Avoid using intoxicants to deal with stress and anxiety

We understand that it’s not easy which is why we have put together the above tips on how to keep your mental health in check during this period Covid-19.

Ever heard the statement, the show must continue? Yes, even amid the pandemic, life must continue because there is a life after the COVID-19. Thus, we must try as much as possible to be productive during this period. The fact is that a lot of responsibilities lie on us as we either work from home or are in the office space. The business we are involved in must thrive regardless and this responsibility lies on us. Although, we have limited time to get a lot of work done during this Covid-19 pandemic, there are ways we can maximize the little time we have.

6 Tips on How to be Productive During Covid-19

 Here are few tips on how to be productive:

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1. Be organized: Organization is very important when you want to be productive. There are distractions here and there due to the working condition we all have to adapt to because of Covid-19. Get all your necessary materials ready, gather relevant information, and other required resources for your work. You do not want to be distracted in between your work trying to source for things you could have gathered before starting your work. Moving around to source for things you need after you have started your work might slow down your thinking or work process.

2. Set realistic goals: It is very good to aim to get a lot of things done if you can but be sure to set achievable goals. Don’t go from 0-100 but go from 0-10, 10-20, and so on. Being productive requires a gradual process especially in this period; you have to move from one step to another. Also, have in mind that understanding personal finance management helps to set realistic goals.

3. Prioritize: It is very important to prioritize your task from the goals you set. You should have a list of tasks you want to get done, prioritizing makes it easy to focus on getting the most important of the task done first. When you prioritize, your attention is focused on a particular task and removes the stress that comes with trying to get different things done together at the same time. Hence, you become productive.

4. Be efficient: Efficiency reflects competence. Do what you are capable of doing without wasting time. The trick to being productive through efficiency is to choose a suitable work style or method to get the task done. You do not have to use the method everyone uses; Identify what style and method work best for you, it makes it easier to relax and get your work done with no pressure.

5. Time management: It is important cultivate good time management to be productive during this Covid-19 pandemic. You have to know how to divide your time between specific activities to manage your time effectively. You can use google calendars to plan your time or schedule your activities.

6. Take short breaks: It is good to take short breaks in between your work for you to be productive. Sometimes, we are unable to get our work done because our brain is too loaded with stress and pressure to complete the task at hand especially during this period of the Covid-19 pandemic. To ease the stress and pressure, you can take short breaks. It could be a quick nap, walk around your workspace, interact with people around you, take a glance at social media, anything to keep you relaxed but not distracted. It is not the time to get completely distracted from the work at hand, it is only to help you get yourself settled and at ease.

Check out more tips that can help you to be productive during this period of Covid-19. Hope you find them useful?

Managing your personal finance is something many people have neglected and failed to count as important but desperate times call for desperate measures.

The Coronavirus Pandemic took all and sundry by surprise. No one prepared for this occurrence that has shook the world and has triggered a lot of changes that affect a lot of people today. This change has stirred a lot of actions from people across the world. One of such actions is Personal finance management.

Here are some tips that may come in handy while trying to manage your personal finance;

Budgeting

First of all, having a budget is of utmost importance. One of the most basic and effective tools in managing your finance is having a listing of your income and expenses. This will enable you to check through what you have been spending money on and what you need to cut back or cut off completely.

Savings

Now will be a good time to go into that emergency fund that you’ve had for a while. Your Savings will greatly help you in this pandemic. Emergency funds are not wasted assets as this pandemic has shown us the wisdom in having adequate emergency funds. You must also understand that nothing is too small when saving is concerned. Take advantage of CMBank’s regular savings.

Focusing on what’s essential

In managing your finance, you need to list your needs in their order of priority. This will help you save cost as you won’t spend on wants rather than needs.

Living Healthy

Food is one essential need. Other needs vary among individuals. The most important thing is that you focus on the essential aspect of your finance.

It is common knowledge that the penetration of health insurance in Nigeria is very low as most people do not have it and some have probably never heard of it.

This is why we must take our health very seriously as we don’t want to spend the finance we are trying to manage on hospital bills. Eat right, take up some home exercises, and rest well. Health is wealth!!! To see some online fitness programs, click here.

Avoid Scams

Last but not the least, avoid getting scammed, don’t be greedy as this is one of the reasons people get scammed.  

A lot of scams are going around, for example, the free government aid where they tell you that the government wants to send 20 thousand Naira to all citizens and every other kind of fake broadcast about monetary assistance.

It is important to know  that as the times get harder, these scammers get wilder and more relentless. They will stop at nothing to scam you of your hard-earned money.

Most of them will sound legit and true especially when it seems like they are not asking for vital information but don’t be fooled. If it seems too good to be true, it is most likely too good to be true.

In these times, try not to plan too hard, do not plan too far into the future because if there is anything this pandemic has taught us, it is that plans can change anytime.

Stay safe, stay healthy and we will rise above this.

The idea of not having a saving culture comes with the mindset of not having enough to save.

A writer, Eckhart Tolle stated, If the thought of lack has become a part of who you think you are, you will experience lack and all you will see is lack…..

Saving a certain percentage of no matter how little you have reduces your risk of going out of funds. Adopting a saving culture is very important and should be an utmost priority. A saving culture should be consistent ,it should be a habit. Most times you wait till the need arises before you adopt a “temporary saving culture”- Saving only when the need arises and stop after meeting the target.

Adopting a saving culture shouldn’t be an option, when it’s convenient or not. It should be a necessity, the consistent need to save as much as possible.
The desire to create so much out of little. The urge to secure a future of no lack.

It is almost impossible to adopt a saving culture without balancing your spending and savings. No matter how exhaustive your needs are, always try to minimize the cost in the most effective way possible. Be disciplined and cut unnecessary expenses. Remember saving is all about setting priorities and having a plan.

7 Reasons why You Should Adopt A Saving Culture

Why should I save?

  As a person, savings are a safety net that you should have as a part of planning. More so as a Nigerian, adopting a saving culture is key and should be inculcated in our life to save us from a lot of unforeseen contingencies that our country brings our way. You may ask “why should I save? “. The question is “why shouldn’t you?”. Here are some very important reasons why you should save;

1. Get out of debt: Savings are a great way to way to get out of whatever debt you may have incurred in the past. It could be that you took a loan to go to school or to finance something. Savings will help you offset such debt that you have incurred.
2. Become financially independent: Being financially independent does not come from just working and earning a salary. To be financially independent, savings play a great role. Money kept in a savings account overtime can give you an extra push when you most need it. Remember financial independence is the goal
3. Buy a home: Planning for the future without having savings us an error. Imagine having to pay rent on property for the rest offices your life when savings can help put you in a great position to own your own property and be rent free. When you are rent free, the money that you could have used to pay rent is ready to serve another purpose. CM Bank Nigeria has great options for house ownership, click here to see these options and start your journey to having your own house and live rent free.
4. To go on a vacation: All work and no play makes you a very dull person. Who doesn’t love to travel, to relax and just generally take time off work to have fun. Most people don’t realize the importance of a vacation and often complain about the lack of funds whenever the issue is talked about. However, there is a simple solution to that problem, savings. Savings help a lot when its time to take that much needed break.
5. To take care of big purchases: From buying a car to furnishing your house or getting those gadgets that you’ve had your eye on for a while, these big purchases have a way of sneaking into the life of the financially unprepared. Savings saves you from being financially unprepared. Paying in installments only makes you pay more money to be paid instead of the actual price of whatever you bought.
6. For life’s big events: Life is in stages and certain stages begin with big events and these events can get a bit expensive. Weddings and childbirth readily come to mind when thinking about big events, burials of the elderly and aged also come to mind. So its very important to save them so you don’t get caught in a web of debt trying to have a big event.
7. For the next generation: Saving for the next generation is a great way to reduce the stress of life as helping them getting settled early in life will greatly help you in too. Having an education fund set up for your children the minute you get to know that you are expecting puts you in a position to breeze through the period without worries.

Why not have a target and create your saving plan with Cooperative mortgage bank ? . Don’t wait till there’s a financial hole to fill. Adopt a saving culture today , generate wealth and plan for the future. “Save until your finance is safe”.

We are drawing close to the end of first quarter of the year. If nothing at all, getting good shelter should be a priority

For 25 years, our strength comes from our Customers, Partners and Shareholders who are the heart of our business while remaining Mindful, Open, Reliable, Respectful, Resilient and also maintaining our Integrity as we proffer solutions to our customers’ housing needs.