Work out your home loan
Estimate your monthly payment and your borrowing capacity under the terms banks actually offer in Benin, then get help from a professional.
Your project
For your situation, banks usually ask for 20%.
From 5 to 25 years, with 12 to 18 years the most common.
Rates in Benin run from 7 to 12% depending on your profile.
Your estimate
Purchase costs (8 to 12% of the price) come on top of the down payment: banks rarely finance them.
Your situation
The most common case. You will be asked for length of service, payslips and an employer's letter.
What to know before you commit
Purchase costs are paid in cash
Registration duties, notary, ANDF title transfer and boundary survey come to 8 to 12% of the price. The bank finances the property, rarely these costs: they add to your down payment.
No land title, no loan
The bank takes a mortgage over the property. Without an ANDF land title in the seller's name, the application goes nowhere. Check this before paying anything.
Fixed or variable rate
A variable rate starts lower but is revised every year. Over fifteen years, a two-point rise changes the monthly payment sharply. A fixed rate protects your budget.
Insurance and security come at a cost
Death and disability cover of 0.3 to 0.5% a year, arrangement fees of 0.5 to 1.5%, mortgage registration around 1% of the amount borrowed.
A third of your income, no more
Banks cap repayments at 33% of income, sometimes 40%. Beyond that the application is refused, and more importantly the household budget becomes unworkable.
Compare several banks
On an identical file, the gap between lenders reaches several points. Make them compete before you sign.
Get expert help
An adviser picks up your estimate, compares what Beninese banks are offering and helps you gather the paperwork. No commitment.
Your estimate is attached to the request. Your details are only used to get back to you.
This estimate is indicative and is neither a loan offer nor a financing agreement. Actual rates, terms and conditions depend on your file and on the bank. Only a lender can grant a loan, after review.