Mutual Benefit Premier Properties
MBPP Easy Buy: How Our Installment Plan Works

MBPP Easy Buy: How Our Installment Plan Works

Posted by Media Team·

When MBPP introduced the Easy Buy instalment plan in early 2024, the question from most buyers was the same: is this real? The idea of buying a property with 30 percent down and paying the rest over 12 months ran against everything Kano buyers had been told about real estate. Two years later, Easy Buy has financed 67 properties worth a combined 890 million naira.

How it works

The buyer pays 30 percent of the cash price as a deposit. The remaining 70 percent is paid in monthly instalments over 3, 6, or 12 months. A service charge applies: 3 percent on the 3-month plan, 6.5 percent on 6 months, and 14 percent on 12 months. The total cost is fixed from the day the agreement is signed. If the cash price is 10 million, the 6-month plan costs 10.65 million, divided into six equal payments.

Who is using it

The data shows three main groups. First, salaried professionals who have the income to service monthly payments but cannot produce a lump sum of 20 to 50 million. Second, diaspora buyers who want to secure a property during a visit to Kano and complete payments while abroad. Third, investors who use the 3-month plan to flip properties: they put down 30 percent, renovate during the instalment period, and sell before the final payment is due.

What the cash price includes

The cash price is not just the seller's asking figure. It includes acquisition cost, agent fees, logistics, renovation work, documentation, operational costs, and MBPP's profit margin. "When a buyer sees 15 million as the cash price, that is the final number," said Aliyu Mohammed of MBPP. "There are no agency fees on top, no hidden documentation charges. The instalment plan is the only additional cost."

Example calculation

For a property priced at 15 million naira: 30 percent deposit is 4.5 million. On the 6-month plan, the total is 15.975 million (6.5 percent charge), with monthly payments of 1,912,500 naira. On the 12-month plan, the total is 17.1 million (14 percent charge), with monthly payments of 1,050,000 naira.