The Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) has announced a significant revision of its mortgage terms, making homeownership more accessible for millions of Nigerians.
In a landmark decision, MREIF has reduced the minimum down payment required from 20% to just 10%. This, combined with a fixed mortgage interest rate of 9.75%, is a game-changer for aspiring homeowners.
This major policy shift, which is part of the Federal Government’s ongoing commitment to the Renewed Hope agenda, directly addresses one of the biggest hurdles to homeownership in Nigeria, the initial equity contribution. By lowering this barrier, MREIF is enabling a broader segment of the population to transition from renting to owning their own house.
The new, more favorable terms apply to MREIF’s long-term mortgages, which offer repayment periods of up to 20 years. This combination of a reduced down payment, reduced interest rate, and extended tenure will drastically reduce the financial burden, putting the keys to a new house within reach for many more families.
In a statement, the CEO of Ministry of Finance Incorporated (MOFI) Dr Armstrong Takang said,
We are thrilled to announce these revised terms, which are a direct reflection of our mission to create a sustainable and inclusive housing market. Our goal is to transform the dream of homeownership into a reality for as many Nigerians as possible. By reducing the down payment and maintaining our low interest rate, we are breaking down a major barrier and opening the door to a brighter, more secure future for families across the nation.
Also speaking on the new terms for this landmark scheme, CEO of ARM Group, Wale Odutola, fund managers to MREIF said,
We now have the perfect mix of benefits for willing Nigerians like you to take advantage of securing their dream home in the initial roll out of this landmark scheme.
Notably, the down payment for the selected property can also be funded through the pension accounts (RSA) of eligible beneficiaries, helping to further lower barriers to participation in the scheme.
To learn more about this groundbreaking scheme, visit website.
