MREIF Halves Down Payment to 10%, Expands Access to Homeownership in Nigeria
In a bold policy shift, the Ministry of Finance Incorporated’s Real Estate Investment Fund (MREIF) has significantly lowered the entry threshold for its mortgage program, reducing the minimum down payment from 20% to just 10%. Alongside this, the fund continues to offer a favorable fixed interest rate of 9.75%, with repayment terms extending up to 20 years.
Aligned with the Federal Government’s “Renewed Hope” agenda, this strategy is poised to dramatically boost housing affordability for middle- and low-income Nigerians by easing the financial burden of upfront payments.
Dr. Armstrong Takang, MD/CEO of MOFI, hailed the update as a “milestone” in advancing a sustainable and inclusive housing ecosystem. Similarly, Wale Odutola, Group CEO of ARM (the program’s fund manager), emphasized that reduced equity requirements and competitive interest rates are critical in helping more Nigerians move from renting to homeownership.
Beyond lowering financial barriers, the initiative enables eligible participants to use funds from their Retirement Savings Account (RSA) to meet the down payment requirement, offering even greater flexibility.
In sum, MREIF’s revised mortgage terms featuring a 10% down payment, a fixed 9.75% interest rate, and a 20-year tenure—represent a concrete step toward more accessible and equitable homeownership across Nigeria.
