For many Nigerians, owning a home has long felt out of reach — not because they don’t dream of it, but because mortgages were either too expensive, too short, or simply unavailable.
But that reality is beginning to shift.
🚨 December Exclusive Deals Are Here! 🚨
Hurry, limited slots available! Packages are selling out fast!
Book your staycation today and save BIG on our top packages.
Bronze Package (3 days) Limited Slots
4 Bedroom Shortlet🏠 Location: Lekki, Victoria Island, Ikoyi
Enjoy a weekend getaway with Silent Disco, BBQ Night, and Free Breakfast.
Only $2,500 $3,000
Silver Package (5 days) Limited Slots
Luxury 4 Bedroom Shortlet🏠 Location: Lekki, Victoria Island, Ikoyi
Includes chef dining, Silent Disco, BBQ Night, and premium concierge services.
Only $4,250 $5,000
Gold Package (7 days) Limited Slots
Exclusive 4 Bedroom Shortlet 🏠 Location: Lekki, Victoria Island, Ikoyi
Luxury at its finest with chef dining, Sip & Paint, Silent Disco, and VIP bookings.
Only $5,700 $6,000
A new mortgage initiative backed by the Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI) and ARM Investment Managers, is making it easier for Nigerians to access affordable home loans of up to ₦100 million at a fixed interest rate of 9.75% and repay over 10 to 25 years.
This initiative is powered by the MREIF (MOFI Real Estate Investment Fund) — a fund designed to make homeownership more accessible for Nigerians at home and in the diaspora.
Krent is a real estate platform in Nigeria. Whether you're looking to buy, rent, or short let a house, apartment, land, or commercial space, check out our listings. You can also request specific properties.
Let’s break it all down in detail.
1. What Exactly Is MREIF?
MREIF stands for Ministry of Finance Incorporated Real Estate Investment Fund. It is a public-private mortgage funding scheme that channels long-term, low-interest funds through commercial banks and mortgage institutions to Nigerians who want to buy homes.
Sponsor: Ministry of Finance Incorporated (MOFI)
Fund manager: ARM Investment Managers
Lenders: Partner banks and mortgage institutions (such as Stanbic IBTC, FCMB, and other PMIs)
The goal is simple: make mortgages affordable, long-term, and accessible to a wider range of Nigerians.
2. Key Features of the MREIF Mortgage
Here are the major highlights of the mortgage programme:
Interest Rate: 9.75% fixed per annum
Minimum Deposit (Equity): From 10%
Loan Size: ₦10 million – ₦100 million
Tenure: Up to 20 years (some lenders may go up to 25 years)
👥 Age Eligibility: Minimum 21 years; maximum age is tied to retirement age (some banks use 55, others 60)
Access: Through participating commercial banks and mortgage institutions
The fixed interest rate is a big deal because most traditional mortgage products in Nigeria are variable — meaning they can rise unpredictably over time. A fixed 9.75% gives borrowers stability and the ability to plan long-term.
3. Who Is Eligible?
The programme is designed to be inclusive, but you must meet certain basic requirements to qualify:
Be a Nigerian citizen (both residents and diaspora are eligible).
Be 21 years or older at the time of application.
The maximum age at loan maturity should not exceed 60 years or your official retirement age.
Have a steady source of income (either salaried or verifiable self-employment income).
Be purchasing a property with a registered title (C of O, deed of assignment, or approved off-plan property).
In addition to the above, you’ll be required to provide documents such as ID, payslips, bank statements, employer letters or business records, and the property’s legal and valuation documents.
4. Fees and Additional Costs
Although the 9.75% interest rate is fixed, there are other costs to be aware of. These vary by bank but may include:
Management fee (around 1%)
Advisory fee (around 1%)
Legal search & documentation fees
Property valuation fees
Mortgage life insurance
Property insurance
It’s best to request a full loan estimate from your bank so you’re not caught off guard.
5. How Much Can You Borrow?
MREIF mortgages typically allow you to borrow between ₦10 million and ₦100 million, depending on your income, repayment capacity, and the bank’s internal assessment.
Your minimum deposit is 10%, meaning that for a property worth ₦50 million, you’d only need to pay ₦5 million upfront.
6. How the Age Range Works (21–55 or 21–60)
You might have seen different adverts saying “21–55” or “21–60”.
Here’s why:
MREIF sets the core funding structure, but banks set their own lending rules.
Some banks require that borrowers must not exceed age 55 at the end of the loan.
Others allow up to 60 years or the official retirement age.
So, the best way to confirm your exact eligibility is to check with the specific bank you want to use.
Special Features to Know About
Diaspora Access: Nigerians living abroad can also access this mortgage, though documentation may differ.
RSA (Pension) Use: Some arrangements allow you to use part of your Retirement Savings Account for the down payment.
Non-Interest Option: MOFI is working on non-interest financing options for people who prefer Islamic-compliant products.
Want to Apply?
Here’s a step-by-step guide to applying for an MREIF mortgage:
Choose a partner bank — for example, Stanbic IBTC or FCMB.
Gather your documents — ID, payslips, bank statements, employer letter/business documents, property documents, etc.
Get pre-approved — some banks and the MREIF portal offer pre-approval in as little as 48 hours.
Submit your application — including your chosen property details.
Property valuation & legal checks — the bank verifies the property title and value.
Loan offer & signing — once approved, you sign the mortgage agreement.
Disbursement — the bank pays the developer or seller, and you begin your monthly repayments.
Conclusion
Homeownership shouldn’t be a privilege for a few — and with the MREIF mortgage programme, that dream is becoming more realistic for many Nigerians.
If you’ve ever thought, “I can’t afford to buy a house,” this might be the moment to rethink that. With just 10% deposit, a fixed interest rate of 9.75%, and tenors of up to 25 years, you can now spread the cost of homeownership in a way that works for your income.
Pro tip: Start by contacting your bank to find out their MREIF mortgage requirements and get pre-approved.
Check These Out!
Krent Dashboard
Access all the tools you need to reach thousands of clients
Click to Visit the Krent website