Reduced down payment for home ownership to 10% and lowered interest rates for all Nigerians, as announced by MREIF.
In a significant move aimed at making homeownership more accessible, the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) has announced a revision of its mortgage terms. This change, part of the Federal Government's Renewed Hope agenda, is set to be a game-changer for aspiring homeowners in Nigeria.
Dr Armstrong Takang, the CEO of MOFI, stated that the revised terms aim to create a sustainable and inclusive housing market. One of the key changes is the reduction of the minimum down payment required for homeownership from 20% to 10%. This reduction addresses the initial equity contribution, a significant hurdle to homeownership in Nigeria.
The new mortgage terms apply specifically to long-term mortgages with repayment periods of up to 20 years. The down payment for the selected property can be funded from the pension accounts (RSA) of willing beneficiaries, making the process more convenient for potential homeowners.
MREIF has set a fixed mortgage interest rate at 9.75%, offering significantly cheaper payment models for Nigerian home financing. The CEO of ARM Group, Wale Odutola, mentioned that the new terms offer benefits that are advantageous for potential homeowners, encouraging them to take advantage of the landmark scheme.
Dr Armstrong Takang emphasized that the changes are meant to make homeownership a reality for a larger number of Nigerians. He highlighted that the reduced down payment and maintained low interest rate are key to breaking down a major barrier in homeownership.
The new MREIF mortgage terms, starting to be highlighted in August 2025, enable a broader segment of the population to transition from renting to owning their own house. This policy shift by MREIF is a significant step towards achieving the Federal Government's goal of promoting affordable homeownership in Nigeria.
In conclusion, the revised mortgage terms by MREIF are a positive development for the housing market in Nigeria. By lowering the barrier for the initial equity contribution, MREIF is enabling a broader segment of the population to realise their dream of homeownership. Potential homeowners are encouraged to explore these new opportunities and take a step towards securing their future.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
- Fossil fuels remain the primary energy source for heating in Baden-Württemberg
- Expansion of railway systems, implementation of catenary systems, and combating fires: SNCF adapting to the summer heatwave
