Nigeria 12% Mortgage Scheme: You would recall that in a significant move to expand homeownership opportunities in Nigeria, the Federal Government, in collaboration with the private sector, has introduced the MOFI Real Estate Investment Fund (MREIF). This initiative, managed by ARM Investment Managers, aims to provide long-term mortgage financing at an unprecedented 12% fixed interest rate per annum, significantly lower than prevailing commercial mortgage rates.
A Game-Changer in Nigeria’s Housing Sector
The newly introduced mortgage scheme comes as a relief to many aspiring homeowners in Nigeria, where high-interest rates have long been a major barrier to property acquisition. Under the MREIF initiative, Nigerians will have access to mortgages with repayment periods of up to 20 years, allowing for more flexible and manageable payment plans.
According to details shared by the MREIF Team, the initiative also offers access to vetted, high-quality properties across various locations in Nigeria, ensuring that beneficiaries secure homes that meet safety and standard regulations.
How to Apply for the MREIF Mortgage Scheme
The program is now open for Expressions of Interest from Nigerians interested in taking advantage of the affordable mortgage scheme. Prospective homeowners can submit their applications through the official MREIF website at www.mreif.com.ng or reach out via email at [email protected] for further details.
Industry experts have hailed the initiative as a much-needed intervention in Nigeria’s housing sector, which has been plagued by skyrocketing property prices and stringent lending conditions.
The introduction of lower mortgage interest rates and extended repayment plans is expected to bridge the housing affordability gap and boost homeownership among Nigerians, particularly those in the middle-income bracket.
Addressing Nigeria’s Housing Deficit
Nigeria continues to grapple with a housing deficit exceeding 28 million units, according to reports from the Federal Mortgage Bank of Nigeria (FMBN). The MREIF initiative aligns with the government’s broader strategy to stimulate the real estate sector and provide sustainable housing solutions.
While affordability remains a pressing concern, the involvement of private sector players such as ARM Investment Managers signals a shift toward more innovative and inclusive financing models for real estate development in Nigeria.
What This Means for Prospective Homeowners
For many Nigerians, owning a home remains a long-term aspiration hindered by high mortgage rates, unstable income levels, and difficulty accessing housing finance. The introduction of a 12% fixed-rate mortgage with a 20-year repayment window offers a rare opportunity for individuals and families to invest in homeownership without being financially overwhelmed.
As more details emerge regarding eligibility criteria and property locations, the real estate and financial markets will be closely monitoring the impact of this initiative on Nigeria’s broader economic landscape.
For further inquiries or to submit an Expression of Interest, visit www.mreif.com.ng or contact [email protected].
