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By Chinelo Obogo
The Federal Government through the Ministry of Finance Real Estate Investment Fund (MREIF) initiative, has said funds to enable over 400 Nigerians to secure their own homes has been released.
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The Fund, which the FB says has raised N250 billion in capital, is now expanding its operations to cover all six geopolitical zones of the country. In a bid to speed up the disbursement of the available funds in the scheme, the FG says the minimum down payment for an MREIF mortgage has been slashed from 20% to 10%. This change is complemented by a sustained fixed interest rate of 9.75% per annum.
Through its network of partner financial institutions like ARM Investment Managers, FCMB, Living Trust, Access Bank, Infinity Trust Mortgage Bank, AG Mortgage Bank, Union Bank, Providus Bank, Homebase Mortgage Bank and Stanbic IBTC, MREIF said it is channeling long-term, low-cost financing to both home buyers and developers across the nation.
Mr. Wale Odutola, Group CEO of ARM, emphasized the importance of this milestone: “The success of MREIF is rooted in its ability to translate a national vision into on-the-ground impact. Seeing over 400 Nigerians become homeowners is a powerful confirmation of our model. As we lower deposit and fixed interest rates and expand to all six geopolitical zones, we are confident that we will continue to scale this success, creating a transformative shift in our housing finance landscape and setting a new standard for public-private partnerships in Nigeria.
”MREIF’s ongoing progress and national reach reinforce its position as a key initiative for sustainable homeownership and economic development in Nigeria. It is important to note that the down payment for the selected property can also be funded from the pension accounts (RSA) of willing beneficiaries, further reducing all barriers to participation in the scheme.”
