FG Invites Nigerians to Buy Houses Worth N100m With N10m Down Payment
- The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has reduced the down payment for its mortgage program from 20% to 10%.
- This change is accompanied by a reduction in the interest rate to 9.75% and allows eligible beneficiaries to withdraw down payments from their Retirement Savings Account.
- Dr. Armstrong Takang, CEO of MOFI, emphasised that the initiative is part of the Federal Government's broader effort to provide affordable housing
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has announced a reduction in the necessary down payment for its mortgage program from 20% to 10% to alleviate Nigeria's housing shortage and increase accessibility to homeownership.
Source: Getty Images
This action significantly reduces the financial barriers for prospective homeowners and coincides with a previously announced interest rate reduction to 9.75%. MREIF's long-term mortgage products, with repayment terms of up to 20 years, are now subject to these updated terms.
On his official LinkedIn account, Dr. Armstrong Takang, the Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), confirmed the news, calling it a game-changer for millions of Nigerians hoping to purchase their first homes.
“I am excited to share that the Equity Contribution for home seekers under the MOFI Real Estate Investment Fund (MREIF) has now been reduced to 10%, from the initial 20%, for all applicants. This follows our recent reduction of the interest rate from 12% to 9.75%,” Takang stated.
He clarified that the program is part of a larger Federal Government initiative to fulfill the Renewed Hope goal by addressing the initial equity contribution, one of the most enduring barriers to homeownership in Nigeria.
“Our goal is to transform the dream of homeownership into a reality for as many Nigerians as possible. By reducing the down payment and maintaining our low interest rate, we are breaking down a major barrier and opening the door to a brighter, more secure future for families across the nation,” he said.
To provide members with more flexibility, the plan also allows eligible beneficiaries to withdraw their down payment from their Retirement Savings Account (RSA). According to MREIF, the goal of this option is to encourage more Nigerians to utilise the program, particularly those working in the formal sector.
Dr. Takang reassured potential homeowners of MOFI's steadfast dedication to producing results that have a direct impact on people's lives.
“We are responsive and committed in our quest to significantly expand access to decent housing. Mr. President’s vision for decent and affordable housing for Nigerians is one that will continue to drive our efforts,” he stated.
At the 2025 Africa International Housing Show (AIHS), MREIF was honored with the Innovative FG Mortgage Intervention Award for its continuous efforts.
“We are humbled by the recognition that our efforts at MREIF are attracting,” Takang said. “This recognition will only inspire us to do more, fully appreciating the enormity of the task and the reach of its impact.”
Source: Getty Images
By making mortgages more accessible and affordable, the new terms under MREIF are expected to encourage greater participation in the housing market, especially from middle- and lower-income groups.
The MREIF mortgage program, part of the Federal Government's real estate investment plan, is one of the many tools being used to promote equitable economic growth and improve the welfare of citizens.
Tinubu’s govt plans to construct 77,400 housing units
Legit.ng reported that President Bola Ahmed Tinubu-led Federal Government has announced plan to construct 100 houses in each of the 774 local government areas of the country.
The Minister of State for Housing and Urban Development, Yusuf Atta, said a total of 77,400 houses would be constructed across the country under the new initiative.
Atta said Kano state would get 4,400 houses as a result of its 44 local government areas.
Source: Legit.ng
