The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has announced a significant reduction in its mortgage entry requirements. The fund, managed by ARM Investment Managers, confirmed on Wednesday that it has slashed its minimum down payment for prospective homeowners from 20 per cent to 10 per cent in order to expand access to affordable housing

This development marks a key milestone in the fund’s ongoing efforts to ease the financial burden on aspiring property owners. The new terms also maintain a fixed annual interest rate of 9.75 per cent, further reinforcing the fund’s commitment to providing accessible and sustainable mortgage financing.

The MREIF, a government-backed initiative, is designed to bridge the housing gap by facilitating affordable homeownership for Nigerians through a combination of public and private sector collaboration. With the revised terms, more low- and middle-income earners are expected to transition from renting to owning homes.

“Our role as fund managers is to ensure MREIF operates as a credible vehicle for lasting impact,” said Mr. Wale Odutola, Group CEO of ARM. “The reduction in the down payment, alongside the competitive interest rate, is a strategic move to empower more Nigerians. This is a testament to the power of a public-private partnership that is genuinely focused on delivering tangible solutions and contributing meaningfully to Nigeria’s economic progress.”

The new mortgage structure also allows beneficiaries to use funds from their Retirement Savings Accounts (RSA) to cover the required down payment. This added flexibility is expected to eliminate further financial barriers and encourage broader participation in the scheme.

With Nigeria’s housing deficit still a major concern, the MREIF’s revised terms are seen as a practical intervention that could enhance financial security for thousands of households while stimulating economic activity in the real estate sector.