One of the nation’s housing finance firms, Homebase Mortgage Bank has secured an initial ₦N3.5 billion in funding from the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to boost homeownership by offering affordable and flexible mortgage packages to low- and middle-income Nigerians.
The mortgage bank will deploy the MREIF funding to create mortgage loans and eligible homebuyers can access home loans at 12 per cent yearly interest rates, with repayment terms of up to 20 years. Additionally, by combining MREIF with the Family Homes Funds, homebuyers may qualify for even lower, single-digit interest rates, potentially below 10 per cent and an equity contribution or down payment of just 20 per cent; individuals can access mortgage loans of up to ₦100 million.
MREIF is a collaborative initiative driven by the Federal Government through the Ministry of Finance Incorporated (MOFI), and some private sector investors, with ARM Investment Managers (ARM) as the Fund Managers.
The Managing Director, Homebase Mortgage Bank, Arinze Adigwe, said, “This recognition underscores the government’s confidence in our competence and commitment to housing access. More importantly, it empowers us to extend even more affordable mortgages to everyday Nigerians.”
According to him, the bank will expand mortgage reach in Nigeria through its impact across the housing value chain, with a focus on digitising mortgage application processes for greater speed, transparency, and inclusion, launching homeownership advisory programmes and financial literacy clinics to guide first-time buyers; and hosting community housing forums across key cities to raise awareness about eligibility and access.
“The MREIF fund is not just a fund injection, it’s a call to action,” said Arinze Adigwe. “We see this as a mandate to accelerate impact. Every naira we deploy will go towards building lives, strengthening families, and creating sustainable communities.”
With over two decades of experience and a track record of innovation and integrity, the institution has consistently championed housing inclusion and bridging the gap between aspirations and ownership for thousands of Nigerians.
