FG is Inviting Nigerians to Buy ₦100m Homes with Just ₦10m Deposit
The Federal Government has lowered the entry cost for its mortgage programme, allowing Nigerians to buy homes worth up to ₦100 million with an initial deposit of ₦10 million.
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) announced the down payment cut from 20% to 10% alongside a reduced interest rate of 9.75% and repayment periods of up to 20 years.
Dr. Armstrong Takang, Chief Executive of the Ministry of Finance Incorporated (MOFI), said the move is aimed at removing one of the biggest hurdles to homeownership in Nigeria.
“Our goal is to make it easier for more Nigerians to own their first homes. Reducing the down payment and keeping rates low will help more families secure a place they can call their own,” Takang said.
Applicants can also draw their equity contribution from their Retirement Savings Account (RSA), giving them more flexibility in raising the required deposit.
MREIF recently received the Innovative FG Mortgage Intervention Award at the 2025 Africa International Housing Show in recognition of its efforts to expand access to housing.
The mortgage scheme is part of the Renewed Hope housing plan, which also includes the construction of 77,400 new homes across the country. Every local government area will get 100 units, while Kano State will receive 4,400 units due to its 44 LGAs.
For More details and how to apply, Visit: Ministry of Finance Incorporated Real Estate Investment Fund Website https://www.mreif.com.ng/
