Frequently Asked Questions
General Questions
Established by the Ministry of Finance Incorporated (MOFI), the investment arm of the Federal Government of Nigeria, the MREIF is designed to tackle challenges in the housing sector by addressing both supply and demand constraints. As a Securities and Exchange Commission (SEC)-registered and regulated entity, it operates under private-sector leadership to fulfil its core mission of bridging Nigeria’s homeownership gap.
The Fund is sponsored by the Ministry of Finance Incorporated (“MOFI”) and managed by ARM Investment Managers Limited as Fund Managers. Other parties on the Fund include the STL Trustees as Trustee and First Nominees as Fund Custodian.
MREIF has a N1 trillion programme size with a 99-year life.
The investors in the Fund will comprise of concessionary investors such as MOFI and Institutional Investors such as Pension Fund Administrators (“PFAs”)
MREIF facilitates long-term, low-cost mortgage financing for prospective homebuyers while providing conditional off-take guarantees to developers, serving as a credit enhancement to secure construction financing for residential property development.
For Home Buyers
Loans are disbursed through Eligible Financial Institutions (EFIs) at concessional rates, enabling them to provide long-term, low-interest mortgages. The mortgages will be initiated on the MREIF platform which hosts a variety of residential properties for homebuyers to choose from. An Expression of interest in the Fund can be submitted here (mreif.arm.com.ng).
The mortgages will be issued by the EFIs at 12% interest rate per annum for up to 20years
The Fund is a national programme aimed at ensuring that every Nigerian can acquire a home through MREIF
- The Borrower must be persons aged 21 and above but not older than 60 years on expiration of the loan. The person should have a satisfactory credit score.
- Borrowers must contribute at least 20% of the value of the housing unit
Loans are repayable over a maximum term of 20 years, with fixed interest rates for the mortgage term following a moratorium after the initial equity contribution.
The documents required to access loans may vary from one bank to another. However, the typical documents required may include:
- Completed Loan Application Form
- Offer letter of sale from the Property Developer
- Copy of property title documents
- Bank statements
- Means of identification
No. the mortgage loans are only available for completed properties
Eligible properties include single-family homes or apartments in multi-unit buildings, intended for owner occupancy.
Mortgage loans must meet Nigerian Mortgage Refinance Company’s Uniform Underwriting Standards, including thorough credit checks, property appraisals, and legal title verification.
EFIs and developers must adhere to ESG principles outlined by the SEC and NMRC
For Developers
- Land bank and net asset value
- Developer must demonstrate the ability to raise project
- A proven track record of completed projects