From Rent To Keys: New FG Policy Makes Owning A Home Easier Than Ever

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), a flagship initiative for affordable homeownership in Nigeria, has announced sweeping changes aimed at making property ownership more accessible.

According to IReporter Online, the minimum down payment for an MREIF mortgage has been slashed from 20 per cent to just 10 per cent, dramatically lowering the entry barrier for aspiring homeowners.

This adjustment comes alongside a fixed annual interest rate of 9.75 per cent, which remains unchanged to ensure stability for beneficiaries.

According to IReporter Online, the scheme—managed by ARM Investment Managers—is strategically designed to tackle the financial hurdles that have long kept many Nigerians from owning homes.

Speaking on the development, Wale Odutola, Group CEO of ARM, emphasised that reducing the down payment while maintaining a competitive interest rate is a calculated move to empower more Nigerians and strengthen economic growth.

He hailed the public-private partnership behind MREIF as a model for delivering real, lasting impact in the housing sector.

According to IReporter Online, the new policy is expected to fast-track the shift from renting to ownership for thousands of families, providing financial security and long-term stability.

In addition, willing beneficiaries can now use funds from their Retirement Savings Accounts (RSA) to cover the down payment, further removing obstacles to participation in the scheme.

”IREPORTER REPORTS”