MREIF stands for the MOFI Real Estate Investment Fund. It is a Federal Government-backed housing finance initiative established under the Renewed Hope agenda to address Nigeria's housing deficit by providing long-term, low-cost mortgage financing for Nigerians. It is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers Limited as Fund Managers.

MREIF aims to significantly reduce Nigeria's housing shortage by facilitating the availability of long term and low cost mortgages at scale to Nigerians. Its broader objectives include offering affordable mortgage financing, creating up to 2 million jobs, generating up to US$10 billion in mortgage assets, enhancing economic growth by up to US$20 billion, deepening local manufacturing for building materials, and supporting Nigeria's SDG 11 goals.

The vision is to create a sustainable housing market that empowers Nigerians with affordable homeownership opportunities. The mission is focused on progressively bridging the housing gap and achieving the annual delivery target of affordable mortgage financing.

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.

The MREIF home loan interest rate is 9.5% per annum, fixed for the duration of the mortgage.

MREIF mortgages run for up to 20 years, subject to the borrower's age, retirement age, and other applicable conditions.

The minimum equity contribution is 10% of the property value. MREIF finances the remaining 90% through the mortgage.

The MREIF product allows a maximum loan amount of ₦100 million, subject to affordability assessment and property valuation.

Yes. Self-employed Nigerians can apply. They must demonstrate a sustainable income through bank statements, tax records, audited accounts, or other verifiable evidence.

Yes. Nigerian citizens living abroad can apply. Diaspora applicants may need to provide additional documentation such as proof of income in their country of residence.

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 10% of the value of the housing unit.

Home buyers can buy multiple houses with their own resources, but can only buy one unit through MREIF mortgage Financing.

States across Nigeria where there are available home buyers.

The available mortgages are: MREIF mortgage which can be pension-backed, and non-interest mortgage (coming soon).

Up to maximum of N100 million under the MREIF pension backed mortgage.

Employment Offer / Confirmation Letter / CAC Certificate, Utility Bill not more than 3 months old, Valid ID, and 6 Months Statement of Account or Payslips.

Apply online, complete the pre-qualification form, then upload the required documents. Our team reviews the application within a few days and contacts you on next steps.

Minimum 5 hectares of titled land, minimum net asset value of ₦500 million, ability to fund at least 30% of the project, and a track record of at least 3 completed housing projects in the last 5 years.

An Offtake Guarantee is a credit enhancement MREIF provides to qualified developers. It commits to purchasing eligible housing units if they are not sold within an agreed period, helping developers secure construction financing.

It is home financing that is structured to align with Islamic finance principles, particularly the prohibition of interest (Riba). A non-interest mortgage allows you to access financing to purchase a home without compromising your values.

A Non-interest mortgage is commonly structured through a lease to own arrangement between the customer and the finance provider. Buyers will have to pay the periodic rental amount as well as the purchase price of the property. However, MREIF aims to offer very affordable non-interest mortgages.

No. Both the conventional and the non-interest mortgage will likely be similar in total cost. The difference is that non-interest mortgages are structured using contracts that comply with the principles of Islamic finance on the prohibition of interest (Riba). In a non-interest mortgage, rent is payment for the use of the Financier's ownership portion of the properties by the customer. While, in a conventional mortgage, interest is the amount charged by the Financier on the money provided to the customer to purchase the property. The Financier does not buy or lease the property to the customer.

Non-interest mortgages are structured using globally accepted Islamic finance standards. Eligible Institutions under MREIF shall procure Shariah approval for their mortgage contracts from their Shariah Boards.

MREIF believes that everyone deserves access to affordable homeownership. That's why we are working on a non-interest mortgage option for intending home buyers. We understand the transformative impact non-interest finance can have on mortgages, home ownership and the real estate sector in our society, and we are committed to making these mortgage solutions available to you as soon as possible.

Anyone who meets the financial eligibility criteria set up by the Eligible Financial Institutions and the MREIF can access the non interest mortgage.