MREIF Lowers Equity Contribution: Homebase Mortgage Bank Backs Affordable Housing Push

Bennett Oghifo

In a significant stride toward improving homeownership in Nigeria, the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) has announced a major policy shift, cutting the minimum equity contribution for its mortgage scheme from 20% to 10%.

This change has been warmly received by key stakeholders, including Homebase Mortgage

Bank.

This policy update marks a meaningful step in making homeownership more attainable for Nigerians, and aligns with the Federal Government’s Renewed Hope agenda. By halving the upfront equity requirement, the programme removes one of the biggest hurdles preventing many Nigerians from owning a home, thereby easing the transition from renting to owning.

The revised MREIF mortgage package still offers a highly competitive fixed interest rate of 9.75% and generous repayment terms of up to 20 years, making it one of the most attractive mortgage options available.

“This move is truly a breakthrough for those dreaming of owning a home,” said Arinze Adigwe, MD of Homebase Mortgage Bank. “It reinforces our mission to provide sustainable housing finance and empower everyday Nigerians to become homeowners. This reduction means more working-class individuals and families can finally escape the rent cycle.”

To further ease financial pressures, the scheme also permits eligible applicants to use 25% from their Retirement Savings Account (RSA) to cover the equity contribution, opening the door for a wider range of Nigerians to participate.

This update is expected to significantly increase mortgage uptake, help reduce Nigeria’s housing gap, and promote broader financial inclusion.

Homebase Mortgage Bank, Adigwe said, remains fully committed to supporting government-led initiatives that promote financial empowerment and wealth creation through homeownership. Nigerians interested in the updated MREIF scheme are encouraged to visit Homebase Mortgage Bank or explore more details on the bank’s website.

He said, “Homebase Mortgage Bank is a licensed Mortgage Bank committed to providing accessible, innovative, and customer-focused housing finance solutions across Nigeria. “With a legacy of over 20 years, Homebase continues to empower Nigerians to achieve their dream of homeownership, building not just houses, but futures.”