Foreal
The MREIF scheme lends up to ₦100 million at 9.75% fixed, spread over as long as 20 years. You pay the balance of the price yourself. Move the numbers below and see what any home actually costs you.
Property price ₦125,000,000
| Property price | ₦125,000,000 |
| Mortgage from the bank | ₦100,000,000 |
| Your upfront payment, the balance | ₦25,000,000 |
| Monthly repayment | ₦948,517 |
₦100 million is the most MREIF will lend. Anything above that, you pay yourself. On this property that is ₦25,000,000 upfront.
How much you qualify for is decided by the bank, based on your income and credit record. It is not something you choose, and the bank will not normally fund the whole price of a property.
Age limit reached. The loan has to end before your 60th birthday, so there is no term left to run here. Kindly contact us anyway, there are other routes we can look at.
Tap the button below to talk to our Sales Expert on WhatsApp.
These figures are indicative and for guidance only. Final terms, eligibility and approval are decided by the lending bank under the MREIF programme.
| Yearly rent | ₦1,500,000 |
| Every month | ₦125,000 |
| Repayment period | 20 years |
| Rate, fixed on a reducing balance | 9.75% |
₦100 million is the most MREIF will lend. Your rent could carry more, but the loan stops there.
You will also need an upfront amount on top of the loan. Our Sales Expert will go through it with you.
How much you qualify for is decided by the bank, based on your income and credit record. It is not something you choose, and the bank will not normally fund the whole price of a property.
Kindly speak with our Sales Expert. The loan has to end before your 60th birthday, so there is no term left to run here. There are other routes we can look at.
Tap the button below to talk to our Sales Expert on WhatsApp.
These figures are indicative and for guidance only. Final terms, eligibility and approval are decided by the lending bank under the MREIF programme.
The interest runs on a reducing balance, so it follows the time you take, not a fixed sum agreed at the start. On the same ₦100 million, the difference between five years and twenty is over ₦100 million.
| Repayment period | Monthly | Total interest | Total repaid |
|---|---|---|---|
| 5 years | ₦2,112,424 | ₦26,745,462 | ₦126,745,462 |
| 10 years | ₦1,307,702 | ₦56,924,291 | ₦156,924,291 |
| 15 years | ₦1,059,363 | ₦90,685,279 | ₦190,685,279 |
| 20 years | ₦948,517 | ₦127,644,044 | ₦227,644,044 |
On a ₦100,000,000 mortgage at 9.75% fixed. You can take the longer term for a lower monthly payment and still clear it early. Because the interest is on a reducing balance, paying a lump sum at any point cuts what follows.
The bank makes the final decision, but these are basic requirements everyone has to fulfil.
Kindly gather these early. It is the paperwork, not the approval, that usually holds people up.
These are paid by you, not the bank, and they are not in the calculator above.
| Clean search report, by the bank's legal team | ₦30,000 to ₦50,000 |
| Valuation report, by the bank's valuer | From ₦100,000 |
| Survey | Borne by you |
On mortgage properties, the price is fixed. What moves is the structure: how much of it the bank funds, and how long you spread the balance.
Worth knowing on a property above ₦100 million: the bank only finances up to ₦100 million, so every naira above that comes out of your pocket on the first day.
Whatever you qualify for. The bank decides that from your income and your credit record, and ₦100 million is the most it will ever be.
Your upfront payment is simply the rest of the price. If a property is ₦100 million and you qualify for ₦50 million, you bring ₦50 million. If you qualify for the full ₦100 million on a ₦125 million property, you bring ₦25 million.
This is why we do not publish a fixed deposit percentage. It is not a percentage, it is the gap between the price and what the bank approves for you.
It runs on a reducing balance, per year. So the interest is charged on what you still owe, not on the original sum, and it falls as you pay down.
That means the total you pay depends on how long you take. On a ₦100 million mortgage, twenty years costs about ₦127.6 million in interest. Five years costs about ₦26.7 million. Same loan, same rate.
For comparison, a direct commercial bank mortgage in Nigeria typically runs between 25% and 35%.
Yes, and it is worth doing. Because the interest is on a reducing balance, a lump sum at any point cuts the interest on everything that follows.
Many buyers take the twenty year term for the lower monthly payment, then clear it in eight or ten years once the property is earning. You are charged for the time you actually take, not the term you signed.
It is not fixed. It depends on how quickly your documents are complete, and on funds being available at the financial institution when your file is ready.
The part you control is the paperwork. People who gather theirs early move first.
Largely yes, on two conditions. The property needs a registered title, Governor's Consent or C of O, with approved building plans. And the developer or seller has to agree to mortgage financing, because disbursement takes time and not every seller will wait.
It does not have to be a property listed on the MREIF platform. We work with sellers who accept mortgage buyers.
₦100 million is the most MREIF will lend on any single property, no matter what the property is worth. The balance is yours to pay upfront.
So on a ₦145 million home, if you qualify for the full ₦100 million, you bring ₦45 million on the day. Your monthly repayment is the same as it would be on a ₦100 million home, because the mortgage is the same size.
Yes. Banks find salary earners simpler because the income is easy to verify, but business owners are funded regularly.
The real hurdle is the documentation: three years of audited accounts, a current year management account, and projected cash flow. If you already have those, you are in good shape.
No. MREIF is a national programme. It has funded homes across 27 states and all six geopolitical zones, though Lagos and Abuja take the largest share of applications.
What we handle directly is Lagos, mainly the Lekki and Ajah corridor. If you are buying elsewhere and the property has registered title with approved building plans, and the seller will accept a mortgage buyer, talk to us and we will tell you honestly whether we can help.
No. The scheme is open to Nigerians anywhere in the world. You will still need verifiable income and the same documents.
The loan has to finish before you turn 60. So a 35 year old can take the full 20 years, while a 50 year old is limited to 10 years.
That changes the monthly payment considerably on the same house, which is why age sits in the calculator.
Yes. MREIF is a Federal Government fund through the Ministry of Finance Incorporated, and the rate is fixed for the life of the mortgage at 9.75% per annum.
The loans themselves are issued by participating banks, and each bank makes its own approval decision.
Tell us what you are looking for, and roughly what you can put down. Our Sales Expert will confirm what is available, send you photos and the full brief, and take you through the application.
Tap the button below to talk to our Sales Expert on WhatsApp.
Start on WhatsAppAll figures on this page are indicative and for guidance only. They are not an offer of credit. Eligibility, final terms and approval rest with the lending bank under the MREIF programme. Property availability changes, so kindly confirm with us before relying on any listing.