Foreal
The MREIF scheme lends up to ₦100 million at 9.75% fixed, spread over as long as 20 years, with equity from 10% upwards. Move the numbers below and see what any home actually costs you.
Property price ₦125,000,000
| The bank funds up to | ₦100,000,000 |
| Your equity on that portion | ₦10,000,000 |
| The bank lends you | ₦90,000,000 |
| Balance above ₦100 million, paid upfront | ₦25,000,000 |
| Interest over the full term | ₦114,879,600 |
This property is above ₦100 million. The bank funds ₦100 million of it. You pay your equity (from 10% upwards) on that portion, plus the whole balance above ₦100 million, in cash. That balance is ₦25,000,000.
Age limit reached. The loan has to end before your 60th birthday, so there is no term left to run here. Kindly reach out to us anyway, there are other routes we can look at.
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These figures are indicative and for guidance only. Final terms, eligibility and approval are decided by the lending bank under the MREIF programme.
The bank funds a maximum of ₦100 million on any one property. So once you go above that price, your monthly payment stops rising. What rises instead is the upfront amount you need to pay on the first day.
| Property price | Upfront amount | Monthly over 20 years |
|---|---|---|
| ₦80,000,000 | ₦8,000,000 | ₦682,932 |
| ₦100,000,000 | ₦10,000,000 | ₦853,665 |
| ₦125,000,000 | ₦35,000,000 | ₦853,665 |
| ₦145,000,000 | ₦55,000,000 | ₦853,665 |
At 10% equity and 9.75% fixed. The monthly figure is the same on the last three, because the loan is ₦90 million in each case.
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: your equity, and how long you spread the balance.
Worth knowing on a property above ₦100 million: because the loan is capped, every amount above ₦100 million is paid directly upfront. The bank only finances up to ₦100 million for mortgage.
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.
The bank funds ₦100 million of it. You pay your equity (from 10% upwards) on that portion, plus the whole balance above ₦100 million, in cash.
On a ₦145 million home that means ₦55 million upfront, and the same monthly repayment as a ₦100 million home.
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.
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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.