For many working professionals and middle-income families in Nigeria, buying a home outright with 100% cash feels like an uphill climb. On the flip side, traditional commercial bank mortgages often carry steep annual interest rates between 25% and 30%, making long-term property loans impractical for most buyers.
The MREIF mortgage scheme in Lagos changes that math completely.
Sponsored by the Federal Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers, MREIF is a ₦1 Trillion national housing initiative designed to make homeownership accessible through single-digit interest rates and flexible down payments.
If you are looking to acquire a home or invest in structured residential developments across Lagos, this 2026 guide breaks down how the MREIF mortgage scheme in Lagos works, who qualifies, and how to use it to finance your next home.
What Is the MREIF Mortgage Scheme in Lagos?
The MREIF Mortgage Scheme is a government-backed credit initiative that partners with primary mortgage banks and commercial financial institutions to disburse long-term, low-cost home loans to eligible Nigerians.
Core Key Terms at a Glance:
Fixed Interest Rate:9.75% per annum (fixed for the entire tenor, protecting you from bank rate spikes).
Maximum Loan Amount: Up to ₦100 Million.
Minimum Equity Contribution (Down Payment):10% of property value.
Repayment Tenor: Up to 20 years (or until official retirement age / 60 years).
Debt Service Limits: Installment-to-Income (ITI) capped at 35%; Total Debt Service Ratio (DSR) capped at 50% of net monthly income.
Key Advantages of the MREIF Mortgage Scheme in Lagos
Massive Capital Relief: Instead of tying up 100% of your capital upfront, you pay just 10% equity and finance the remaining 90% over two decades.
Predictable Monthly Payments: Unlike commercial mortgages that fluctuate with central bank benchmark shifts, the MREIF mortgage scheme locks in your rate at 9.75% for the full loan term.
Use Your Pension for Down Payment: Eligible home buyers can use 25% of their Retirement Savings Account (RSA) balance under Pension Fund Administrator (PFA) guidelines to cover their initial equity contribution.
Open to Diaspora Buyers: Nigerians living abroad with verifiable offshore income can access the MREIF mortgage scheme in Lagos to invest safely in completed properties at home.
Who Is Eligible for the MREIF Mortgage Scheme in Lagos?
To qualify for an MREIF mortgage, applicants must satisfy standard credit underwriting requirements set by participating financial institutions:
Citizenship: Must be a Nigerian citizen resident at home or in the diaspora (aged 21 to 60 years at loan maturity).
Salaried Employees: Minimum of 6 months confirmed employment with the current employer, with salary domiciled at the partner bank.
Self-Employed / Business Owners: Verifiable business cash flow with a minimum of 3 years of registered operations and audited/bank financial records.
Credit Rating: Satisfactory credit history with clean records across national credit bureaus.
How to Apply for the MREIF Mortgage Scheme in Lagos
Step 1: Find an Eligible Residential Property
Identify a completed residential property or master-planned estate unit that features a clear, dispute-free land title (C of O or Governor’s Consent).
Step 2: Select an Accredited Participating Financial Institution (EFI)
MREIF operates through major mortgage and commercial banks. Approved participating institutions include Stanbic IBTC Bank, Sterling Bank, Access Bank,GlobalTrust Mortage bank, FCMB, Fidelity Bank, Providus Bank, Abbey Mortgage Bank, Infinity Trust Mortgage Bank, and Homebase Mortgage Bank.
Step 3: Gather Required Documentation
Submit your complete loan application along with:
Valid Government ID & Work ID.
Employer confirmation letter & latest 3 months’ pay slips.
6 to 12 months’ bank statements demonstrating income stability.
PFA statement (if applying to use 25% RSA balance as equity).
Property Offer Letter & copies of survey/title documentation.
Step 4: Title Verification and Valuation
The bank conducts a legal search at the Lagos State Lands Bureau (Alausa) and carries out an independent property valuation.
Step 5: Deposit Equity & Close the Loan
Upon approval, pay your 10% cash equity (or disburse from your PFA), sign the legal mortgage contract, and the bank pays the developer directly.
Own a 4 Bedroom Bungalow at Abule Cole via MREIF Today
Finding a home that meets all MREIF bank requirements from perfected title, infrastructure layout, to developer credibility, can be tricky. That is where Abule Cole by Casafina Development comes in.
Abule Cole is our premium, master-planned residential community featuring beautifully designed 4 bedroom bungalows. Because Abule Cole is a pre-vetted and approved development project under the MREIF framework, buyers can seamlessly access financing to secure their bungalow unit without perfection delays or bank paperwork bottlenecks.
Whether you want to leverage your 25% RSA pension funds or pay a simple 10% cash deposit, Abule Cole offers the perfect entry point into MREIF-backed homeownership in Lagos.
Ready to buy your bungalow at Abule Cole with single-digit financing?
👉 Click here to explore Abule Cole and start your MREIF application today