Step-by-Step Process to Apply for FG #256 Billion MOFI Real Estate Investment Fund MREIF
In this article, we will reveal all you need to know about the Federal Government #256 Billion MOFI Real Estate Investment Fund MREIF under the Renewed Hope Housing Agenda.. We have provided detailed information and guidelines that will assist you to apply without any hindrance. So keep reading!
About
MREIF is a government-backed mortgage initiative designed to reduce Nigeria’s housing deficit by providing affordable, long-term mortgage financing for aspiring homeowners particularly State, Federal Civil servants and other salaried workers.
Key Features of MREIF
The MOFI Real Estate Investment Fund under the Renewed Hope Housing Agenda initiative provides:
- Affordable mortgage access with: up to #100 million loan facility
- Fixed interest rate of 9.75% per annum
- Repayment tenor of up to 20 years
- Minimum 10% equity contribution
- Open to civil servants and salaried workers
Who is Eligible ?
All Federal and State Civil Servants/Salaried Workers, Other Nigerians including those in Diaspora.
MREIF Documentation Requirements
- Nigerian citizen, age 21+ but not older than 60 years at loan expiration
- Salaried employee with verifiable income
- Satisfactory credit score
- Minimum 10% equity contribution
- Duly completed MREIF Loan Application Form
- Valid ID: National ID Card, Driver’s License, or International Passport.
- Passport photographs
- Letter of employment & confirmation of appointment
- Last 3 months certified pay slips
- Last 6 months’ personal bank statements
- Current tax clearance certificate/PAYE receipts
- NHF registration number
- Offer letter from Property Owner/Developer
- Certified true copy of property title documents i.e. C of O, Deed of Assignment, Governor’s Consent etc.
- Approved building plan
- Property valuation report from registered Estate Surveyor and Legal search on title document will be conducted by the bank
How to apply
Interested and qualified applicants are advised to apply through designated participating banks nationwide. Kindly visit any branch of the approved bank branches listed below and request to see the MREIF Desk Officer.
Approved Participating Banks
(1)-First Bank of Nigeria Plc
(2)-Stanbic IBTC Bank
(3)-Sterling Bank Plc
(4)-Union Bank Plc
(5)-Access Bank
(6)-Infinity Trust Mortgage Bank
To Get More Information, Visit https://www.mreif.com.ng/