In a bid to address the housing deficit and create a more accessible and sustainable homeownership system, the Ministry of Finance Incorporated Real Estate Investment Fund has launched a 20-year mortgage financing scheme at a 12 per cent interest rate.
The fund was designed to provide low-cost mortgage options, particularly for pension account holders, enabling a broader segment of the population to own homes.
The designated N1trn fund, which kicks off with an initial capital of N250bn is a 20-year-long mortgage with a 12 per cent interest rate.
ARM Investment Managers, the managers of the fund, at a briefing in Lagos yesterday, said the fund aims to address Nigeria’s housing deficit and create a more accessible and sustainable homeownership system.
Speaking on the initiative, the head of investment, MREIF, Oluiyi Adekunbi, said though the programme had been registered, the fund would be launched in series.
He explained, “The first phase, a N150 bn fund, has already been registered and fully subscribed by the Ministry of Finance and Coordination, and the initial subscription is a concessionary fund designed to reduce interest rates.”
