The Gateway Mortgage Bank Limited, with headquarters in Abeokuta, the Ogun State capital, has been approved as one of the partner banks to access the Real Estate Investment Fund of the Ministry of Finance Incorporated (MREIF).
The bank is wholly-owned bank by the Ogun State Government.
In a statement, its Acting Managing Director, Mrs. Ronke Akinleye said that the MREIF is aimed at addressing Nigeria’s housing deficit and expanding mortgage access for homebuyers.
She said that the bank has secured N2.2 billion under the initiative and has already commenced disbursement to qualified beneficiaries.
According to Akinleye, the fund is targeted at individuals seeking to finance their homes through structured mortgage arrangements, making homeownership more accessible and affordable for Nigerians including those in the Disapora.
Under the scheme, eligible homebuyers can access mortgage loans of up to N100 million at an interest rate of 9.75% per annum, with repayment periods of up to 20 years, subject to the borrower’s retirement age and income profile.
Akinleye said that applications remain open to interested applicants, pointing out that several beneficiaries have already begun accessing the facility.
To qualify for the MREIF. mortgage loan, prospective homebuyers are required to make a minimum of 10% equity contribution.
In addition applicants will open an account with Gateway Mortgage Bank, and present properties with valid titles such as Certificates of Occupancy or Deeds of Assignment. They are also required to demonstrate regular and verifiable income to support loan repayment.
The statement described the initiative as a significant step toward reducing Nigeria’s housing gap, improving access to long-term housing finance and stimulating the real estate sector, and urged eligible Nigerians to take advantage of the opportunity, stressing that the programme aligns with broader efforts to promote affordable housing and economic growth.
She stated that, the fund is targeted at individuals seeking to finance their homes through structured mortgage arrangements, making homeownership more accessible and affordable for Nigerians including those in disapora.
The statement stated that under the scheme, eligible homebuyers can access mortgage loans of up to ₦100 million at an interest rate of 9.75% per annum, with repayment periods of up to 20 years, subject to the borrower’s retirement age and income profile.
