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That Fits You

Federal Mortgage Bank of Nigeria (FMBN) and National Housing Fund (NHF) Pathway

The Renewed Hope Housing Programme, led by the Federal Ministry of Housing and Urban Development, provides a pathway for Nigerians to own homes through affordable housing options, including outright purchase, mortgage financing and rent-to-own arrangements. The programme is designed to expand access to decent housing for low- and middle-income earners, including civil servants, traders, artisans and other eligible Nigerians at home and in the diaspora.

Through the Federal Mortgage Bank of Nigeria (FMBN) and the National Housing Fund (NHF), eligible applicants may access housing finance to purchase or construct residential properties. The NHF mortgage pathway offers a published interest rate of 6% per annum, with repayment periods of up to 30 years, subject to the applicable loan terms, income assessment and eligibility requirements.

This financing pathway supports the Renewed Hope Initiative's broader housing objective by helping eligible Nigerians move closer to homeownership through structured, long-term financing rather than relying solely on outright payment.

What applicants generally need

• To be National Housing Fund (NHF) contributors
• A reliable source of income
• The relevant documentation
• The required equity contribution

MREIF: Mortgage Financing Pathway for the Renewed Hope Initiative

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a Federal Government-backed initiative designed to improve access to affordable housing by providing long-term, lower-cost mortgage financing through participating banks and eligible financial institutions. The Fund also supports housing supply by providing off-take guarantees to qualified property developers, helping strengthen the connection between housing development and effective demand from prospective homeowners.

Through MREIF, eligible Nigerians can access residential mortgage financing at a published fixed interest rate of 9.75% per annum, with repayment periods of up to 20 years and a minimum equity contribution of 10% of the property's value, subject to the participating lender's assessment and programme conditions. The pathway is designed to make homeownership more accessible by spreading the cost of an eligible home over an extended period.

Key financing features

• Fixed interest rate: 9.75% per annum
• Repayment period: up to 20 years
• Minimum equity contribution: 10% of the property's value
• Accessed through participating banks and eligible financial institutions

Harmony Garden Supplementary Funding Pathway

Ibile Traditional Mortgage System | The Seven Citadels of Joy

Through the Ibile Traditional Mortgage System, powered by Harmony Garden & Estate Development Ltd., eligible homebuyers can access a flexible, developer-supported payment pathway designed to make homeownership more attainable at Lekki Aviation Town.

With an initial deposit of just 10%, buyers can spread the outstanding balance over 60 months (5 years) at an interest rate ranging from 7.5% to 9.9%, subject to the applicable property plan and terms. Eligible buyers can also take possession of their homes upon reaching 50% payment, subject to the applicable allocation, possession and contractual requirements.

This pathway may serve as a supplementary funding option for buyers seeking to bridge a homeownership funding gap, particularly where external mortgage financing is unavailable, insufficient or unsuitable. It offers a structured alternative to outright payment while enabling buyers to plan their finances over an agreed period.

Key financing features

• Initial deposit: from 10%
• Repayment period: up to 60 months (5 years)
• Interest rate: 7.5%–9.9%, subject to the applicable plan
• Possession option: eligible buyers may take possession at 50% payment, subject to contractual conditions