Gateway Mortgage Bank Limited Secures ₦2.2billion Real Estate Investment Fund of Ministry of Finance Incorporated Fund to Boost Homeownership
The Gateway Mortgage Bank Limited, with headquarters in Abeokuta, 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).
Penpushing reports that Acting Managing Director of the wholly-owned bank by the Ogun State Government, Mrs. Ronke Akinleye made this known in a statement, explaining that the fund is aimed at addressing Nigeria’s housing deficit and expanding mortgage access for homebuyers.
The Acting Managing Director in addition, in the statement disclosed that the bank has secured ₦2.2 billion under the initiative and has already commenced disbursement to qualified beneficiaries.
Penpushing further reports that 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.
Penpushing also reports that Akinleye in the statement, emphasized that applications remain open to interested applicants, pointing out that several beneficiaries have already begun accessing the facility.
The statement said to qualify for the Real Estate Investment Fund of the Ministry of Finance Incorporated (MREIF). mortgage loan, prospective homebuyers are required to make a minimum of 10% equity contribution.
Penpushing reports that 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, stressing that they must also 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.
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