Diaspora Nigerians are increasingly tapping into the Ministry of Finance Incorporated’s Real Estate Fund (MREIF), with banks like Stanbic IBTC aggressively marketing the mortgage facility despite divided opinions over its cost.
Nigerians in the diaspora are joining home seekers and developers to benefit from mortgage loans under the Ministry of Finance Incorporated (MOFI) Real Estate Fund (MREIF), a scheme designed to ease the country’s housing deficit.
The facility offers up to N100 million in loans at 12 percent interest for 20 years, requiring 20 percent equity, though Stanbic IBTC Bank has slashed rates to 9.75 percent with equity reduced to 10 percent.
Other providers include Homebase, Imperial Homes, and Infinity Trust Mortgage Banks.
Femi Johnson, former CEO of Homebase Mortgage Bank, said diaspora interest is “unprecedented,” particularly from the US, UK, and Canada, where banks have targeted marketing. “For the first time, they are able to get mortgages back home at interest rates similar to what they are used to abroad,” he noted.
However, reactions remain mixed, with some Nigerians abroad calling the facility affordable compared to inflation, while others dismissed the tenor and repayment burden as unrealistic.