Step-by-Step Guide on How to Take Advantage of the MRIEF Mortgage

Follow these steps to own a home today and pay for it over 20 years. 

 For many Nigerians, owning a home often feels like a dream reserved for “the future” or for the wealthy few. With house prices running into tens of millions, it’s common to ask yourself: “Where will I get that kind of money all at once?” 

 At Lekki Gardens, after almost 15 years in the real estate industry, we’ve come to understand that high upfront costs and rigid payment structures can stand between you and the home you desire. 

 That’s why, in partnership with the Ministry of Finance Incorporated (MOFI), we are making homeownership possible through the MRIEF 20-year mortgage plan. With this, you don’t have to wait until you can pay the full amount at once. You can secure your home now and spread the payment for up to 20 years. 

 Here’s a step-by-step guide to show you how it works: 

STEP 1: KNOW WHAT MRIEF IS ALL ABOUT 

MRIEF (Ministry of Finance Incorporated Real Estate Investment Fund) is a government-backed housing plan that allows you to buy a home and pay gradually over 20 years at a fixed interest rate of 9.75% per year. So instead of struggling to raise ₦100m, ₦150m, or even ₦200m at once, MRIEF helps you move into your home now while paying for it gradually. 

STEP 2: CHECK IF YOU QUALIFY 

Before applying, make sure you meet the basic requirements. Here are the things you’ll need: 

• You must be a Nigerian citizen. 

• You should be between 21 and 60 years old (by the time the loan ends). 

• You must be able to contribute at least 10% of the home price upfront. 

• You need a steady income and a good credit record. 

• You’ll need simple documents like ID, tax details, and proof of income. 

 Think of it like applying for a loan. The bank wants to be sure you can afford to pay little by little. 

STEP 3: CHOOSE YOUR HOME 

This is the exciting part. You get to pick from Lekki Gardens properties across some of the best locations like Ikeja GRA, Ikoyi, Banana Island, Lekki Phase 1, Victoria Island, Chevron, Orchid Road, Ajah, Awoyaya and Abuja Whether you want a luxury spot in Ikoyi or a family home in Abuja, you decide what suits you. 

STEP 4: APPLY FOR A MORTGAGE 

Once you’ve decided on the home you want, applying is very simple. You can visit the Lekki Gardens website at lekkigardens.com, or walk into any of our offices and fill a simple application form. No stress, no complications. 

STEP 5: APPROVAL & VERIFICATION 

After your application, your details will be reviewed and verified. Once everything checks out, your mortgage will be approved. This is the green light that confirms you’re good to go. 

STEP 6: MAKE YOUR DOWN PAYMENT 

This is the only stage where you need to bring some money upfront. It’s called your equity contribution, which is just 10% of the price of the home. 

 For example: 

• If the home costs ₦80m, you pay ₦8m. 

• If it’s ₦120m, you pay ₦12m. 

If the house is more than ₦200m (since MRIEF can only give up to ₦200m), you’ll be required to pay your 10% plus whatever balance is left after ₦200m has been covered. 

STEP 7: GET YOUR HOME 

Once your down payment is made, your home would be handed over to you, complete with titles and documentation in your name. That’s the moment your homeownership journey truly begins. 

STEP 8: PAY MONTHLY INSTALLMENTS 

After receiving your home, you’ll start paying back in small monthly payments. Depending on the value of the house you chose, these installments could be as low as ₦500,000 monthly. Instead of struggling to raise lump sums, you’ll simply commit to steady, manageable payments over time. That’s the beauty of MRIEF. 

 STEP 9: SECURE OWNERSHIP 

Your home serves as collateral until the mortgage is fully repaid. But don’t worry, the legal structure protects you. As long as you keep up with your installments, the house remains yours. By the end of 20 years (or earlier, if you complete your payments sooner), the house is completely yours. 

 Owning a home in Nigeria is no longer a privilege reserved only for the wealthy. With the MRIEF mortgage plan, you don’t need to have all the money in your account to start. All you need is the willingness to begin and the process takes care of the rest. 

 Your home will increase in value with time and at the end of 20 years, you’ll have a house that may be worth far more than you paid. 

 At Lekki Gardens, we are fully committed to making homeownership easier and accessible for you. With our homes and the MRIEF plan, you can finally take that step you’ve been waiting for.  

 Contact us on any of our numbers below today, let’s help you secure your home in the easiest way possible.