Gateway Mortgage Bank Limited has secured ₦2.2 billion from the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to support home ownership and mortgage access in Nigeria. The bank has begun disbursing funds to qualified applicants under the initiative.
Acting Managing Director Ronke Akinleye said the fund targets individuals seeking structured mortgage financing, making it easier for Nigerians, including those in the diaspora, to own homes. Loans of up to ₦100 million are available at 9.75% interest per annum, with repayment periods up to 20 years.
Applicants must contribute at least 10% equity, present properties with valid titles, open an account with Gateway Mortgage Bank, and show regular verifiable income to qualify. Several beneficiaries have already accessed the facility, and applications remain open.
Officials described the initiative as a key step to reduce Nigeria’s housing deficit, expand long-term mortgage access, and stimulate the real estate sector. They encouraged eligible Nigerians to take advantage of the program to promote affordable housing and economic growth.
