…raises hope on low interest loans for affordable housing
Homebase Mortgage Bank, one of Nigeria’s foremost providers of mortgage and housing finance solutions, has secured initial ₦3.5 billion funding from the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF).
The bank will, with this funding facility, drive affordable housing access across Nigeria as part of efforts by both public and private sector operators to bridge housing deficit in the country estimated at 28 million units.
MREIF is a collaborative initiative driven by the Federal Government through the Ministry of Finance Incorporated (MOFI), and some private sector investors, with ARM Investment Managers (ARM) as the Fund Managers. This is in line with the Renewed Hope Agenda of the Federal Government of Nigeria.
Homebase Mortgage Bank is a licensed mortgage bank committed to providing accessible, innovative, and customer-focused housing finance solutions across Nigeria.
It is positioned as a top-tier and capable partner in the government’s housing delivery efforts, leveraging its proven expertise, strong operational systems, and customer-centric approach to scale housing finance for the underserved population.
The bank prides itself as a trusted engine for inclusive growth with over two decades of experience and a track record of innovation and integrity. It stands out as a credible and proactive force in Nigeria’s mortgage banking landscape, and has consistently championed housing inclusion, bridging the gap between aspirations and ownership for many Nigerians.
“As a mortgage bank entrusted with this strategic investment, we are honored to be selected as a recipient of this significant MREIF funding,” Arinze Adigwe, managing director of Homebase Mortgage Bank, noted in a statement in Lagos.
“This recognition underscores the government’s confidence in our competence and commitment to housing access. More importantly, it empowers us to extend even more affordable mortgages to everyday Nigerians,” Adigwe assured.
Continuing, he noted, “the MREIF fund is not just a fund injection, it’s a call to action. At Homebase, we see this as a mandate to accelerate impact. Every naira we deploy will go towards building lives, strengthening families, and creating sustainable communities.”
He disclosed that, in deploying the MREIF fund, the bank will be focusing on strategic areas such as creating mortgage loans and boosting homeownership by offering affordable and flexible mortgage packages to low- and middle-income Nigerians.
The managing director explained that through this initiative, eligible homebuyers can access home loans at 12percent per annum interest rates, with repayment terms of up to 20 years. Additionally, by combining MREIF with the Family Homes Funds, homebuyers may qualify for even lower, single-digit interest rates, potentially below 10 percent.
With an equity contribution or down payment of just 20 percent, individuals can access mortgage loans of up to ₦100 million.
Homebase will expand mortgage reach in Nigeria through its impact across the housing value chain, with focus on digitizing mortgage application processes for greater speed, transparency, and inclusion.
The bank will also be launching homeownership advisory programmes and financial literacy clinics to guide first-time buyers, and hosting community housing forums across key cities to raise awareness about eligibility and access.
