Gateway Mortgage Bank MREIF secures ₦2.2B for mortgage loans, improving access to affordable housing and long-term finance for Nigerians

Gateway Mortgage Bank Limited, wholly owned by the Ogun State Government, has been approved as a partner bank under the Real Estate Investment Fund of the Ministry of Finance Incorporated (MREIF).

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The initiative aims to address Nigeria’s housing deficit and expand mortgage access for homebuyers.

The Acting Managing Director of Gateway Mortgage Bank, Ronke Akinleye, disclosed that the bank has secured ₦2.2 billion under the scheme and has commenced disbursement to qualified beneficiaries.

The fund targets individuals seeking structured mortgage financing, making homeownership more accessible for Nigerians, including those in the diaspora.

Under the programme, eligible applicants can access mortgage loans of up to ₦100 million at an interest rate of 9.75 percent per annum, with repayment periods of up to 20 years, depending on retirement age and income profile.

Applications remain open, with several beneficiaries already benefiting from the facility.

Prospective borrowers are required to make a minimum 10 percent equity contribution, open an account with Gateway Mortgage Bank, and present properties with valid titles such as Certificates of Occupancy or Deeds of Assignment.

Applicants must also demonstrate regular and verifiable income to support loan repayment.

Officials described the initiative as a critical step toward reducing Nigeria’s housing gap, enhancing long-term housing finance, and stimulating the real estate sector.

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They encouraged eligible Nigerians to take advantage of the opportunity, noting that the programme aligns with broader national efforts to promote affordable housing and economic growth.