QShelter Limited, in partnership with property consultants M.I. Okoro & Associates, has unveiled a range of low-interest mortgage and payment options aimed at expanding homeownership under the Federal Government’s Renewed Hope Housing Estates in Lagos, Abuja, and Kano.
The initiative was announced in Lagos during the signing of a Memorandum of Understanding (MoU) between both firms to jointly market residential units across the estates, where QShelter serves as the sole marketing agent.
The housing scheme features a mix of one-bedroom, two-bedroom, and three-bedroom apartments, as well as three-bedroom terrace houses with boys’ quarters, designed to cater to diverse income groups.
Speaking at the event, the Principal Partner and Chief Executive Officer of M.I. Okoro & Associates, Meckson Innocent Okoro, praised the Federal Government for launching the Renewed Hope Housing Estates, describing the initiative as a critical response to Nigeria’s long-standing housing deficit.
Okoro lamented the scale of the country’s housing shortage, noting that it took decades after independence for a coordinated national push toward mass homeownership to emerge. He said the new financing options were designed to remove the biggest barrier to home ownership—high interest rates and rigid payment structures.
Under the scheme, buyers may opt for outright purchase by paying 100 percent of the property cost, or choose flexible instalment plans. For three-bedroom apartments, a 12-month instalment option is available, requiring a 25 percent down payment and balance payments spread evenly every four months. Three-bedroom terrace houses with boys’ quarters attract a 50 percent initial payment, with the remainder paid over 12 months.
For longer-term financing, Okoro explained that homebuyers can access mortgage facilities through the Federal Mortgage Bank of Nigeria’s National Housing Fund, which offers up to ₦50 million per subscriber at an interest rate as low as six percent, with repayment tenures extending up to 30 years.
The partnership is also offering a Rent-to-Own option that allows beneficiaries to move into their homes immediately while paying rent toward eventual ownership at an interest rate of seven percent.
In addition, Okoro disclosed that the Ministry of Finance Incorporated Real Estate Investment Fund has injected ₦250 billion into the housing finance market. The fund provides mortgage loans of up to ₦100 million per beneficiary at an interest rate of 9.75 percent over a 20-year period.
He said the combined financing options are expected to significantly improve access to affordable housing and support the Federal Government’s drive to close Nigeria’s housing gap.
