FirstBank of Nigeria Limited, in partnership with Ministry of Finance Incorporated (MOFI), has introduced the MREIF mortgage loan product, a major step toward addressing Nigeria’s housing deficit and expanding access to affordable homeownership.
The initiative is designed to provide Nigerians—especially low- and middle-income earners—with a realistic opportunity to own homes across all 36 states of the federation, including the Federal Capital Territory (FCT).
For many citizens, owning a home has remained a distant goal due to the need to save for years before building. The MREIF mortgage seeks to change that narrative by offering a stress-free pathway to homeownership. The scheme aims to deliver homes efficiently while improving the quality of life for beneficiaries, both in the present and during retirement.
Under the programme, eligible customers can access loans of up to ₦100 million, with a repayment period of up to 20 years. The mortgage comes at an interest rate of 9.75% per annum, significantly lower than the prevailing commercial loan rates, which often exceed 27%.
The extended repayment duration and reduced interest rate make the facility more manageable and appealing, easing the financial burden typically associated with long-term borrowing.
The mortgage loan is open to a wide range of applicants, including salary account holders, business owners, and Nigerians in the diaspora. This broad eligibility ensures that more individuals can benefit from the scheme, regardless of their employment or location.
Prospective applicants are encouraged to visit FirstBank’s official website to access full details and begin the application process.
The MREIF mortgage initiative is expected to not only bridge the housing gap but also stimulate economic growth, create jobs, and improve living standards across the country.
