The dream of homeownership among Nigerians is receiving a significant boost as First Bank of Nigeria Limited partners with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to introduce an affordable mortgage scheme.
The initiative, backed by a N1 trillion MREIF fund, is designed to address Nigeria’s housing deficit by providing citizens with access to long-term, low-cost credit facilities. The scheme is expected to open new pathways for individuals and families seeking to transition from renting to owning homes.
Under the programme, eligible applicants can access mortgage loans of up to N100 million, with repayment periods extending up to 20 years. The loans come at an interest rate of 9.75 per cent per annum, significantly lower than prevailing commercial lending rates, which currently hover around 27 per cent or higher.
Industry observers say the reduced interest rate could be a game changer for many Nigerians, as it narrows the affordability gap and makes homeownership more attainable.
The mortgage facility is available to a wide range of customers, including salary account holders, business owners, and Nigerians in the diaspora looking to invest in property back home.
With housing demand continuing to rise and property prices expected to increase, stakeholders believe the scheme presents a timely opportunity for prospective homeowners to secure affordable financing.
Interested applicants are encouraged to visit FirstBank’s official website for further details and to begin the application process.
The initiative underscores ongoing efforts to expand access to housing finance in Nigeria and reduce the country’s housing deficit through innovative public-private partnerships.
