FirstBank, in partnership with the Federal Government-backed Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), has launched a ₦1 trillion mortgage scheme aimed at making home ownership easier for Nigerians.
The initiative is designed to expand access to long-term housing finance at a time when high property prices, inflation and expensive commercial loans have made it difficult for many Nigerians to buy homes.
According to FirstBank, the programme provides affordable mortgage financing that allows qualified Nigerians to purchase houses with manageable repayment plans.
A senior official involved in the programme explained that the intervention is meant to address Nigeria’s housing finance gap and make mortgages accessible to more people.
“This initiative is about opening the doors of home ownership to millions of Nigerians who previously could not access affordable housing finance,” the official said.
Under the scheme, eligible Nigerians can access mortgage loans of up to ₦100 million with repayment periods of up to 20 years.
The mortgages are priced at about 9.75 per cent per annum, which is significantly lower than the double-digit lending rates typically offered by commercial banks in Nigeria.
Industry experts say the lower interest rate could help reduce monthly repayment pressure for borrowers and make mortgages more realistic for middle-income earners.
The facility is open to salary earners, entrepreneurs and Nigerians in the diaspora who want to invest in property at home.
A representative familiar with the structure of the fund noted that the programme was deliberately designed to be inclusive.
“We want working Nigerians, business owners and even diaspora investors to have a clear path to owning property through structured mortgage financing,” the representative said.
The ₦1 trillion mortgage scheme is expected to support thousands of home buyers while also stimulating growth in Nigeria’s housing and construction sectors.
Visit www.firstbanknigeria.com/personal/loans/mreif-home-loan to become the latest homeowner in town.
