FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan

FirstBank is making home ownership possible for Nigerians with single-digit interest rate loan.

For many Nigerians, owning a home has remained an elusive goal amid rising property prices, persistent inflation, and high commercial lending rates. However, a new mortgage initiative by First Bank of Nigeria is beginning to change that narrative by making housing finance more accessible and affordable.

The bank, in partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), has introduced a mortgage facility aimed at expanding homeownership opportunities across the country. The initiative is backed by the Federal Government’s N1 trillion mortgage intervention fund, designed to provide Nigerians with affordable long-term credit for housing.

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Under the scheme, eligible applicants can access mortgage loans at an interest rate of 9.75 percent per annum, a significant reduction compared to prevailing commercial lending rates in Nigeria that typically exceed 25–30 percent. Beneficiaries can obtain loans of up to N100 million with repayment periods stretching up to 20 years, helping to make monthly repayments more manageable.

The mortgage facility is structured to serve a wide range of Nigerians, including salary earners, entrepreneurs, and members of the diaspora seeking to invest in property back home. The product is expected to support young professionals aiming to exit the rent cycle, business owners looking to build long-term financial stability, and Nigerians abroad interested in securing assets locally.

Industry observers say the programme could help ease Nigeria’s housing deficit by improving access to affordable financing while encouraging more citizens to transition from renting to owning their homes.

Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.