FirstBank has partnerws MREIF to offer up to N100 million Mortgage Loans for Nigerians.
NewsOnline Nigeria reports that First Bank of Nigeria Limited has introduced a new mortgage financing opportunity that could significantly improve access to homeownership for Nigerians through a partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF).
The initiative is part of a broader ₦1 trillion housing finance programme designed to address Nigeria’s growing housing deficit by providing affordable, long-term mortgage options to individuals seeking to own property.
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Under the scheme, eligible Nigerians can access mortgage loans of up to ₦100 million, repayable over a period of 20 years, at an interest rate of 9.75 percent per annum. The rate is considerably lower than prevailing commercial lending rates in Nigeria, which often exceed 27 percent, making the facility one of the most affordable mortgage options currently available in the country.
According to FirstBank, the programme is aimed at transforming homeownership from a distant dream into a realistic opportunity for many Nigerians who have traditionally struggled to access long-term housing finance.
The mortgage facility is available to salary account holders, business owners, and diaspora Nigerians interested in investing in residential property in the country.
Officials say the initiative represents a strategic effort to expand access to housing finance while encouraging more Nigerians to invest in property ownership rather than remain dependent on rental accommodation.
Analysts note that Nigeria continues to face a significant housing deficit, and programmes such as the MREIF-backed mortgage scheme could help bridge the gap by making property financing more accessible and affordable.
Interested applicants are encouraged to visit FirstBank’s official website to obtain more information on eligibility requirements and application procedures.
Industry observers say the collaboration between FirstBank and MREIF could mark an important step in strengthening Nigeria’s mortgage financing ecosystem and accelerating efforts to close the nation’s housing gap.
