FirstBank Expands Homeownership Opportunities with N100m Mortgage Access Under MREIF Scheme
By Rashidat Olushola Okunlade
The drive to expand homeownership in Nigeria has received a significant boost as First Bank of Nigeria Limited deepens its collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to provide affordable mortgage financing for prospective homeowners.
The initiative, backed by a N1 trillion MREIF fund aimed at addressing Nigeria’s housing deficit, is designed to improve access to long-term and low-cost credit for individuals seeking to acquire residential properties across the country.
Under the scheme, eligible customers can obtain mortgage loans of up to N100 million with repayment tenures of up to 20 years at an interest rate of 9.75 per cent per annum. The rate is considerably lower than prevailing commercial lending rates, which are estimated at about 27 per cent or higher, making the facility an attractive option for families seeking to transition from rental accommodation to homeownership.
The mortgage window is open to salary account holders, entrepreneurs and Nigerians in the diaspora interested in investing in property back home. Industry observers note that such interventions could play a crucial role in narrowing the country’s housing gap while stimulating growth within the real estate sector.
Prospective applicants are encouraged to visit FirstBank’s official website for further details on eligibility requirements and application procedures as demand for affordable housing finance continues to rise.
