… Partnership with Federal Government-backed MREIF offers Nigerians up to ₦100 million in long-term housing loans at 9.75% interest rate.
As rising property prices, inflation and high lending rates continue to make homeownership difficult for many Nigerians, FirstBank has introduced a new mortgage financing solution designed to make owning a home more affordable and accessible.
Written by Rashidat Olushola Okunlade
For millions of Nigerians, owning a home has long remained an aspiration delayed. Escalating property costs, persistent double-digit inflation and high commercial lending rates have kept many prospective homeowners trapped in the rent cycle.
However, that narrative may be beginning to change with a new initiative from FirstBank aimed at expanding access to affordable housing finance.
₦1 Trillion Mortgage Intervention
In collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has introduced a mortgage facility designed to significantly ease access to home financing.
The initiative is supported by the Federal Government’s ₦1 trillion mortgage intervention fund, created to help Nigerians access affordable and long-term credit for residential property ownership.
Competitive Single-Digit Interest Rate
Under the MREIF scheme, mortgages are offered at an interest rate of 9.75 per cent per annum, significantly lower than prevailing commercial lending rates in Nigeria.
Qualified applicants can access up to ₦100 million, with a repayment tenure of up to 20 years, making the loan structure more manageable for borrowers through reduced monthly repayment obligations and improved financial stability.
Inclusive Access for Diverse Borrowers
The mortgage facility has been designed to accommodate a wide range of Nigerians. It is available to salary earners, entrepreneurs and Nigerians in the diaspora, ensuring broader access to housing finance.
Young professionals seeking to transition from renting to owning a home, entrepreneurs looking to build long-term family assets, and Nigerians living abroad who wish to invest in property back home can all benefit from the scheme.
Opportunity for Prospective Homeowners
With the introduction of the MREIF-backed mortgage solution, prospective homeowners now have a more realistic pathway to property ownership.
Interested individuals can learn more and apply through FirstBank’s official portal:
https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/�
For many Nigerians who have waited years for an affordable entry into the property market, this initiative could mark the beginning of turning the dream of homeownership into reality.
