Manny Ita –
FirstBank of Nigeria has introduced a new mortgage financing initiative designed to expand access to homeownership for Nigerians by offering loans at a single-digit interest rate.
The programme is being implemented in partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) and is backed by a ₦1 trillion federal mortgage intervention fund aimed at improving access to long-term housing finance across the country.
The initiative comes at a time when many Nigerians have struggled to afford homes due to rising property prices, persistent inflation and high commercial lending rates that have historically made mortgage financing difficult.
Under the scheme, the MREIF mortgage facility is priced at 9.75 per cent per annum, significantly lower than prevailing commercial lending rates in Nigeria, which are often around 30 per cent. Eligible Nigerians can access loans of up to ₦100 million with repayment periods of up to 20 years.
According to the bank, the structure of the loan is intended to make monthly repayments more manageable for borrowers and improve long-term financial stability for prospective homeowners.
The mortgage facility has been structured to accommodate a broad range of applicants, including salary account holders, entrepreneurs and Nigerians living in the diaspora seeking to acquire property in the country.
The initiative is expected to help individuals who have struggled to break out of the rental cycle and enable more Nigerians to secure property ownership through more affordable financing options.
For prospective applicants, the bank said further details and application processes are available through its official mortgage portal, encouraging interested customers to explore the opportunity to access the facility.
