FirstBank Launches Single-Digit Mortgage Loan to Boost Home Ownership in Nigeria

FirstBank Launches Single-Digit Mortgage Loan to Boost Home Ownership in Nigeria

First Bank of Nigeria has introduced a new mortgage financing initiative aimed at making home ownership more accessible for Nigerians, offering loans at a single-digit interest rate through a partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF).

For many Nigerians, owning a home has remained a distant aspiration, largely due to soaring property prices, persistent inflation, and the high cost of commercial loans.

However, that narrative may be changing following a new intervention by First Bank of Nigeria designed to expand access to affordable housing finance.

The bank, in collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), has unveiled a mortgage facility backed by a N1 trillion Federal Government housing intervention fund.

The initiative is expected to provide long-term and affordable mortgage financing for Nigerians seeking to own homes, addressing one of the country’s most persistent housing challenges.

Under the programme, the mortgage facility is priced at 9.75 percent per annum, significantly lower than prevailing commercial lending rates, which currently hover around 30 percent in Nigeria’s credit market.

Eligible applicants can access loans of up to N100 million, with a repayment tenure of up to 20 years, a structure designed to ease repayment pressure and improve long-term financial stability for borrowers.

According to the bank, the facility is structured to accommodate a broad spectrum of Nigerians, including salary earners, entrepreneurs, and members of the diaspora seeking to invest in property back home.

Industry observers note that the initiative could help many Nigerians break out of the rent cycle while also encouraging asset building and long-term wealth creation through property ownership.

Interested applicants can access more details and apply through the FirstBank website via the MREIF home loan page:

🔗 https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/�

The scheme is part of broader efforts to stimulate housing development and improve access to mortgage financing in Nigeria’s real estate sector.