FirstBank of Nigeria Limited, Ministry of Finance Incorporated Partner on MREIF Mortgage Scheme to Help Nigerians Own Homes with N100m Loan

FirstBank of Nigeria Limited, Ministry of Finance Incorporated Partner on MREIF Mortgage Scheme to Help Nigerians Own Homes with N100m Loan

FirstBank of Nigeria Limited, in partnership with the Ministry of Finance Incorporated (MOFI), has unveiled the MREIF mortgage loan product aimed at helping Nigerians overcome the country’s housing deficit by providing easier access to affordable home financing of up to N100 million.

In a major step toward improving access to housing in Nigeria, FirstBank of Nigeria Limited has introduced its Mortgage Refinancing and Equity Investment Fund (MREIF) home loan product to enable Nigerians own homes with flexible repayment terms and lower interest rates.

The initiative, developed in collaboration with the Ministry of Finance Incorporated (MOFI), is designed to empower citizens—particularly low- and middle-income earners—to acquire homes across the 36 states of the federation and the Federal Capital Territory (FCT).

Housing experts have consistently identified limited access to affordable mortgage financing as a major factor behind Nigeria’s housing deficit. The new mortgage scheme seeks to address this gap by providing long-term financing options that significantly reduce the financial burden on prospective homeowners.

Under the programme, eligible customers can access mortgage loans of up to N100 million with a repayment period of up to 20 years at a competitive interest rate of 9.75 per cent per annum. The rate is considerably lower than the typical commercial loan interest rates in Nigeria, which currently hover around 27 per cent or higher.

The extended repayment period is also expected to make home ownership more accessible, allowing borrowers to spread payments over two decades with manageable monthly obligations.

The mortgage facility is open to a wide range of applicants, including salary account holders, business owners and Nigerians in the diaspora seeking to invest in residential property in the country.

According to the bank, the scheme aims to provide a seamless pathway to homeownership while ensuring that Nigerians no longer have to spend decades paying rent before acquiring their own homes.

Interested applicants can obtain more details and begin the application process through the bank’s official website.

Industry analysts say initiatives such as the MREIF mortgage scheme could play a critical role in narrowing Nigeria’s housing deficit while strengthening financial inclusion and economic stability.