FirstBank, MOFI Launch MREIF Home Loan to Boost Affordable Homeownership in Nigeria

FirstBank, MOFI Launch MREIF Home Loan to Boost Affordable Homeownership in Nigeria

In a significant move to ease access to housing finance, FirstBank of Nigeria, in collaboration with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan—an initiative designed to address long-standing barriers to homeownership in Nigeria through lower interest rates and more flexible terms.

For many Nigerians, securing a mortgage has traditionally been a difficult and expensive process, often characterized by high interest rates—sometimes reaching 30 percent per annum—stringent requirements, and equity contributions of at least 25 percent. In addition, loan limits have typically capped at around ₦50 million, putting homeownership out of reach for a large segment of the population.

The newly introduced MREIF Home Loan aims to change that narrative. With a significantly reduced interest rate of 9.75 percent per annum, prospective homeowners can now access financing of up to ₦100 million. The facility also offers a repayment tenure of up to 20 years, providing borrowers with a more manageable structure for long-term financial planning.

Targeted primarily at salaried individuals, including Nigerians in the diaspora, the loan supports the purchase of homes in approved locations across the country. One of its most notable features is the reduced equity contribution requirement, which can be as low as 10 percent—substantially lowering the entry barrier for first-time homeowners.

Industry observers note that the MREIF initiative could play a pivotal role in stimulating the housing sector, improving affordability, and expanding access to mortgage financing in Nigeria. By addressing key pain points such as high borrowing costs and limited loan capacity, the scheme positions itself as a practical solution to the country’s housing deficit.

Interested applicants can learn more and begin the application process via the official FirstBank portal:

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