In a move aimed at tackling Nigeria’s persistent housing deficit, FirstBank of Nigeria in collaboration with the Ministry of Finance Incorporated (MOFI) has unveiled a mortgage loan program designed to help Nigerians own homes without years of financial strain. The initiative, called the Mortgage Real Estate Investment Fund (MREIF), opens opportunities for citizens to access housing finance in all 36 states and the Federal Capital Territory (FCT).
The program is particularly targeted at low- and middle-income earners, for whom homeownership has long remained a distant dream. By providing structured credit for purchasing homes of choice, FirstBank and MOFI hope to ease the burden of prolonged savings and make homeownership more attainable.
Through MREIF, eligible Nigerians can secure loans of up to N100 million with a repayment term of up to 20 years at a highly competitive interest rate of 9.75% per annum. This is significantly lower than typical commercial loan rates, which currently average around 27% or more, making the facility an attractive option for long-term planning and financial comfort.
The mortgage product is available to a wide range of customers, including salary account holders, business owners, and Nigerians living abroad. Applicants can conveniently access detailed information and begin their homeownership journey via the Bank’s official website: FirstBank MREIF Home Loan.
Officials say the initiative is part of a broader effort to empower citizens with sustainable housing solutions, delivering not just immediate relief for homebuyers but long-term security for their families.