Homeownership in Nigeria may finally be moving from aspiration to reality for many citizens, thanks to a new partnership aimed at making mortgages more accessible and affordable.
First Bank of Nigeria Limited, in collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), is offering one of the country’s most competitive mortgage options to date. The scheme is backed by a N1 trillion MREIF fund, set up to address Nigeria’s longstanding housing deficit, and is designed to provide long-term, low-cost credit for Nigerians seeking to own property.
Through this initiative, eligible customers can access loans of up to N100 million, repayable over 20 years, at an attractive interest rate of 9.75% per annum. By comparison, commercial lending rates in Nigeria currently hover around 27% or more, making this facility a potentially transformative option for families who might otherwise remain trapped in a cycle of renting.
The program is available to a broad range of applicants, including salary account holders, entrepreneurs, and Nigerians in the diaspora interested in investing back home. It presents a rare opportunity to secure homeownership on favorable terms at a time when property prices continue to rise.
FirstBank is encouraging interested individuals to act promptly. More information, eligibility criteria, and application details are available on the bank’s official website. With a window this competitive unlikely to remain open indefinitely, those who move quickly stand to benefit the most.