By Ayomide Otitoju
First Bank of Nigeria Limited has partnered with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to improve access to affordable homeownership in Nigeria through a new mortgage financing initiative.
The programme, backed by a N1 trillion MREIF fund aimed at addressing the country’s housing deficit, is designed to provide Nigerians with long-term, low-cost credit to facilitate property ownership.
Under the scheme, eligible applicants can access up to N100 million with repayment tenures of up to 20 years at an interest rate of 9.75 per cent per annum. The rate is significantly lower than prevailing commercial lending rates, which typically exceed 27 per cent.
The facility is available to a broad range of customers, including salary account holders, business owners and Nigerians in the diaspora seeking to invest in residential property in the country.
The initiative is expected to ease barriers to homeownership, offering a viable alternative to long-term rental arrangements while supporting efforts to close Nigeria’s housing gap.
Interested applicants are advised to visit FirstBank’s official website for further details on eligibility and application procedures.
