By Ayomide Otitoju
In a move aimed at addressing longstanding barriers to homeownership in Nigeria, FirstBank of Nigeria, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan scheme.
Accessing mortgage financing in Nigeria has traditionally been challenging, with prospective homeowners facing extensive documentation requirements, property valuation processes, and equity contributions of at least 25 per cent. Interest rates on such loans can climb as high as 30 per cent per annum, while loan ceilings are often capped at around ₦50 million.
The newly introduced MREIF Home Loan seeks to ease these constraints by offering a more affordable financing option. Under the scheme, borrowers can access up to ₦100 million at a single-digit interest rate of 9.75 per cent per annum, with repayment tenors extending up to 20 years.
The product is targeted primarily at salaried individuals, including Nigerians in the diaspora, who are seeking to purchase residential properties in approved locations across the country.
Key features of the facility include a reduced equity contribution requirement of as low as 10 per cent, significantly lowering the entry barrier for potential homeowners. The higher loan limit and extended repayment period further position the scheme as a flexible alternative to conventional mortgage offerings.
Industry observers note that the initiative could help stimulate growth in Nigeria’s housing sector by improving access to long-term financing and encouraging more individuals to transition into homeownership.
Interested applicants are advised to visit the FirstBank website for further details on eligibility and application procedures.
