By Ayomide Otitoju
For many Nigerians, the dream of owning a home has remained elusive due to rising property prices, persistent inflation, and high commercial lending rates. However, a new mortgage initiative by FirstBank of Nigeria Limited aims to make homeownership more attainable.
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), the bank has introduced a mortgage financing opportunity designed to expand access to housing for Nigerians.
The scheme is backed by the Federal Government’s ₦1 trillion mortgage fund, which seeks to provide affordable and long-term credit to prospective homeowners across the country.
Under the initiative, mortgages are offered at an interest rate of 9.75 per cent per annum, significantly lower than prevailing commercial lending rates, which typically hover around 30 per cent. Eligible applicants can access loans of up to ₦100 million, repayable over a 20-year period, making monthly repayments more manageable.
According to the bank, the facility has been structured to accommodate a wide range of applicants, including salary earners, entrepreneurs, and Nigerians in the diaspora.
The mortgage product is expected to help professionals transition from renting to owning homes, support business owners seeking long-term financial stability, and enable diaspora Nigerians to invest in property in Nigeria.
