By Ayomide Otitoju
FirstBank of Nigeria Limited has partnered with the Ministry of Finance Incorporated (MOFI) to roll out a mortgage financing initiative aimed at addressing Nigeria’s housing deficit and expanding access to affordable homeownership.
The scheme, known as the MREIF mortgage loan product, is designed to provide Nigerians—particularly low- and middle-income earners—with easier access to housing finance across all 36 states and the Federal Capital Territory.
The initiative underscores the growing need to tackle housing challenges in the country, where many citizens often spend years saving to build homes. It seeks to ease that burden by offering structured financing options that enable individuals to acquire homes with less financial strain, both during their working years and into retirement.
Under the programme, FirstBank will offer eligible customers mortgage loans of up to ₦100 million, with repayment tenors 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, making the facility more accessible and sustainable for borrowers.
The mortgage offering is open to salary account holders, business owners, and Nigerians in the diaspora, broadening its reach across different customer segments.
The bank noted that interested applicants can access further details and commence the application process through its official website, as part of efforts to simplify and digitise access to housing finance solutions.
Interested customers are required to visit the Bank’s website: https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ where they can find detailed information and begin their journey toward homeownership
