FirstBank Expands Access to Homeownership with Single-Digit Interest Mortgage Loan
Lagos, Nigeria — For many Nigerians, owning a home has long remained a distant aspiration due to soaring property prices, high inflation and steep lending rates. However, a new mortgage initiative by First Bank of Nigeria is set to change that narrative by providing more affordable access to housing finance.
The bank has introduced a mortgage facility under the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), a housing intervention backed by the Federal Government to expand homeownership opportunities for Nigerians.
The initiative is supported by a ₦1 trillion mortgage fund, aimed at providing long-term and affordable credit to individuals seeking to purchase homes.
Under the scheme, eligible Nigerians can access mortgage loans of up to ₦100 million at a single-digit interest rate of 9.75 percent per annum, a significant reduction compared to prevailing commercial lending rates in Nigeria, which often exceed 25 to 30 percent.
The facility also offers a repayment tenure of up to 20 years, enabling borrowers to spread payments over a longer period and reduce monthly financial pressure.
According to the bank, the mortgage programme is designed to be inclusive, targeting a wide range of Nigerians including salary earners, entrepreneurs and Nigerians in the diaspora who wish to invest in property back home.
Industry observers say the initiative could help address the country’s housing deficit by improving access to mortgage financing and encouraging more Nigerians to transition from renting to homeownership.
With the new mortgage opportunity, prospective homeowners now have a pathway to acquire property under more flexible and affordable financing terms.
Interested individuals can obtain further details about the facility through the bank’s official platform.