First Bank of Nigeria has introduced a new mortgage scheme aimed at making homeownership more accessible to Nigerians through a single-digit interest rate loan facility.
The initiative, launched in partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), is backed by a ₦1 trillion mortgage intervention fund from the Federal Government to expand access to affordable housing finance.
According to the bank, the programme is designed to address the long-standing challenge of limited access to affordable mortgage credit in Nigeria, where rising property prices, inflation and high commercial lending rates have made homeownership difficult for many citizens.
Under the facility, eligible applicants can access mortgage loans of up to ₦100 million with a repayment tenure of up to 20 years at an interest rate of 9.75 per cent per annum, significantly lower than prevailing commercial lending rates in the country.
FirstBank noted that the reduced interest rate and extended repayment period are expected to make monthly repayments more manageable, allowing more Nigerians to transition from renting to owning homes.
The mortgage scheme has been structured to accommodate a broad range of applicants, including salary earners, entrepreneurs and Nigerians in the diaspora seeking to invest in property in the country.
Industry observers say the initiative could help stimulate the housing sector while supporting the government’s broader efforts to improve access to affordable housing.
The bank encouraged interested applicants to explore the mortgage opportunity through its official channels as part of efforts to expand homeownership opportunities across Nigeria.
