Eligible customers can now access mortgage loans of up to N100 million under a new housing finance initiative introduced by First Bank of Nigeria in partnership with Ministry of Finance Incorporated, MOFI.
The Mortgage Refinance and Equity Investment Fund (MREIF) is designed to address Nigeria’s housing deficit by providing affordable homeownership opportunities, particularly for low- and middle-income earners.
Under the scheme, beneficiaries can secure loans with a repayment period of up to 20 years at an interest rate of 9.75 per cent per annum, significantly lower than conventional lending rates that often exceed 27 per cent.
The facility is available to salary account holders, business owners, and Nigerians in the diaspora, enabling them to own homes in any of the 36 states of the federation, including the Federal Capital Territory.
Stakeholders say the initiative reflects a strategic effort to ease access to housing finance, reduce the burden of long-term rent payments, and improve living standards for Nigerians.
The partners added that the programme is structured to simplify the homeownership process while offering flexible repayment options to suit different income levels.
Prospective applicants are advised to visit FirstBank’s official website to obtain more information and commence the application process.
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