FirstBank of Nigeria, has outlined key features of its MREIF Mortgage Loan, describing the scheme as a major opportunity for Nigerians seeking accessible home ownership.
The initiative, known as the MREIF Home Loan, is designed to help more Nigerians transition from renting to owning homes through a structured mortgage system that prioritises affordability and financial inclusion.
According to the bank, the mortgage product is tailored to support middle-income earners, enabling them to move from paying rent to building long-term assets through manageable repayment plans.
One of the major attractions of the scheme is its single-digit interest rate of 9.75 per cent per annum. The bank notes that this stands in sharp contrast to the double-digit mortgage rates commonly obtainable in Nigeria’s financial market, making the facility significantly more affordable for prospective homeowners.
Beyond affordability, the loan is positioned as a pathway to financial security. While rent payments are typically regarded as recurring expenses, mortgages under the scheme allow borrowers to build equity over time, gradually converting housing costs into ownership assets.
The bank also disclosed that the facility is accessible to Nigerians in the diaspora. Interested applicants living abroad can qualify by providing credit reports from recognised international credit agencies such as Equifax, alongside other required documentation.
Another notable feature of the mortgage product is the reduced equity contribution requirement. Under the scheme, prospective homeowners are required to provide only 10 per cent of the property value as a down payment, significantly lower than the traditional 30 to 40 per cent typically required for mortgage financing.
Financial analysts say the reduced equity threshold could help lower the barrier to home ownership for many Nigerians, particularly in high-cost urban centres.
With the initiative, FirstBank says it hopes to make home ownership more attainable while contributing to the growth and stability of Nigeria’s housing sector.
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