Getting a home in Nigeria may now be more within reach, as FirstBank of Nigeria teams up with the Federal Ministry of Finance Incorporated (MOFI) to introduce a mortgage plan designed to tackle the country’s housing gap and give more people access to home ownership across all 36 states and the FCT.
The initiative is built around the reality that many Nigerians – especially low- and middle-income earners – spend years trying to save enough to build or buy a home. With this scheme, the goal is to make that process easier and more accessible, helping individuals secure decent housing without the usual financial strain, both during their working years and into retirement.
Under the MREIF mortgage plan, qualified applicants can access loans of up to ₦100 million, with repayment spread over as long as 20 years. The interest rate is set at 9.75% per annum, which is significantly lower than the typical rates on standard loans that can exceed 27%. The extended repayment period is also designed to ease the financial burden on borrowers.
The mortgage is open to a wide range of customers, including salary earners, business owners, and Nigerians living abroad.
Anyone interested can visit FirstBank’s official website to get more details and begin the application process toward owning a home.
