First Bank of Nigeria Limited has partnered with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to expand access to affordable housing finance in Nigeria, offering eligible customers mortgage loans of up to N100 million repayable over 20 years at a significantly reduced interest rate of 9.75 percent per annum.

In a move aimed at addressing Nigeria’s housing deficit and making homeownership more attainable, FirstBank has joined forces with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to provide long-term, low-interest mortgage financing to Nigerians.

The initiative is backed by a N1 trillion MREIF fund established to stimulate housing development and provide accessible financing for prospective homeowners across the country.

Under the scheme, qualified applicants can access mortgage facilities of up to N100 million with a repayment tenure of up to 20 years. The loan attracts an interest rate of 9.75 percent per annum, considerably lower than the prevailing commercial lending rates in Nigeria, which currently hover around 27 percent or higher.

Financial experts say the lower rate could significantly reduce the financial burden associated with property acquisition and help more Nigerians transition from paying rent to owning homes.

The mortgage facility is available to salary account holders, business owners, and Nigerians in the diaspora seeking to invest in residential property in the country.

Industry observers note that the initiative is expected to improve access to property financing, stimulate real estate development, and contribute to narrowing Nigeria’s housing gap, which runs into millions of units.

Interested applicants are encouraged to visit FirstBank’s official website for detailed information on eligibility requirements and the application process.