March 16, (THEWILL) — First Bank of Nigeria Limited has opened a new mortgage window that allows Nigerians to access up to N100 million in housing loans through the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), a move aimed at expanding homeownership opportunities across the country.
The initiative is part of a N1 trillion housing intervention fund designed to address Nigeria’s housing deficit by providing long-term and relatively affordable mortgage financing to eligible Nigerians.
Under the scheme, qualified applicants can obtain loans of up to N100 million, repayable over a period of up to 20 years, at an interest rate of 9.75 per cent per annum.
The rate is significantly lower than prevailing commercial lending rates in Nigeria, which often exceed 27 per cent..
The mortgage facility is open to salary account holders, business owners, and Nigerians in the diaspora who wish to invest in residential property in the country.
According to details released by the bank, the initiative seeks to provide sustainable housing finance while supporting broader national efforts to reduce the housing deficit.
Prospective applicants have been advised to visit FirstBank’s website to obtain more information on eligibility requirements and the application process for the mortgage scheme.
Analysts say the lower interest rate and longer repayment period could make homeownership more attainable for many Nigerians who have long struggled with the high cost of property financing.
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