First Bank Launches Affordable Mortgage Initiative in Nigeria

First Bank of Nigeria has introduced a new mortgage initiative aimed at enhancing homeownership opportunities for Nigerians by offering loans at a competitive interest rate of 9.75% per annum. This initiative is part of a partnership with the Ministry of Finance and incorporates the Real Estate Investment Fund (MREIF).

The program is backed by the federal government's N1 trillion mortgage intervention fund, designed to provide Nigerians with affordable long-term credit for housing. Eligible applicants can access mortgage loans up to N100 million, with a repayment period extending to 20 years, facilitating manageable monthly repayments.

This initiative is structured to serve a wide range of Nigerians, including salaried workers, entrepreneurs, and members of the diaspora looking to invest in properties back home. The program is expected to support young professionals and business owners in achieving long-term financial stability and transitioning from renting to homeownership, thereby addressing Nigeria's housing deficit.