FirstBank Launches N1 Trillion Affordable Mortgage Program

FirstBank has announced a partnership with the MREIF (Ministry of Finance Real Estate Investment Fund) to introduce a N1 trillion mortgage intervention program designed to enhance access to homeownership for millions of Nigerians. This landmark initiative aims to dismantle financial barriers that have historically prevented many from owning homes.

The program targets salary account holders, entrepreneurs, and the Nigerian diaspora, providing a pathway to homeownership for young professionals and business owners. A key feature of this program is the offering of a single-digit interest rate of 9.75%, which starkly contrasts with the prevailing commercial mortgage rates that range between 25% and 30%.

Analysts, including real estate expert Chukwuma Okeke, have described this move as a game changer for the middle class struggling with high borrowing costs. The initiative is expected to empower a new generation of asset owners and stimulate the real estate market, leading to job creation and wealth accumulation across the economy.