FirstBank and MREIF Launch N100 Million Mortgage Loans

FirstBank Nigeria Limited has announced a partnership with the Real Estate Investment Fund (MREIF) to offer mortgage loans of up to N100 million to Nigerians. This initiative is part of a broader N1 trillion housing finance program designed to tackle Nigeria's significant housing deficit by providing affordable long-term mortgage options.

Eligible individuals can access these loans with a repayment period of 20 years at an interest rate of 9.75 percent per annum, which is considerably lower than the prevailing commercial lending rates in Nigeria, often exceeding 27 percent. The program aims to transform homeownership from a distant dream into a realistic opportunity for Nigerians who traditionally struggle to access long-term housing finance.

The mortgage facilities will be available to salary account holders, business owners, and Nigerians in the diaspora interested in investing in residential properties within the country. This collaboration represents a strategic effort to expand access to housing finance and encourage property ownership rather than reliance on rental accommodations.