FirstBank of Nigeria, in partnership with the Ministry of Finance Incorporated (MOFI), has unveiled the MREIF mortgage loan product aimed at helping Nigerians transition from paying endless rent to owning their dream homes across the country.
The initiative is designed to address Nigeria’s housing deficit while providing citizens with accessible financing to acquire homes in any of the 36 states of the federation, including the Federal Capital Territory (FCT).
The programme targets especially low- and middle-income earners who often struggle for years to save enough money to build or buy homes. By offering a more convenient pathway to homeownership, the scheme seeks to make housing more accessible and improve the living standards of Nigerians, both during their working years and in retirement.
Under the Mortgage Refinance Initiative Fund (MREIF), FirstBank will provide eligible customers with mortgage loans of up to ₦100 million, repayable over a period of up to 20 years at a competitive interest rate of 9.75 per cent per annum. This rate is significantly lower than conventional loan rates in Nigeria, which currently average about 27 per cent or higher, making the mortgage facility more affordable and less financially burdensome for applicants.
The mortgage product is open to salary account holders, business owners, and Nigerians in the diaspora, offering a wide range of individuals the opportunity to secure financing for their preferred homes.
Interested customers can visit FirstBank’s website at: https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/� for more information and to begin the process of securing a home through the scheme.
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