FirstBank Unveils N100m Low-Interest Mortgage Scheme to Boost Homeownership in Nigeriia
The dream of owning a home is becoming more achievable for many Nigerians as First Bank of Nigeria Limited rolls out a major mortgage opportunity designed to expand access to affordable housing across the country.
Through a strategic partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), the bank is providing customers with access to one of the most affordable mortgage windows currently available in Nigeria.
The initiative is backed by a N1 trillion MREIF fund aimed at addressing the nation’s housing deficit by providing long-term and low-cost financing options for aspiring homeowners.
Under the scheme, eligible Nigerians can access mortgage loans of up to N100 million, repayable over 20 years, at an interest rate of 9.75 per cent per annum. The rate is significantly lower than prevailing commercial lending rates in the country, which currently average around 27 per cent or higher.
Financial experts say the difference in interest rates could make homeownership a realistic possibility for many families who would otherwise remain in long-term rental arrangements.
The facility is available to salary account holders, business owners, and Nigerians in the diaspora seeking to invest in property back home.
With property prices continuing to rise and demand for housing growing nationwide, prospective applicants are encouraged to take advantage of the opportunity while it remains open.
Interested customers can visit FirstBank’s official website for more information and to begin the application process for the mortgage scheme.