FirstBank Opens Door to Homeownership with 9.75% Mortgage, N1trn Fund Set to Transform Housing Access in Nigeria

For millions of Nigerians, homeownership has long felt like an ambition constantly pushed further away. Rising property prices, persistent inflation and high commercial lending rates have kept the dream of owning a home out of reach for many families. In a lending environment where interest rates often climb above 25–30 percent, mortgage financing has remained a luxury only a few could afford. 

That narrative, however, is beginning to change as FirstBank of Nigeria introduces a mortgage initiative designed to make homeownership realistic for ordinary Nigerians.

N1 Trillion Intervention to Expand Housing Finance

In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a housing finance opportunity backed by the Federal Government’s N1 trillion intervention fund.

The programme is aimed at widening access to long-term, affordable mortgage loans, giving Nigerians the financial support needed to buy homes without the crushing repayment burden that has historically discouraged borrowers.

The initiative is part of broader efforts to deepen the mortgage market and reduce the country’s housing deficit by making credit more accessible to working-class citizens, entrepreneurs and Nigerians in the diaspora.

Single-Digit Interest in a Double-Digit Economy

One of the most striking features of the MREIF mortgage facility is its interest rate of 9.75 percent per annum, a sharp contrast to prevailing commercial lending rates that hover around 25 to 30 percent.

Under the scheme, eligible applicants can access mortgage financing of up to N100 million, with repayment periods of up to 20 years, allowing for lower monthly payments and greater financial stability.

Industry observers say the single-digit rate could significantly change the housing landscape, especially for middle-income earners who have traditionally been locked out of the mortgage market.

Designed for Workers, Business Owners and Nigerians Abroad

The mortgage facility has been structured to accommodate a wide range of applicants. Salary earners with FirstBank accounts, entrepreneurs with verifiable income streams and Nigerians living abroad are all eligible to apply.

For young professionals trying to escape the rent cycle, business owners seeking long-term asset security, or diaspora Nigerians looking to invest safely back home, the programme offers a rare opportunity to own property under favourable terms.

A Window of Opportunity

Housing experts note that intervention funds often come with limited windows, making early participation crucial. With demand for affordable mortgages expected to be high, prospective homeowners are being encouraged to take advantage of the scheme while funds remain available.

For many Nigerians who have waited years for a realistic chance to own a home, the conversation may finally be shifting from if homeownership is possible to when they will take the first step.