FirstBank Opens New Mortgage Window: Nigerians Can Now Own Homes with N100m Loan at 9.75% Interest
FirstBank Opens New Mortgage Window: Nigerians Can Now Own Homes with N100m Loan at 9.75% Interest
Nigeria’s journey toward affordable homeownership is receiving a major boost as First Bank of Nigeria Limited rolls out a new mortgage opportunity that could change how thousands of citizens acquire property across the country.
In collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), the bank is providing access to low-interest, long-term housing loans backed by a ₦1 trillion real estate fund created to help reduce Nigeria’s housing shortage.
Under the arrangement, qualified Nigerians can obtain up to ₦100 million mortgage financing, repayable over 20 years, at an interest rate of 9.75% per annum — far below the commercial lending rates that often exceed 25 percent.
The initiative is designed to make homeownership more realistic for a wide range of people, including salary earners, entrepreneurs, and Nigerians living abroad who want to invest in property back home.
Industry observers say the programme could significantly reduce reliance on expensive short-term loans and help more families move from paying rent to owning their own homes.
With housing costs rising steadily and mortgage opportunities at single-digit interest rates remaining rare, prospective homeowners are being encouraged to take advantage of the scheme while it lasts.
Interested applicants can obtain full details and begin the application process through FirstBank’s official website or any branch nationwide.
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