Why Continue Paying Rent When You Can Own a Home? FirstBank Unveils Mortgage Scheme for Nigerians
Why Continue Paying Rent When You Can Own a Home? FirstBank Unveils Mortgage Scheme for Nigerians
Many Nigerians struggling with the rising cost of rent now have an opportunity to become homeowners, following the introduction of a mortgage financing initiative by FirstBank of Nigeria in partnership with Ministry of Finance Incorporated under the MREIF housing programme.
The mortgage product is designed to help address Nigeria’s housing deficit by providing affordable credit facilities that will enable citizens to own homes in any of the 36 states of the federation, including the Federal Capital Territory (FCT).
The initiative targets low- and middle-income earners who often spend many years saving to build or buy houses. With the new arrangement, qualified applicants can access funding with less financial pressure, making it easier to secure decent accommodation during their working years and even in retirement.
Under the scheme, eligible customers can obtain mortgage loans of up to ₦100 million, with a repayment period of up to 20 years at an interest rate of 9.75 percent per annum, which is significantly lower than conventional lending rates that can exceed 25 percent in the current market. The extended repayment plan is expected to make home ownership more convenient and affordable for many Nigerians.
The facility is open to salary earners, business owners, and Nigerians in the diaspora who maintain accounts with the bank.
Prospective applicants can visit the official website of FirstBank to obtain full details about the mortgage package and begin the process of applying for the home loan scheme.
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