In a strategic move to tackle Nigeria’s housing deficit, FirstBank of Nigeria has partnered with Ministry of Finance Incorporated (MOFI) to introduce the MREIF mortgage loan product – an initiative designed to help Nigerians achieve their dream of homeownership.
Newsonspot gathered that the mortgage scheme is a major opportunity, particularly for low- and middle-income earners who often spend years saving to build or purchase a home. By providing easier access to housing finance, the initiative aims to reduce the burden of upfront property costs while improving living standards for citizens across all 36 states and the Federal Capital Territory (FCT).
Under the MREIF programme, eligible customers can access mortgage loans of up to ₦100 million with a repayment tenure of up to 20 years. The facility comes with a competitive interest rate of 9.75% per annum—significantly lower than conventional loan rates in Nigeria, which often exceed 27%. This long-term repayment structure is designed to make homeownership more affordable and less stressful.
The mortgage offering is open to a wide range of applicants, including salary earners, business owners, and Nigerians in the diaspora. It provides a flexible and inclusive pathway for individuals looking to own homes in their preferred locations nationwide.
Interested applicants can visit the official FirstBank website to access full details and begin their journey toward owning a home.
Overall, the FirstBank-MOFI partnership represents a significant step toward bridging Nigeria’s housing gap, while empowering citizens with the financial support needed to secure a stable and comfortable future.
