For many Nigerians, owning a home remains a lifelong aspiration—often delayed by years of saving, rising construction costs, and limited access to affordable credit. But a new mortgage initiative is beginning to shift that reality.
In a strategic move to tackle Nigeria’s housing deficit, FirstBank of Nigeria, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF mortgage loan product—an intervention designed to make homeownership more accessible to Nigerians across income levels.
The initiative is particularly targeted at low- and middle-income earners who typically face significant barriers to owning a home. By reducing the financial burden associated with property acquisition, the scheme offers a practical pathway for individuals and families to transition from tenants to homeowners.
Under the MREIF framework, eligible customers can access mortgage loans of up to ₦100 million, with a repayment tenor of up to 20 years. The facility comes with an interest rate of 9.75% per annum—substantially lower than prevailing commercial lending rates, which often exceed 27%. This pricing structure is expected to alleviate repayment pressures and enhance affordability in the long term.
Beyond affordability, the scheme is designed for flexibility and inclusivity. It is open to salary earners, business owners, and Nigerians in the diaspora, allowing beneficiaries to purchase homes in any of the 36 states, including the Federal Capital Territory.
Importantly, the extended repayment period aligns with long-term financial planning, enabling borrowers to manage their obligations without undue strain while building equity in a tangible asset.
For many, this initiative represents more than just access to financing—it is an opportunity to secure stability, build wealth, and plan confidently for the future, including retirement.
Prospective applicants can explore eligibility requirements and begin the application process via FirstBank’s official website.
