FirstBank, in partnership with the Federal Government-backed Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), has launched a ₦1 trillion mortgage financing scheme aimed at making home ownership more accessible for Nigerians.
The initiative seeks to address the country’s housing finance gap by providing long-term mortgage options at more affordable interest rates.
The programme comes at a time when rising property prices, inflation, and high commercial lending rates have made it increasingly difficult for many Nigerians to buy homes.
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According to FirstBank, the scheme provides structured mortgage financing that enables qualified individuals to purchase houses with manageable repayment plans spread over several years.
Key Features of the Mortgage Schemes
- Mortgage loans of up to ₦100 million available to eligible applicants
- Repayment period of up to 20 years
- Interest rate of approximately 9.75% per annum, lower than typical commercial bank lending rates
- Designed to reduce monthly repayment pressure for borrowers
Industry analysts note that the lower interest rate could make mortgages more practical for middle-income earners who previously struggled with high borrowing costs.
Who Can Apply
The mortgage scheme is open to a wide range of applicants, including:
- Salary earners
- Entrepreneurs and business owners
- Nigerians in the diaspora interested in investing in property in Nigeria
Officials involved in the programme say the goal is to create a more inclusive pathway to property ownership while strengthening the housing finance system in the country.
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Expected Impact
The ₦1 trillion housing fund is expected to support thousands of prospective homeowners while also stimulating growth across Nigeria’s real estate, construction, and housing development sectors.
By improving access to structured mortgage financing, the initiative aims to help more Nigerians move from renting to long-term home ownership.
How to Apply for First Bank ₦1 Trillion Mortgage Schemes
Interested individuals can learn more or begin the application process through the official FirstBank Mortgage Scheme portal.
You can also check out more opportunities you are eligible to apply for on the Federal Government Initiative Category, Latest Grant Collection Category, and Job and Career Opportunity Desk.
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