Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that - a dream – for many Nigerians. But that narrative is quietly changing as FirstBank is making home ownership a dream come true through the unveiling of a mortgage opportunity that could redefine access to housing finance in Nigeria.
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) in a N1 trillion mortgage fund, the financial behemoth’s initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
According to FirstBank, the MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. “Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability,” the bank said in statement made available to ADNEWS.
The statement explained that the MREIF mortgage facility has been structured to be inclusive as it is available to salary account holders, business owners and diaspora customers. “Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many."
The bank urged those who have been waiting for such an opportunity to utilize it by taking the first step. “For those who have been waiting for the right time, this is definitely it. The question is no longer whether home-ownership is possible. The real question is: will you act before the window narrows?”
It advised prospects to visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time they could be the latest homeowners in town.
