FirstBank storms markets, unveils 9.75% single-digit mortgage on homeownership in partnership with Ministry of Finance Incorporated
By allcitynews.ng The management team of FirstBank has stormed the country's markets with homeownership, in apparent bid to break barriers confronting owning personal house. Thus, in a bold move to dismantle the financial hurdles facing prospective homeowners, FirstBank of Nigeria has announced a landmark partnership with the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF). The collaboration introduces a N1 trillion mortgage intervention specifically designed to provide affordable, long-term credit. At a time when commercial lending rates often hover between 25% and 30%, this initiative offers a game-changing 9.75% single-digit interest rate, making the dream of owning a home a reality for millions of Nigerians. Redefining Affordability in a High-Interest Market The MREIF mortgage facility is structured to provide maximum relief to borrowers. Key features of the scheme include single-digit interest, extended tenour, high loan ceiling, and low en...