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 entry barrier.

An Inclusive Pathway to Wealth Creation

Unlike traditional mortgage products that often target a narrow demographic, the FirstBank MREIF loan is built for broad inclusivity.

It targets salary earners, entrepreneurs, and the diaspora.

“This is more than just a loan; it is an economic and social revolution. By offering single-digit rates in a double-digit inflation environment, FirstBank is effectively empowering a new generation of asset owners,” noted industry observers.

Driving National Growth
Beyond individual homeownership, the N1 trillion fund is expected to stimulate the broader economy.

By providing an off-take guarantee for developers, the initiative encourages new construction projects, creates jobs in the building sector, and helps bridge Nigeria's estimated 28 million-unit housing deficit.

#FirstBankMortgage #HomeOwnershipNG #MREIF #AffordableHousing #NigeriaRealEstate #9PercentMortgage #FirstBankNigeria #WealthCreation #DiasporaInvestment

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