Anyone who has tried to get a mortgage in Nigeria knows the drill: endless forms, costly property valuations, and a down payment of 25% or more. Interest rates often climb as high as 30% per annum, with loan limits typically capped at ₦50 million.
Now, FirstBank is making homeownership more accessible.
In partnership with the Ministry of Finance Incorporated {MOFI}, FirstBank has launched the MREIF Home Loan. MREIF is a game-changer, offering a single-digit interest rate of 9.75% per annum, loan amounts of up to ₦100 million, and repayment tenors of up to 20 years.
The product is designed for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out for three reasons:
Lower interest rate: 9.75% p.a. vs market rates up to 30%
Higher loan amount: Up to ₦100 million vs typical ₦50 million cap
Flexible equity contribution: As low as 10% vs the standard 25%+
This makes it one of the most affordable mortgage options available to Nigerians today.
You’re one quick decision away from becoming a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today.
Visit the FirstBank website to get started: https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/
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Secondary: #AffordableHousing #DiasporaBanking #MOFI #9Point75Percent #LagosProperty #PropertyInvestmentNG #FirstBankLoans
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