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FIRSTBANK PARTNERS MOFI TO LAUNCH MREIF HOME LOAN WITH 9.75% RATE, N100M LIMIT
By prince Benson Davies
Getting a mortgage in Nigeria has always been tough. Applicants face endless paperwork, strict property valuations, and down payments of 25 percent or more. Interest rates often climb as high as 30 percent per annum, while most lenders cap loans at N50 million. These barriers have kept home ownership out of reach for many working Nigerians.
Now, FirstBank is changing that narrative.
In partnership with the Ministry of Finance Incorporated (MOFI), FirstBank has introduced the MREIF Home Loan. The product is positioned as a game changer for the housing sector, offering a single digit interest rate of 9.75 percent per annum. Qualified applicants can access up to N100 million with a repayment period of up to 20 years.
The loan is designed for salaried individuals, including Nigerians in the diaspora, who want to buy homes in approved locations. One of its biggest advantages is the lower equity contribution. While conventional mortgages often demand 25 percent or more as down payment, the MREIF Home Loan allows buyers to proceed with as little as 10 percent equity contribution.
Compared to existing mortgage options, the MREIF loan stands out on three fronts: lower interest rate, higher loan amount, and flexible repayment structure. The 9.75 percent rate is significantly below the market average of 25 to 30 percent. The N100 million limit doubles what many banks currently offer, and the 20 year tenor gives borrowers room to spread payments without heavy monthly pressure.
For salaried workers and diaspora Nigerians who have struggled with high rates and stiff entry requirements, the MREIF Home Loan opens a more realistic path to owning a home. With the backing of MOFI and FirstBank’s distribution network, the product is expected to expand access to affordable housing and stimulate growth in the real estate market.
The MREIF Home Loan is now available through FirstBank branches nationwide and via its digital platforms for eligible customers.
