FirstBank has introduced a mortgage scheme in partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to provide housing loans to Nigerians.
The bank’s managing director Olusegun Alebiosu said the scheme is backed by a Federal Government mortgage fund valued at N1 trillion and is aimed at helping Nigerians access housing finance.
According to the bank, the MREIF mortgage is priced at 9.75 percent per year.
Eligible applicants can obtain loans of up to N100 million with a repayment period of up to 20 years.
The bank said the loan structure is designed to reduce the size of monthly repayments for borrowers.
FirstBank stated that the mortgage facility is open to salary account holders, business owners and Nigerians in the diaspora.
The bank said the scheme allows individuals who want to own homes to obtain long-term credit through the programme.
According to FirstBank, the mortgage can be used by professionals, business owners and Nigerians living abroad who want to buy property in the country.
The bank advised interested applicants to visit its website to obtain more information about the mortgage scheme and the application process.
