By Peace Udugba -The daily torch media
Prospective homeowners in Nigeria may now find it easier to own property following the introduction of the MREIF Home Loan by First Bank of Nigeria in partnership with the Ministry of Finance Incorporated (MOFI).
For many Nigerians, accessing mortgage financing has long been a daunting process, often involving stringent requirements such as high equity contributions of 25 per cent or more, interest rates that can climb to 30 per cent annually, and loan caps that limit purchasing power.
The newly introduced MREIF Home Loan seeks to address these challenges by offering more accessible financing terms. The facility comes with a single-digit interest rate of 9.75 per cent per annum, a maximum loan amount of up to ₦100 million, and a repayment tenure of up to 20 years.
The scheme is designed to cater to salaried individuals, including Nigerians in the diaspora, enabling them to purchase homes in approved locations across the country.
Industry observers say the product stands out due to its relatively low interest rate, higher borrowing limit, and reduced equity contribution requirement, which can be as low as 10 per cent. These features are expected to make homeownership more attainable for a broader segment of the population.
The initiative is part of ongoing efforts to expand access to affordable housing finance and stimulate growth in Nigeria’s real estate sector.
