FirstBank, housing ministry rolls out N100m affordable mortgage scheme

By Abubakar Yunusa

FirstBank has partnered with the Federal Ministry of Housing to provide Nigerians with easier access to homeownership through a new affordable mortgage financing scheme offering up to N100 million at a 9.75 per cent interest rate.
The initiative is designed to reduce the financial barriers that have continued to prevent many Nigerians from owning homes amid rising property prices and limited access to long-term housing finance.
Under the scheme, eligible Nigerians will be able to access government-backed mortgage financing to acquire residential properties, creating a more affordable pathway to homeownership.
The collaboration is expected to support individuals and families seeking to transition from renting to owning homes, while also stimulating growth in the housing sector.
In a statement, FirstBank said the programme reflects its commitment to national development and efforts aimed at improving the quality of life of Nigerians through innovative financial solutions.
The bank noted that the mortgage scheme combines accessibility, affordability and long-term financial sustainability, making it easier for more citizens to realise their dream of owning a home.
Nigeria continues to face a significant housing deficit, with millions of citizens struggling to secure decent and affordable accommodation due to high construction costs and financing constraints.
Industry stakeholders believe that increased access to low-interest mortgage facilities could help bridge the housing gap and boost economic activities linked to the real estate sector.
FirstBank said interested applicants could obtain further details and commence the application process through its mortgage portal.
The lender expressed optimism that the initiative would expand homeownership opportunities across the country while contributing to broader economic growth.