FirstBank Launches Single-Digit Mortgage Scheme to Boost Home Ownership
First Bank of Nigeria Limited has launched a new mortgage initiative designed to make home ownership more accessible to Nigerians through single-digit interest rate loans.
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The scheme, backed by a ₦1 trillion government-supported fund, allows eligible individuals to access home loans of up to ₦100 million with flexible repayment periods of up to 20 years.
The initiative aims to reduce the financial burden of home ownership by providing affordable long-term financing, enabling more Nigerians to purchase or build their own homes.
Officials say the programme is part of broader efforts to expand access to housing finance and support the growth of the real estate sector while addressing the country’s housing deficit.
Under the scheme, qualified applicants will benefit from significantly lower interest rates compared to conventional mortgage loans, making repayment more manageable over an extended period.
Industry stakeholders believe the initiative will encourage more Nigerians to pursue home ownership while stimulating investment in the housing sector and contributing to economic development.
FirstBank Launches Single-Digit Mortgage Scheme to Boost Home Ownership