In a major move to bridge Nigeria’s housing deficit, First Bank of Nigeria has officially partnered with the Ministry of Finance Incorporated (MOFI) to launch a specialized mortgage scheme under the MOFI Real Estate Investment Fund (MREIF).
The initiative is designed to transition millions of Nigerians from “tenants to landlords” by offering long-term, single-digit interest rate financing that significantly undercuts standard commercial market rates.
Key Features of the FirstBank-MOFI Mortgage
The program is specifically tailored for salaried individuals, providing a high-capacity loan with a remarkably low entry barrier.
| Metric | Program Detail |
| Maximum Loan Amount | ₦100 Million |
| Interest Rate | 9.75% per annum (Fixed) |
| Minimum Equity (Down Payment) | 10% of property value |
| Maximum Repayment Tenor | 20 Years (Subject to retirement age) |
| Target Audience | Salaried Nigerians (Domestic and Diaspora) |
Source: MoneyCentral, FirstBank
Eligibility and Requirements
To maintain the sustainability of the ₦1 trillion MREIF fund, FirstBank has outlined specific criteria for applicants:
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Salary Domiciliation: Applicants must have their salary account with FirstBank for at least 6 consecutive months.
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Age Limit: Applicants must not be older than 60 years (or their official retirement age) by the time the loan expires.
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Debt Service Ratio (DSR): Monthly repayments, including the new mortgage, must not exceed 40% of the applicant’s net monthly income.
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Property Type: The loan is for residential properties with existing registered titles in approved locations.
Why This Matters: The MREIF Impact
The MOFI Real Estate Investment Fund (MREIF) is a Securities and Exchange Commission (SEC)-regulated fund intended to transform Nigeria’s housing landscape.
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Blended Finance: By combining government-subsidized funding with private sector capital, the program can offer the 9.75% rate, whereas typical commercial mortgages in Nigeria often exceed 25%.
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Supply-Side Support: Beyond lending to buyers, the fund provides “offtake guarantees” to developers, encouraging the construction of more affordable housing units nationwide.
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Economic Catalyst: The broader goal of the fund is to stimulate the construction sector, create jobs, and help close the estimated 20 million unit housing gap.
Prospective homeowners can the First Bank website to get started firstbanknigeria.com/personal/loans to apply.
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