FirstBank, in collaboration with the MOFI Real Estate Investment Fund (MREIF), has highlighted opportunities for Nigerians to access affordable mortgage financing as part of efforts to reduce the country’s housing deficit and improve access to homeownership.
The financial institutions made this known during a home loan webinar themed, “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”
The webinar was aimed at informing Nigerians in both the formal and informal sectors about available mortgage opportunities and how they can use the scheme to finance homeownership.
Under the FirstBank-MREIF home loan scheme, eligible applicants can access mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, subject to applicable terms and eligibility requirements.
The webinar also highlighted the broader opportunities provided through MREIF, an initiative of the Ministry of Finance Incorporated, which seeks to expand access to long-term mortgage financing and address Nigeria’s housing deficit.
The fund ultimately aims to mobilise up to N1 trillion to expand mortgage access and support housing development across the country.
Speaking during the webinar, FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said the partnership was designed to broaden access to mortgage financing and contribute to closing Nigeria’s housing deficit.
Okonkwo said FirstBank’s extensive branch network and digital lending platforms provided the bank with the capacity to support Nigerians seeking to own homes.
He said the bank had also established partnerships with developers across several states after conducting research to identify properties that qualify for mortgage financing.
According to him, the bank intends to extend the mortgage opportunity to Nigerians in the diaspora and provide an end-to-end homeownership solution.
He said the partnership with MREIF would help ensure that the scheme reaches Nigerians across several states.
FirstBank’s Head of Security Documentation and Transactional Support, Legal Services, Uzoamaka Ihegazie, also explained the measures the bank takes to protect customers through proper property documentation.
She said the bank verifies property ownership and land documentation before financing is provided.
According to her, the process includes obtaining the Certificate of Occupancy, charting the survey plan to establish that the land is properly allocated for residential purposes and conducting title verification.
She said these documentation and verification processes were necessary to protect customers and prevent ownership-related problems after they take possession of their properties.
Also speaking, Executive Director, Sales and Investment, Leadway Pensure, Oluwafemi Adebayo, commended FirstBank for providing Nigerians with an opportunity to access mortgage financing.
He said access to homeownership was particularly important for Nigerians preparing for retirement, while also highlighting the possibility of using Retirement Savings Account pension schemes to procure property and create wealth.
The National Coordinator of MREIF, Sani Yakubu, said the fund was established to address Nigeria’s housing deficit by making long-term, low-cost mortgages available to average citizens while also stimulating activity in the construction sector.
Yakubu said many Nigerians had already benefited from the initiative and encouraged more eligible Nigerians to apply.
