• The MREIF Home Loan powered by FirstBank is a partnership with the Ministry of Finance Incorporated (MOFI), the investment arm of the Federal Government of Nigeria to offer Nigerians the opportunity to acquire residential property with an existing registered title.
• It comes at a single digit interest rate of 9.75%p.a. The mortgage offering is targeted at intended home buyers who are Nigerians all over the world for a mortgage repayment period up to 20 years. Equity contribution is as low as 10% and maximum loan amount of N100 million.
• MREIF is designed to tackle challenges in the housing sector by addressing both supply and demand constraints bridging Nigeria’s home ownership.

• Certificate of Occupancy
• Deed of Assignment
• Deed of Sublease
• Deed of Transfer
• Deed of Consent
• Deed of Conveyance
• Deed of Assent
• Any other registered property title with governor’s consent

No, only outright purchase variant of Home loan is covered under this scheme.

N100 million (One Hundred Million Naira only) however applicants who require more than this will be priced separately for the excess and subject to acceptable Installment to Income (ITI) and Debt Service Ratio (DSR) limits for salaried individuals.

A legal mortgage on the property to be financed for the customer will serve as collateral for the mortgage loan.

Repayments can be made Monthly.

Salaried individuals. They will be required to domicile their salary with FirstBank and must have received their salary into this transaction account for 6 consecutive months.

Applying customers must not be older than age 60 or applicant’s official retirement age from employer at the expiration of the facility.

Customers must have a minimum of 6 months of employment with the current employer and confirmed permanent staff.

DSR (Debt Service Ratio) analyzes the ability to repay all total monthly repayments, including the home loan you are applying for. The limit is 40% for FirstBank.

A maximum of 20 years (subject to active service years to retirement age or 60 years applicant’s official retirement age from employer at the expiration of the facility.

• Completed Home Loan application form.
• Offer letter for sale from Vendor.
• Copy of company (work) ID card.
• Copy of valid photo identification (Int’l passport/driver’s license).
• Letter of introduction from Employer (stating salary and confirmation status).
• Credit scores from approved agencies.
• Copy of the registered title and survey documents to the property.
• Satisfactory search report.

The cost of perfection is dependent on the state where the valuation of the property was done, the size of the property, location, and property price. This cost is payable to the government lands registry to process registration of deed in customer’s favour at a cost.

Yes, customers can prepay or part-liquidate the facility at no penalty.

Yes, joint applications are allowed with a spouse only. Primary applicants will be required to domicile salaries with FirstBank and both parties to fulfill all conditions to access the joint home loan. This variant is available under the FBN funded outright purchase with single obligor limit of N150m at a different pricing from MREIF – 32% p.a interest rate.

All 36 states of the Federation including Federal Capital Territory (FCT).

Yes, there is mandatory insurance cover on the property as well as mortgage protection assurance on the applicant. The rates for the Fire and Special Perils are negotiable based on the replacement value of the building.