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FirstBank Nigeria has launched a government-backed mortgage program offering home loans at 9.75% interest when most commercial rates exceed 30%. Eligible Nigerians can now borrow up to N100 million over 20 years to finally achieve homeownership.
A Nigerian state bank just secured ₦2.2 billion to help families buy homes with 20-year loans at rates far below typical lending costs. The program is already putting families in homes they thought were out of reach.
Gateway Mortgage Bank just secured N2.2 billion in federal funding to help everyday Nigerians buy homes with 9.75% interest rates over 20 years. In a country facing a 15 million home shortage, this lifeline could finally put homeownership within reach for middle-class families.