….to make homeownership possible to Nigerians
First City Monument Bank has partnered with the Ministry of Finance Real Estate Investment Fund to launch a N10bn mortgage financing scheme aimed at making homeownership more accessible to Nigerians.
According to FCMB on Thursday, the scheme offers home loans of up to N100m with repayment terms of up to 20 years at a single-digit interest rate.
However, the partnership between FCMB and MREIF is a significant step towards addressing Nigeria’s housing challenge, which has a deficit of around 28 million units. Experts say the country needs 700,000 new homes each year and over N21tn in funding to close the gap.
Also the Divisional Head of Personal Banking at FCMB, Adetunji Lamidi, explained further that, “Homeownership gives dignity and stability. It is one of the clearest ways a country shows it is making room for its people to thrive. That is what this partnership between FCMB and MREIF represents.”
. …stay tuned for more!