First Bank First Bank

FirstBank MREIF Home Loan

A partnership with the Ministry of Finance Incorporated (MOFI) to offer Nigerians the opportunity to acquire residential property with an existing registered title.

  • Property must have good title with no encumbrance, evidenced by search by an appointed solicitor of FirstBank.
  • Must be confirmed staff of their organization.
  • Must have maintained an active salary account with FirstBank for 6 months.
  • Source of repayment is strictly from salary domiciliation.
  • No history of returned cheques.
  • Debt Service ratio is capped at 40%.

APR:
 9.75%
Loan Term:
 20-year fixed
Max Loan Amount:
 ₦100,000,000.00
Last Updated:
 Jun 03, 2026
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Product Review

4.0
Overall Rating
Expert Take

First Bank FirstBank MREIF Home Loan scores 4.0 out of 5, led by strong minimum loan amount. The main tradeoff is maximum loan amount.

Rating Criteria Product Value Score
Interest rate 9.750% 3.8/5
Minimum down payment 10.00% 4.0/5
Minimum loan amount NGN 0.00 5.0/5
Maximum loan amount NGN 100,000,000.00 2.9/5
Income to qualify Not disclosed 3.0/5
Fees NGN 0.00 5.0/5
Review Summary

This FirstBank MREIF Home Loan from First Bank has received a rating of 4.0 out of 5 stars. Key advantages include 3 notable benefits. However, there is 1 consideration to be aware of.

Pros
  • minimum down payment
  • minimum loan amount
  • fees
Cons
  • maximum loan amount
Disclaimer: This review is based on publicly available information and our analysis. Rates and terms are subject to change. Please verify all details with First Bank directly.
Bank Info

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Updated 1 month, 2 weeks ago