The Federal Mortgage Bank of Nigeria (FMBN) and several commercial banks provide mortgage loans to Nigerians seeking to buy, build or renovate homes, with options ranging from FMBN's NHF loan at 6% interest to MREIF-backed facilities at 9.75% from lenders such as Stanbic IBTC, FirstBank and Access Bank.
Buying a home in Nigeria can be financially challenging, but mortgage loans allow qualified buyers to spread the cost over several years. Several banks and mortgage institutions offer home financing, with differences in interest rates, equity requirements, loan limits and repayment periods. Here are some of the major options available in 2026.
Federal Mortgage Bank of Nigeria (FMBN) Options
The Federal Mortgage Bank of Nigeria (FMBN) remains a major source of affordable housing finance through the National Housing Fund (NHF). Eligible NHF contributors can access up to ₦50 million at a 6% interest rate for a maximum of 30 years. The facility can be used to buy, build, improve or renovate a home.
FMBN also launched its NHF Diaspora Mortgage Loan in 2026, creating a formal mortgage option for Nigerians living abroad who want to own homes in Nigeria.
Stanbic IBTC and MREIF-Backed Loans
Stanbic IBTC Bank offers several mortgage options, including its MREIF-backed home loan. The facility offers loans of between ₦10 million and ₦100 million at a fixed 9.75% interest rate, with repayment of up to 20 years for employed applicants and a minimum 10% equity contribution. It is also available to Nigerians in the diaspora.
The product is part of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) programme, which provides mortgages at 9.75% for up to 20 years.
FirstBank Personal and Joint Mortgages
FirstBank Nigeria offers a Personal Home Loan to eligible individuals seeking to acquire residential property. The facility has a maximum 20-year tenor and requires a minimum 20% equity contribution. Applicants must domicile their salary with FirstBank for the duration of the facility.
The bank also offers a Joint Mortgage for couples, with financing of up to ₦70 million and a maximum 20-year tenor. FirstBank also participates in the MREIF scheme, offering mortgages at 9.75% with up to 20 years to repay, minimum equity of 10% and loans of up to ₦100 million.
Abbey Bank and Access Bank Offerings
Formerly known as Abbey Mortgage Bank, the institution received CBN approval in 2026 to transition into a regional commercial bank and is now known as Abbey Bank Plc. The transition does not erase its long experience in mortgage and real estate financing, making the bank an option for prospective homeowners seeking property finance.
Access Bank offers a Home Loan for the purchase of completed properties and properties under construction. The facility is available to salary earners and business owners, requires a minimum 20% equity contribution and can run for up to 20 years, subject to the borrower's age. Access Bank also participates in the MREIF programme, which provides mortgages at 9.75% per annum with repayment of up to 20 years.
What Borrowers Should Consider Before Taking Loans
Before choosing a mortgage, prospective homeowners should compare the interest rate, equity contribution, maximum loan amount, repayment period, insurance and other charges. Borrowers should also confirm the lender's latest terms before applying, as mortgage conditions and eligibility requirements can change.
