FCMB and Finance Ministry Collaborate on ₦10 Billion Mortgage Scheme to Enhance Housing Access

First City Monument Bank (FCMB) has partnered with Nigeria’s Ministry of Finance to introduce a ₦10 billion mortgage scheme aimed at improving access to homeownership for Nigerians. This program offers mortgage loans of up to ₦100 million per applicant, with flexible repayment plans extending up to 20 years. The initiative targets easing the nation’s housing shortage by providing affordable financing options for a wider range of income earners.

The scheme features competitive interest rates and repayment terms crafted to assist middle- and lower-income households. According to FCMB, beneficiaries can obtain home loans with monthly repayments starting from approximately ₦230,000, making home acquisition more achievable for many families.

This collaborative effort highlights the government’s dedication to promoting financial inclusion and affordable housing. By combining FCMB’s expertise in retail banking and the Ministry’s policy support, the scheme aims to broaden homeownership opportunities and stimulate growth in Nigeria’s real estate sector. Industry experts view this initiative as a critical step toward addressing the country’s significant housing deficit and empowering more Nigerians through secure, long-term housing finance solutions.

To access the FCMB ₦10 billion mortgage scheme, interested applicants must meet eligibility criteria aimed at middle- and lower-income earners, including both salaried and self-employed Nigerians.

Applicants can start by visiting any FCMB branch or the official mortgage portal to submit their application.

Required documents include a formal application form, mortgage offer letter from an approved lender, valid ID (such as NIN or driver’s license), recent passport photograph, property title documents, proof of income, and evidence of employment or business activity. Additional paperwork might include a birth certificate, proof of equity contribution (provide about 30% equity which can partly come from up to 25% of pension funds), and meet creditworthiness for loans up to ₦100 million.and property valuation.

Loans of up to ₦100 million are available, repayable over 20 years with flexible terms. Monthly repayments can start from around ₦230,000, depending on loan specifics. FCMB processes applications quickly, with funds disbursed directly to sellers upon approval. Applicants receive support throughout, including guidance on documentation and repayment plans, ensuring an accessible path to affordable homeownership.