APPLY NOW: Sterling Bank Launches ₦100 Million Mortgage Loan in Nigeria with 9.75% Interest and 20-Year Repayment

Sterling Bank has partnered with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to introduce a new long-term mortgage programme designed to expand access to affordable housing across Nigeria.

The initiative is expected to help address the country’s growing housing deficit by providing flexible and accessible home financing options for eligible Nigerians.

The agreement was formally signed at Sterling Bank’s headquarters in Lagos, marking a significant collaboration between the private sector and government-backed institutions to promote homeownership nationwide.

Under the new mortgage scheme, qualified applicants can access home loans of up to ₦100 million. The financing package comes with a fixed interest rate of about 9.75 percent per annum and offers a repayment period of up to 20 years, making it one of the more flexible housing finance options currently available in Nigeria.

To further reduce barriers for prospective homeowners, the loan structure allows borrowers to finance up to 90 percent of a property’s value. This means applicants are only required to provide a 10 percent equity contribution, making the scheme more accessible for individuals who may struggle with high upfront payments.

The Vice President of Consumer Banking at Sterling Bank, David Adebayo, described the partnership as a major step toward improving financial inclusion and increasing access to housing finance for Nigerians.

According to him, the initiative demonstrates the bank’s commitment to supporting sustainable homeownership through long-term financing solutions.

He noted that combining competitive interest rates with longer repayment tenures and higher loan-to-value ratios will significantly reduce the barriers that often prevent Nigerians from owning homes.

The Executive Director of ARM Investment Managers, Mounir Bouba, whose firm manages the MREIF fund, also highlighted the importance of collaboration between the public and private sectors in tackling Nigeria’s housing challenges.

Bouba explained that the agreement aligns with broader national efforts to make mortgage financing more affordable and widely accessible. He added that strategic partnerships such as this will help attract private capital, deepen the mortgage market and create structured solutions that address the country’s housing shortage.

He further disclosed that the fund has an initial commitment of ₦10 billion, with plans to scale up as demand increases. According to him, the facility is designed to expand over time to ensure it delivers meaningful impact across different parts of the country.

The mortgage programme is structured to accommodate a wide range of applicants. Eligible beneficiaries include salaried workers with verifiable income, business owners with documented financial records and Nigerians living in the diaspora.

Both new and existing customers of Sterling Bank across Nigeria are qualified to apply for the housing loan under the scheme.

MREIF, which was established by the Ministry of Finance Incorporated, serves as a government-backed investment vehicle aimed at improving access to housing finance in Nigeria. The fund focuses on mobilising private sector investments and providing lower-interest mortgage support to address long-standing structural challenges that have limited access to home financing for many Nigerians.

Industry experts believe initiatives like this could play a crucial role in expanding Nigeria’s mortgage market and making homeownership more achievable for middle-income earners.