Own a Home Faster in Nigeria with First Bank Personal Home Loan, Up to 20 Years Tenor and Easy Salary Domiciliation

First Bank Personal Home Loan is one of the most practical routes to home ownership in Nigeria for salaried workers. With competitive rates, long tenors up to 20 years and straightforward salary domiciliation, this product is built for people who want to buy a residential property in Lagos, Abuja or other approved locations without endless hassle.

Benefits of First Bank Personal Home Loan

The First Bank Personal Home Loan offers repayment terms up to 20 years, helping you spread monthly instalments in Naira that suit your salary. Competitive interest rates and the option for joint application make the First Bank home loan attractive for couples and professionals.

Minimum equity contribution is usually 20%, which shows the bank’s balance between borrower commitment and affordability. Because the product focuses on residential properties, you get clear valuation and title checks that protect your investment.

Eligibility, documents and local considerations

Eligibility targets paid employees with a verifiable salary and an employer introduction letter; pension age rules may limit tenor to retirement age. Required documents include vendor offer letter, approved building plan, title documents and an irrevocable salary domiciliation letter to First Bank.

For applicants in Nigeria, it is common to present tax clearance and local government tenement receipts, especially for properties in major cities. First Bank Personal Home Loan processing also involves valuation reports for older properties to ensure accurate loan-to-value assessment.

Salary domiciliation, tenure and repayments

Salary domiciliation with First Bank is mandatory for the loan duration, which simplifies direct debit and reduces default risk. This salary domiciliation requirement makes instalment collection seamless and often speeds up approval for employees who move their payroll to First Bank.

Flexible repayment structures allow fixed monthly payments or stepped increases aligned to expected salary growth. Choosing a tenor up to 20 years lowers monthly burden but check how total interest over the tenor affects overall cost before committing to a First Bank home loan.

How to apply and practical tips

Start by downloading the First Bank Personal Home Loan application from the bank website or visit a branch in your city. Complete the form and submit vendor documents, employer introduction and the domiciliation letter to begin loan processing.

Before you apply, get a clear cost plan for down payment, legal fees and title perfecting expenses in Naira. Speak with First Bank loan officers about pre-approval limits, compare effective interest rates and confirm the property is in a First Bank approved location to avoid delays.