A new housing finance scheme offering low-interest mortgage loans to first-time homeowners was unveiled this week, targeting middle-income earners who have historically struggled to qualify for conventional home loans.

The scheme, backed by a partnership between government agencies and mortgage banks, will offer repayment terms of up to 20 years with reduced down payment requirements.

“Owning a home shouldn’t be out of reach for hardworking Nigerians. This scheme changes that math,” a housing ministry official said.

Applications open next month, with an initial allocation of housing units in several states. Officials expect strong demand given the current housing deficit nationwide.