A comprehensive Diaspora Housing Mortgage Scheme is set to be
inaugurated.
Hon (Dr) Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora
Commission (NiDCOM), stated this when she visited the Management and
Staff of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.
This is coming after both agencies have concluded the final stages of
the Diaspora Housing Mortgage Policy.
Dr Dabiri-Erewa, maintained that Nigeria, being the highest diaspora-
remitting country in sub-saharan Africa with over 19 billion dollars in
2021, according to the World Bank, assisting them own houses of their
own, is the least of incentives for Nigerians abroad who tirelessly
contribute to Nigeria’s development.
In addition, the NiDCOM Boss disclosed that this move will encourage
Nigerian Diaspora to do more for the country, there by creating a
win-win situation.
Dr. Dabiri-Erewa added further that the Scheme is aimed at enabling
Nigerians in Diaspora have mortgage accounts, participate in the
National Housing Fund (NHF) scheme, access loans up to N50 million, and
own homes through certified developers all from the comforts of their
locations.
Giving further insights, the NIDCOM Chairman/CEO, explained that the
package is available to any Nigerian (above 18) living in the Diaspora,
with evidence of regular flow of income, with contributions made over a
minimum period of one year before being eligible to access the mortgage
loan.
Also, after contributing for the applicable minimum period, applicants
will apply for the mortgage loan through an accredited Primary Mortgage
Bank.
Following this, applicants will register with the NHF and contribute
$150 (for beneficiaries earning $3,000 and below monthly), or $200 (for
beneficiaries earning $3,001 and above, monthly), respectively for a
minimum period of a year.
Other features of the package include: 30% down payment, a single-digit
interest rate of nine per cent and a payback period of up to 10 years.
Meanwhile, she seized the opportunity to congratulate the new FMBN
MD/Chief Executive, Mr. Madu Hamman and urged him to sustain the
impressive achievements of his predecessors.
Mr. Madu Hamman agreed that work has been completed to make the
Scheme, a reality.
However, he said that the launching of the Scheme would have occurred
earlier in the year, attributing the change of leadership at the FMBN,
as a factor.
Mr. Hamman gave assurances that the inauguration of the FMBN Diaspora
Housing Mortgage Scheme will be actualized in earnest to provide a
transparent, seamless platform for Nigerians in Diaspora to invest and
own homes in Nigeria.
The NiDCOM/FMBN Committee is given till the end of May to finalize
preparatory work for the launch of the Scheme proposed for London.