The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, Tuesday, launched the Diaspora Housing Mortgage loan scheme to encourage Nigerians living in Diaspora to own houses in Nigeria.
Dangiwa, who spoke at the 6th edition of the Nigeria Diaspora Investment Summit held in Abuja, also disclosed that the scheme would soon be launched in the UK and US, and urged Nigerians in Diaspora to key into it.
He said: “It is in line with this thinking, that when I was the Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), I developed the Diaspora Housing Mortgage Loan in collaboration with the Nigerians in Diaspora Commission (NiDCOM).
“The Diaspora Housing Mortgage Scheme is designed to enable Nigerians living overseas to participate in the National Housing Fund (NHF) Scheme so they can access up to N50 million to own their homes in Nigeria. Participants can access the loan via a National Housing Fund (NHF) loan, Rent-to-Own, or the Individual Construction loan window.
“The terms are affordable and best market rates. This includes a single-digit interest rate of 9% and a payback period of up to 10 years. As part of the initiative, the Federal Mortgage Bank of Nigeria will facilitate the construction of affordable housing units in major cities that meet the specifications of Nigerians in the Diaspora.
“I want to say that the FMBN is not the only agency under the Ministry of Housing and Urban Development that is delving into catering to the housing needs of the Diaspora. The Federal Housing Authority (FHA)is also involved as part of the Ministry’s sector-wide effort to cater to the Diaspora.
“So, today, I want to say that I am excited to be the Minister of Housing and Urban Development to launch the Diaspora Mortgage Scheme, which I initiated as the MD/CE of the Federal Mortgage Bank of Nigeria on this auspicious occasion. Indeed, I consider it a positive twist of fate and I want to use this opportunity to urge Nigerians in the diaspora to seize the opportunity the Scheme affords them to actualize their dreams of owning affordable homes in Nigeria.
“I am aware that the Mortgage scheme is set to be formally launched in the United Kingdom, Canada, and the United States soon, and I hope that the diaspora community would take full advantage of this opportunity and massively subscribe to reap its short and long-term benefits.”.
