The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa has 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, Tuesday, 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 the 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.
