Nigerians in Diaspora Commission (NiDCOM) says a comprehensive Diaspora Housing Mortgage Scheme will soon be inaugurated.
Chairman of the Commission, Abike Dabiri-Erewa, stated this when she paid a working visit to the Management of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.
This is sequel to an agreement reached by both agencies on the final stages of the Diaspora Housing Mortgage Policy.
Dabiri-Erewa, maintained that Nigeria, being the highest diaspora-remitting country in sub-saharan Africa with over $19 billion in 2021, assisting the Diasporas to own houses of their own, is the least of incentives they can get.
In addition, the NiDCOM Boss disclosed that the move will further encourage Nigerian Diasporas to do more for the country, thereby, creating a win-win situation.
Dr Dabiri-Erewa added that the Scheme was aimed at enabling Nigerians in Diaspora to have mortgage accounts, participate in the National Housing Fund 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 years of age 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”, the NIDCOM Chairman explained.
Dabiri-Erewa, who seized the opportunity to congratulate the new FMBN MD/Chief Executive, Madu Hamman, urged him to sustain the impressive achievements of his predecessors.
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, to the delay.
He gave assurances that the inauguration of the FMBN Diaspora Housing Mortgage Scheme will be actualised 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 finalise preparatory work for the launch of the Scheme proposed for London.
Source : The Will