Diaspora Housing Scheme to be Launched by NIDCOM and Mortgage Bank

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Hon Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), has stated that a comprehensive Diaspora Housing Mortgage Scheme will be launched soon.

According to a statement signed by Gabriel Odu of the Media, Public Relations and Protocols Unit, NIDCOM, Abuja, the NIDCOM boss stated this when she visited the Management and staff of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.

This follows the completion of the final stages of the Diaspora Housing Mortgage Policy by both agencies.

According to Dr. Dabiri-Erewa, Nigeria is the highest Diaspora-remitting country in Sub-Saharan Africa, with over 19 billion dollars in 2021, according to the World Bank, and assisting them to own their own houses is the least of incentives for Nigerians abroad who tirelessly contribute to the country.

Furthermore, the NiDCOM boss stated that this move will encourage Nigerians in the Diaspora to do more for the country, resulting in a win-win situation.

Dabiri-Erewa went on to say that the Scheme aims to enable Nigerians in Diaspora to open 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 comfort of their homes.

 

In addition, the NIDCOM Chairman/CEO explained that the package is available to any Nigerian (over the age of 18) living in the Diaspora who has evidence of a regular flow of income and has made contributions for a minimum of one year before being eligible to access the mortgage loan.

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Applicants will also apply for the mortgage loan through an accredited Primary Mortgage Bank after contributing for the applicable minimum period.

Following that, applicants will register with the NHF and contribute $150 (for beneficiaries earning $3,000 or less per month) or $200 (for beneficiaries earning $3,001 or more per month) for a minimum of a year.

The package also includes a 30% down payment, a single-digit interest rate of 9%, and a payback period of up to ten years.

Meanwhile, she took the opportunity to congratulate Mr. Madu Hamman, the new FMBN managing director/chief executive, and urged him to build on the impressive achievements of his predecessors. Mr. Madu Hamman agreed that the work to make the Scheme a reality had been completed.

However, he stated that the Scheme would have been launched earlier in the year, citing a change in leadership at the FMBN as a factor.

Mr. Hamman promised that the FMBN Diaspora Housing Mortgage Scheme would be launched in earnest to provide a transparent, seamless platform for Nigerians in Diaspora to invest in and own homes in Nigeria.

 

The NiDCOM/FMBN Committee has been given until the end of May to complete preparatory work for the launch of the Scheme proposed for London, according to the statement.