The Federal Government has announced plans to provide mortgage loans to Nigerians living abroad.
What’s the objective of this?
Projected to be launched before the year ends, the FG’s plan is aimed at providing opportunities for Nigerians living abroad to access needed funds for the purpose of acquiring properties in the country, and without having to be physically present to do so. The Managing Director of the Federal Mortgage Bank, Hamman Madu, disclosed this during the ongoing three-day Nigeria Diaspora Investment Summit, with the theme: ‘Optimising Investment Opportunities for National Development’.
What are the conditions to access the mortgage?
While more details are expected when it is launched, the Diaspora Mortgage Loan Scheme will be accessed through the National Housing Fund Scheme, with which interested persons would register. “The product will afford Nigerians in the diaspora the opportunity to register with the National Housing Fund Scheme, make monthly contributions and ultimately be able to access mortgage loans at reasonable rates in order to own their own houses back home without having to physically come to Nigeria before they can participate”, Madu said.
On the government’s motivation for initiating the scheme, Madu said, “The product provides an opportunity to own a decent home at home. Man naturally ventures out to search for enduring means of livelihood and instinctively heads home. His only impediment usually in any home is the absence of a decent accommodation to go back to. This product, therefore, provides him the opportunity to own such a decent home anywhere in the country “.