The Federal Mortgage Bank of Nigeria has launched a new mortgage product that allows Nigerians living abroad to finance home ownership in the country.
The National Housing Fund Diaspora Mortgage Loan was unveiled in London as part of efforts to create a more secure route for diaspora investment in Nigerian housing.
Eligible Nigerians abroad will be able to register under the National Housing Fund scheme, complete identity verification digitally, make contributions remotely and apply for mortgage financing without travelling to Nigeria.
The product offers financing of up to N100 million, subject to affordability and other requirements.
FMBN said the loan would carry an annual interest rate of nine per cent and a maximum repayment period of 10 years.
Housing officials said many Nigerians abroad had previously faced problems involving fraudulent property transactions, unfinished projects and unreliable intermediaries.
The government said the new product was intended to rebuild confidence by using established institutions and formal financing processes.
FMBN Managing Director Shehu Osidi said the initiative would also support residential construction, employment, mortgage market growth and foreign exchange inflows.
The Nigerians in Diaspora Commission welcomed the scheme and encouraged Nigerians abroad to use the official channel for property investment.
The Central Bank of Nigeria said it worked with FMBN on the product’s risk management framework.
Officials said the programme would be administered through technology based processes designed to improve transparency and accountability.
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