The Nigerian government has launched the Diaspora Mortgage Loan, designed to enable Nigerians living overseas to participate in the National Housing Fund (NHF) Scheme.
Through the initiative, Nigerians living abroad can access up to N50 million to own homes in Nigeria.
News.ng lists the criteria for the diasporan community to benefit from the initiative the federal Ministry of Housing Development listed.
1) Participants can access the loan through the National Housing Fund (NHF) loan, Rent-to-Own, or the Individual Construction loan window.
2) The terms offered are affordable, providing the best market rates, including a single-digit interest rate of 9% and a payback period of up to 10 years.
3) The Federal Mortgage Bank of Nigeria is not the sole agency under the Ministry of Housing and Urban Development addressing the housing needs of the Diaspora.
4) The Federal Housing Authority (FHA) is also involved in the ministry’s sector-wide efforts. They are developing the Diaspora City Project through a Public-Private Partnership involving the FHA, the Nigerians in Diaspora Commission (NIDCOM), the Federal Capital Territory (FCT), and the private sector. Situated in Maitama 2, the project spans over 675 hectares of land.
5) The FCT administration has committed to opening roads and providing the necessary infrastructure. The Diaspora City project is designed to feature bungalows, semi-detached and detached duplexes, and mansions, reflecting its inclusive essence.
6) This scheme was initiated by the Minister of Housing and Urban Development, Arc Dangiwa, while he was MD at the FMBN.
The ministry noted that with the initiative, relatives sending money to their loved ones to build houses for them without any project on the ground would be a thing of the past.